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US assures AfDB of support for African Development Fund

The United States Assistant Treasury Secretary, Alexia Latortue, has assured the African Development Bank Group President, Dr Akinwumi Adesina, that the US remains a strong and proud supporter of the African Development Fund.

The African Development Fund is AfDB Group’s concessionary lending arm that supports Africa’s low-income economies.

Alexia Latortue gave the assurance during a bilateral meeting with Adesina during his just-concluded three-day official visit to Washington DC Saturday.

During the visit, the AfDB President also attended the Spring Meetings of the International Monetary Fund and World Bank, where he had several bilateral engagements with stakeholders on African development.

In the meeting with the United States Assistant Treasury Secretary, Alexia Latortue said the African Development Fund was critical to Africa’s development landscape.

She assured the Bank President that the US remains a strong and proud supporter of the Fund, which has a strategic focus and delivers impact.

Latortue applauded the leadership of Dr Adesina in developing the Bank’s bold African emergency food production plan to avert the looming food crisis due to the Russian war in Ukraine and assured of the strong partnership of the US Treasury Department on the plan.

Dr Adesina received similar strong support for the African Development Fund replenishment from other partners, including Sweden’s Minister for International Development Cooperation Matilda Ernkrans, Anne Beathe Tvinnereim, Norway’s Minister for International Development, Vicky Ford, Minister for Africa of the United Kingdom, and Paul Ryan, Director of International Finance and Climate of Ireland.

They gave their strong support for the African Development Fund to be allowed to go to the market to leverage its equity and raise more financing for low-income and fragile states.

Adesina affirmed to the shareholders that the African Development Fund’s impact on Africa, through their support, was massive and far-reaching.

According to the Swedish Minister Ernkrans “the African Development Bank is doing an incredible job and we strongly support the Bank. Sweden supports the African Development Fund to leverage its resources from the market to put more resources for countries. You are doing an excellent job.”

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