AfDB: Morocco Set to Contribute to African Development Fund

The fourth and final pledging session on the fund’s 16th replenishment of resources of the African Development Bank (AfDB) is being hosted in Tangier from December 5-6. The two-day meeting aims to plan the fund’s finances for the 2023-2025 cycle.

Rabat – The fourth and final pledging session on the fund’s 16th replenishment of resources of the African Development Bank (AfDB) is being hosted in Tangier from December 5-6. The two-day meeting aims to plan the fund’s finances for the 2023-2025 cycle.

Attending the launching ceremony, Minister of Industry Trade and Commerce, Ryad Mezzour read a message on behalf of Nadia Fettah Morocco’s Minister of Economy and Finance and Governor of AfDB for Morocco.

The message announced Morocco’s decision to contribute to the 16th replenishment of the African Development Bank’s resources.

It read: “This decision reiterates the will and commitment of Morocco in favor of African countries, and the Moroccan vision for a united and prosperous Africa.’’

The time has come for African nations to come together, it emphasized, urging AfDB members to be generous in replenishing the fund to make it an efficient and innovative financing instrument for fragile African economies.

Also attending the session are the AfDB president Akinwumi Adesina and representatives from the fund’s donor nations.

The event comes amid multiple global crises, notably climate change which has affected Africa’s growth and economic progress.

It aims to shed light on African countries dealing with the pandemic fallout and inflation pressures.

Fettah’s message called on Africa’s development partners to increase ADF’s resources within the framework of the 16th replenishment to help African countries address sustainable development challenges as well as climate change.

Officials from the fund have met three times in 2022 to hold discussions between its management and the donor countries. The conversations have mostly focused on issues such as climate and adaptation finance, sustainable debt management, post-Covid-19 recovery, and the ADF’s planned policies and funding for helping these nations.

This year marks the fund’s golden jubilee. Over the past 50 years, the fund has invested more than $40 billion in implementing over 2,700 projects on the continent.