African Development Bank Group President Akinwumi Adesina ‘sounded strong and unanimous support for the African Development Fund’s 16th Replenishment’ during his three-day official visit to Washington , which took place in parallel with the spring meetings of the International Monetary Fund (IMF) and the World Bank (WB), informs a press release from the institution published on its website on Monday.
The African Development Fund is the Bank Group’s concessional window supporting low-income African economies. Replenishment efforts continue through October, when partners are expected to announce their contributions, the statement continued.
During his visit, which ended on Saturday April 23, Adesina held numerous bilateral meetings with African development stakeholders. The United States, Sweden, Great Britain and Norway are among the partners willing to put their hands in their pockets in favor of the continent.
“The African Development Bank is doing an incredible job and we strongly support the Bank. Sweden supports the African Development Fund to leverage market resources to make more funds available to countries. You are doing a great job,” said Swedish Minister for International Development Cooperation Matilda Ernkrans.
While in Washington, Adesina outlined the continent’s immediate challenges and the solutions being implemented to successfully address them. Among other things, he defended a plan to massively increase food production in the face of an imminent global food crisis due to Russia’s war in Ukraine.
During a meeting with the AU Group of 15 Finance Ministers (F15), participants called for a substantial replenishment of the African Development Fund. They also highlighted the need for the Fund to be allowed to use its own funds to mobilize more resources from international capital markets to meet the rapidly growing needs of African countries.
By OMA Newsletter N° 684 of 26/04/2022
The OMA, NGO with an Intercontinental vocation
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Valuing human potential
The promotion and consolidation of Africa’s development, and
Inter-African integration
