As a member of the African Development Bank (ADB), Luxembourg hosted the final meeting for the 14th fund reconstruction (FAD-14) between 27 and 29 November 2016.
At the third and final meeting as part of the 14th reconstruction of the ADB fund, donors, which includes around 30 countries including Luxembourg, mobilised the necessary resources to finance the fund’s development projects over the next three years as part of the AfDB’s long term strategy.
As well as the president of the ADB, Akinwumi Adesina and the Bank’s management, several of the fund’s beneficiary countries were present as well as observers from the paired institutions.
Luxembourg being the host country of this meeting, the Minister of Finance, Pierre Gramegna highlighted in his introductory speech the importance that Luxembourg gives to Africa in helping development. Moreover, he announced the contributions made in relation to the ADB’s priorities for the poorest countries in Africa.
During the FAD-14 period, which lasts from 2017 until 2019, the Bank’s priorities involve investing 2.9 million US dollars in energy so as to provide electricity for 23.6 million Africans.
It also aims to invest 2.1 million US dollars in the agricultural sector to provide more food and reduce poverty in rural areas, as well as investing 1.7 US dollars in industrialisation projects. In this case, priority will be given to financing the private sector thanks to a range of guarantee products and mixed financing mechanisms aimed at attracting more investment.
Its last two priorities are to regionally integrate Africa, whereby 2.7 million US dollars will be given to regional integration projects, and finally, to improve the quality of life for the African people. In this case, the fund will invest 1.9 million dollars in the creation of 17.5 million jobs in the concerned countries and in strengthening the economic and professional skills of 50 million young Africans by 2050.
Photo by ADB
