Sudan has raised its pledged contribution to the replenishment of the African Development Fund to $3 million, Minister for Finance and Economic Planning, Dr Gebreil Ibrahim Mohamed Fediel, announced this week.
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. The fund is the largest financier of regional transport infrastructure corridors and regional energy connectivity and power pools across its 37 member countries.
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.
Adesina said Sudan had demonstrated an “incredible show of solidarity” for increasing its contribution and “for continuing to honour its financial commitments to the bank, despite facing difficult challenges.”
The current $8.9 billion three-year financing cycle, which ends in 2025, was the largest ever in the history of the African Development Fund.
Adesina said fund beneficiaries needed “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.”
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, said the increase by Sudan was a powerful demonstration of its 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,” Darkortey said.
Kenya’s President William Ruto pledged $20 million to the Fund last May.
