Benin has pledged $2 million to the African Development Fund (ADF), the concessional fund behind the African Development Bank Group (AfDB), joining six other countries that contribute to the regional multilateral development finance institution.
- The bank is currently reviewing its replenishment of the fund, as the current cycle, which raised a record $8.9bn, nears its end.
- Other countries that contribute to the fund include Algeria, Angola, The Democratic Republic of Congo, Egypt, Morocco and South Africa.
- In May, President William Ruto pledged that Kenya would contribute $20mn to the ADF.
Benin will contribute to the fund “to ensure that we can use the ADF instrument in the form of guarantees and raise money in order to benefit from its leverage effect,” its Minister of Economy and Finance Romauld Wadagni said in Cotonou during the start of the Mid-Term Review of the 16th Replenishment of the Fund.
Nairobi’s $20mn pledge to the ADF is part of a wider, $100mn plan to invest in regional lenders including Afreximbank and Trade Development Bank over the next three years.
