Today's Bulletin: November 12, 2024

More results...

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Filter by Categories
Africacom
AfricaCom 2024
AI
Apps
Apps
Banking
Broadcast
CABSAT
Cabsat
Cloud
Column
Content
Corona
DTT
eCommerce
Editorial
Education
Entertainment
Events
Fintech
Fixed
Gitex
Gitex Africa
Healthcare
IBC
Industry Voices
Infrastructure
IoT
MNVO Nation Africa
Mobile
Mobile Payments
Music
MWC Barcelona
MWC Kigali
News
Opinion Piece
Q&A
Satellite
Security
Software
Startups
Streaming
Technology
TechTalks
TechTalkThursday
Telecoms
Utilities
Video Interview
Follow us

Sudan Increases African Development Fund Pledge to $3M, Joining Push for $25 Billion Replenishment Goal

October 29, 2024
3 min read
Author: Aayushya Ranjan

Sudan has increased its pledged contribution to the replenishment of the African Development Fund to $3 million, its Minister for Finance and Economic Planning Dr Gebreil Ibrahim Mohamed Fediel announced.

Fediel made the announcement during a meeting with his Sierra Leonean counterpart, Sheku Ahmed Fantamadi Bangura, Gambian Finance Minister Seedy Keita, Liberian Minister for Agriculture, Dr Alexander Nuatah and African Development Bank President Akinwumi Adesina. The ministers and Adesina met on the sidelines of the World Bank and International Monetary Fund’s annual meetings in Washington DC.

The governments of the Gambia, Liberia, Sierra Leone and Sudan are supporting efforts by the African Development Bank Group to push for a $25 billion replenishment of the African Development Fund, its concessional window.

The four countries, together with Ghana, last year pledged to contribute a minimum of $1 million each to the African Development Fund’s 17th replenishment scheduled for 2025.

Incredible show of solidarity for increasing its contribution to the Fund and for continuing to honour its financial commitments to the Bank despite facing difficult challenges.

Akinwumi Adesina, President, African Development Bank

The current $8.9 billion three-year financing cycle or the 16th replenishment, which ends in 2025, was the largest ever in the history of the African Development Fund.

The Bank Group president spoke about the African Development Fund’s impressive record as the largest financier of regional transport infrastructure corridors and regional energy connectivity and power pools across its 37 member countries.

Concessional resources more than just grants and that is why our goal is to triple ADF to $25 billion. That is the reason I fought for ADF, from the first day of my leadership of the Bank, to be allowed to go to the capital markets to raise additional resources.

ADF going to capital markets will help generate up to $27 billion additional resources starting from ADF 17th Replenishment.

Akinwumi Adesina, President, African Development Bank

Sudan’s decision to top up its contribution to the African Development Fund comes a fortnight after Benin announced a $2 million pledge to the next replenishment.

The African Development Bank Group’s Executive Director for The Gambia, Ghana, Liberia, Sierra Leone, and Sudan, Rufus Darkortey termed the increase by Sudan a powerful demonstration of their steadfast commitment to a bigger ADF-17 Replenishment.

I commend President Adesina and the leadership of our governors and heads of state for championing the call for a bold $25 billion ADF-17 Replenishment. This unified effort reflects Africa’s determination to lead its transformation.

Rufus Darkortey, Executive Director for The Gambia, Ghana, Liberia, Sierra Leone, and Sudan, African Development Bank Group
Follow us on LinkedIn

Newsletter signup

Sign up for our weekly newsletter and get the latest industry insights right in your inbox!

Please wait...

Thank you for sign up!