Drucksachen,20/13489: Gesetzentwurf Entwurf eines Gesetzes zu der Entschließung vom 23. Mai 2023 zur Änderung des Übereinkommens vom 29. November 1972 über die Errichtung des Afrikanischen Entwicklungsfonds (PDF)

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Document: 20/13489: Draft Law on the Resolution of May 23, 2023, to Amend the Convention of November 29, 1972 Establishing the African Development Fund (PDF)

Summary:

The draft law seeks to amend the 1972 Convention establishing the African Development Fund (ADF), a multilateral development finance institution that provides financial and technical assistance to African countries. The proposed amendments aim to increase the ADF’s resources, enhance its governance structure, and align its operations with current development challenges.

Key Provisions:

  • Increased Resources: The ADF’s capital would be increased to $50 billion, from the current $25 billion. This would allow the ADF to provide more financing for development projects in Africa.
  • Improved Governance: The ADF’s Board of Directors would be expanded to include more representatives from African countries, ensuring greater regional ownership and decision-making.
  • Enhanced Flexibility: The ADF would be granted more flexibility in its lending operations, allowing it to provide financing for a wider range of development projects, including climate change adaptation and mitigation.
  • Alignment with Development Goals: The ADF’s operations would be aligned with the United Nations Sustainable Development Goals (SDGs) and the African Union’s Agenda 2063.

Significance:

The amendment of the ADF Convention is a significant step in strengthening the African Development Bank’s (AfDB) role in promoting economic growth and sustainable development in Africa. The increased resources, improved governance, and enhanced flexibility will enable the ADF to provide more effective support to its member countries.

Status:

The draft law is currently being considered by the German Bundestag (Parliament). It is expected to be passed in the coming months. Once passed, the amendment will enter into force after ratification by the majority of the ADF’s member countries.

20/13489: Gesetzentwurf Entwurf eines Gesetzes zu der Entschließung vom 23. Mai 2023 zur Änderung des Übereinkommens vom 29. November 1972 über die Errichtung des Afrikanischen Entwicklungsfonds (PDF)

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