ADF gets more funding for low-income countries

25 October 2010

Countries in Africa may be able to benefit from infrastructure grants after the African Development Fund (ADF) was replenished with $9.5 billion (£6 billion).

It is the twelfth time the ADF has received cash and it represents a 10.6 per cent increase on the amount invested in the previous replenishment level.

The body is the concessional arm of the African Development Bank (AfDB) and provides loans and grants for low-income countries in the continent.

Very often these are used to finance various energy, transport and water infrastructure projects, among others.

Donald Kaberuka, group president of the AfDB, said: "I applaud the effort made by many donors to replenish the ADF in spite of the tough fiscal position in many countries."

He added it is a sign of the confidence that individuals have in his organisation to provide the best medium and long-term results possible.

The AfDB recently launched its first ever project in Libya.
 

Category: General