Kenya has made a historic move with President Williams Ruto announcing a $20 million contribution to the African Development Fund (ADF). This is the largest donation ever made by an African country to the Fund, marking a significant milestone in regional cooperation and development.
According to a post shared by Akinwumi A. Adesina, President of the African Development Bank Group, President Ruto announced this contribution during the 59th Annual Meetings of the AfDB Group.
During the meeting, a $25 billion target for the 17th replenishment of the African Development Fund was also set. Adesina highlighted the significance of Kenya’s contribution, expressing his gratitude to President Ruto and noting the strong partnership between Kenya and the African Development Bank (AfDB).
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Additionally, the Board of Governors approved a $117 billion General Callable Capital increase for the African Development Bank at the same meetings held in Nairobi, Kenya. Adesina expressed his gratitude to the shareholders for their extraordinary confidence and support.
The African Development Fund, established in 1972, plays a crucial role in financing projects that promote economic and social development in the poorest African countries. With Kenya’s substantial contribution, the Fund is expected to bolster its efforts in addressing critical issues such as infrastructure development, poverty reduction, and enhancing economic growth across the continent.
President Ruto’s pledge reflects Kenya’s leadership and proactive stance in fostering sustainable development. By significantly supporting the ADF, Kenya is setting an example for other nations to follow, demonstrating the power of intra-African collaboration in tackling common challenges.
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This contribution comes at a critical time when many African countries are seeking ways to recover from the economic impacts of the COVID-19 pandemic. The funding will support various initiatives aimed at improving living conditions, creating jobs, and enhancing overall economic resilience.
As Kenya continues to lead by example, this historic contribution to the African Development Fund is a testament to the country’s dedication to fostering a prosperous and united Africa. The impact of this contribution will be felt across the continent, paving the way for more collaborative efforts in the future.