Angola becomes African Development Fund donor country

11 October 2013

Angola, along with Egypt and Libya, has become one of a group of donor countries of the African Development Fund (ADF), pan-African news agency Panapress reported.

Citing a spokesman in Paris, the agency said that the three countries had made their inclusion in the group of ADF donor countries official at meeting at the end of September in the French capital. During the meeting contributions of US$7.3 billion were announced.

To date, South Africa had been the only African ADF donor country. The ADF is an arm of the African Development Bank (ADB) charged with providing subsidised loans to low income African countries.

The African Development Bank group is a multilateral institution whose shareholders include 53 African and 24 non-African countries from the Americas, Asia and Europe, and is made up of three institutions – the African Development Bank, the African Development Fund and the Nigeria Trust Fund. (macauhub)