Increased Flexibility for the African Development Fund
Bonn, November 5, 2024 (hib) – The Board of Governors of the African Development Fund (ADF) has approved a series of measures to increase the flexibility and effectiveness of the fund’s operations.
The ADF is the concessional lending arm of the African Development Bank (AfDB) Group, providing financial assistance to low-income countries in Africa. The fund’s resources are used to finance projects in areas such as infrastructure, agriculture, and social development.
The new measures approved by the Board of Governors include:
- Increased flexibility in the use of ADF resources: ADF resources can now be used to finance a wider range of projects, including those that support regional integration and climate change adaptation.
- Faster approval process for ADF projects: The approval process for ADF projects has been streamlined, reducing the time it takes to get projects off the ground.
- Increased focus on results: The ADF will now focus more on achieving results, with a focus on measurable impacts on poverty reduction and economic growth.
The measures approved by the Board of Governors are expected to make the ADF more responsive to the needs of its member countries and to help the fund achieve its goals of promoting sustainable economic development and poverty reduction in Africa.
The ADF is a crucial source of financing for low-income countries in Africa. The measures approved by the Board of Governors will help the fund to continue to play a vital role in supporting the development of the continent.
Mehr Flexibilität für Afrikanischen Entwicklungsfonds
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