Monday, 7 October 2013

Nigeria: ADB officials agree to replenish US$3.7 billion fund

African Development Bank (AfDB) officials met in Paris last week to agree the US$7.3 billion replenishment of the African Development Fund, a concessional loan programme. As part of its mission to spur development in low-income African countries, the ADF targets energy, transport, water and sanitation, education and agriculture projects. The current replenishment is for 2014-16.

Last week in New York, the AfDB and the Made in Africa Foundation launched a US$500 million fund aimed at infrastructure investment in Africa. So far, US$250 million has been raised with the rest to be secured in the first half of 2014. The fund is the project development arm of AfDB's Africa50 initiative which marshals financing from central bank reserves, pension funds and sovereign wealth funds, the African diaspora and wealthy individual donors.
Made in Africa Foundation was co-founded by Nigerian billionaire industrialist Kola Aluko (above) and the British Ghanaian-born fashion designer Ozwald Boateng.
For more news and expert analysis about Nigeria, please see Nigeria Focus and Nigeria Politics & Security.

© 2013 Menas Associates

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