Press Release 209/2013
1 October 2013
The economy of countries in Africa is growing briskly and the African Development Fund plays an important role in maintaining and continuing this trend. Representatives of the donor and recipient countries agreed in Paris last week on the thirteenth replenishment of the African Development Fund (ADF-13).
Funding will increase slightly on the previous period and will total about 7.3 billion US dollars. Finland will contribute 126 million euros to this funding. The ADF-13 period covers the years 2014 to 2016, but the disbursements are distributed over ten years. Of the African countries, Angola, Egypt, South Africa and Libya are participating in the funding.
Through the African Development Fund, and in line with the country’s Development Policy Programme, Finland supports an inclusive green economy that promotes employment. This is also an important objective of the African Development Bank’s new long-term strategy, which strives to eradicate extreme poverty.
The Fund’s activities focus on the development of Africa’s infrastructure, strengthening good governance, support for regional integration, the development of the private sector, and strengthening know-how and technology. The negotiations stressed increasing support for regional cooperation and fragile states, which number 17 out of the African Development Fund’s 40 partner countries. Other cross-cutting objectives for the three-year period beginning in 2014 are gender equality, agriculture and food security. The results are measured by means of both country-specific indicators and indicators following the Development Fund’s activities, and resources are distributed on the basis of countries’ performance.
The African Development Fund is a financial institution within the African Development Bank Group that issues concessional loans to the continent’s poorest countries. The Fund was launched in 1974. The Development Bank Group is headquartered in Abidjan, Côte d'Ivoire, but owing to the country’s unstable situation the headquarters has been temporarily relocated in Tunis for the past ten years. The Bank’s return to its headquarters in Abidjan will take place during the ADF-13 replenishment period.
Additional information: Laura Torvinen, Head of the Unit for Development Financing Institutions, mobile tel. +358 400 227 577, Counsellor Paula Sirkiä, mobile tel. +358 40 158 5472, website of the Afrcan Development Bank Group: http://www.afdb.org