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Sunday, May 26, 2024

ADF Replenishment: Morocco Contributes $5 Million (AfDB President)

Morocco has contributed $5 million to the African Development Fund (ADF), the concessional window of the African Development Bank (AfDB) Group, the Bank’s President, Akinwumi A. Adesina, has announced.

“For the first time, Morocco has decided to contribute to the sixteenth replenishment of the Fund for the period 2023-2025,” Adesina said in an exclusive interview with MAP.

For the first time, the Kingdom is also hosting a replenishment meeting of the Fund, the President noted, highlighting the importance of this meeting for the continent as it opens a new field of opportunities and new prospects for nearly 40 African countries.

“On behalf of the African Development Bank Group, I would like to commend the Kingdom’s strong and constant involvement in the development of its continent,” he said.

A total of US$ 8.9 billion was committed by partners at this fourth and final meeting of the ADF’s sixteenth replenishment, held in Tangier.

This is the largest replenishment in the history of the ADF, which provides grants and concessional loans to low-income countries on the continent.

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