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BUSINESS & ECONOMYNEWS

African Economies Receive $40bn Fund From AfDB

The African Development Fund said it has provided African economies with the sum of $36 billion, since its inception 40 years ago.

According to it, the funds has so far provided about 4,000 loans and grants for the improvement of lives of many Africans.

These were made known at the Fund’s 39th Annual Meetings during the 48th Annual Meetings of the African Development Bank Group (AfDB) in Marrakech, Morocco.

“It has thus contributed significantly to the social and economic transformation of the continent,” said the AfDB who runs the Fund.

It added that the ADF success is, largely, due to its effective partnerships approach with all parties concerned with specific country development, from the project beneficiaries themselves to civil society to public authorities.

The bank attributed the ADF’s success to its selective and focused approach in supporting countries in strategic areas such as Fragile states, infrastructure, governance and regional integration.

Moving forward, AfDB said the ADF will continue to stand by African economies to strengthen social and economic transformation, and intervene more robustly in areas such as inclusive growth, green economy, agriculture and food security, as well as gender and fragile states.

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