The fourth and final meeting of the sixteenth replenishment of the African Development Fund (ADF-16), the concessional funding window of the African Development Bank (AfDB) Group, opened on Monday in Tangier.
At the opening session, Morocco announced it will make a contribution to replenish the African Development Fund.
“The decision reaffirms Morocco’s willingness and commitment to help African states in line with the King’s enlightened vision to foster African solidarity and prosperity,” Finance Minister Nadia Fettah Alaoui said in a speech read on her behalf by the industry minister, Ryad Mezzour.
This meeting provides an opportunity to deepen the discussion on issues facing low-income African countries, including climate finance and adaptation and sustainable debt management.
Participants will thus discuss policy and financial directions and approaches to address these issues. The process will result in a financing package for the three-year ADF-16 cycle (2023-2025).
At this fourth replenishment meeting, the ADF-16 report, funding levels and replenishment terms will also be approved.
This year has been marked by a series of consultations between ADF Management and donor countries on the sixteenth replenishment of the AfDB Group’s concessional lending window.
The AfDB has previously called on rich countries to redirect their IMF special drawing rights to help African countries with climate finance.
In a recent report, the lender said African countries need to mobilize 1.6 trillion dollars between 2022 and 2030 to address climate change.