Benin has committed $2 million to the next replenishment cycle of the African Development Fund (ADF), joining six other African nations in supporting the concessional arm of the African Development Bank Group. The announcement was made by Romuald Wadagni, Benin’s Minister of Economy and Finance, during the Mid-Term Review of the ADF’s 16th Replenishment in Cotonou.
Benin joins countries like Algeria, Angola, Egypt, Morocco, South Africa, and the Democratic Republic of Congo as contributors to the ADF, which has positively impacted 74 million people across Africa through improvements in agriculture alone. The current three-year funding cycle, which secured a record $8.9 billion from global donors, will end in 2025. As the ADF offers grants and low-interest loans to low-income nations, it requires regular replenishment every three years.
Minister Wadagni praised the ADF as a reliable partner for developing nations and urged recipient countries to demonstrate transparency and fiscal responsibility. He emphasized that Benin aims to leverage ADF resources, particularly in using guarantees to raise additional capital.
The African Development Fund has committed $108.2 million to Benin, focusing on economic governance, private sector development, and improving the business environment. It also supports the growth of Benin’s agro-industrial sector and the development of special economic zones, such as Glo Djigbé.
Dr. Akinwumi Adesina, President of the African Development Bank Group, encouraged more countries to follow Benin’s lead in supporting the ADF, citing Kenya’s recent $20 million pledge. Adesina highlighted the fund’s success, including providing electricity to 15 million people, improving agriculture for 74 million, enhancing transportation for 45 million, and building or rehabilitating over 8,700 kilometers of roads across Africa.