The African Development Bank raised $11 billion for its flagship fund, the largest sum in its 53-year history.
The African Development Fund lends money to 37 low-income nations on the continent, offering concessional loans with long repayment terms, aiming to expand access to energy, boost food security, build infrastructure, and advance regional trade. This round of replenishment for the fund is particularly striking because of the 23 African countries that contributed, 19 were doing so for the first time.
“It is a turning point,” AfDB President Sidi Ould Tah said. “In one of the most difficult global environments for development finance, our partners chose ambition over retrenchment, and investment over inertia.” Earlier this year, Washington — previously one of the top five donors to the fund — withheld nearly $200 million it had promised the ADF in a prior pledging round.