Finland Times

 

Representatives of the donor and recipient countries have agreed in Paris last week on the thirteenth replenishment of the African Development Fund (ADF-13) ensuring additional funding for the development of the African countries, said a press release of the Ministry of Foreign Affairs on Tuesday.

 

Funding will increase slightly on the previous period and will total about 7.3 billion US dollars. Finland will contribute 126 million euros to this funding, according to the press release.

 

The press release said the economy of African countries is growing briskly and the African Development Fund plays an important role in maintaining and continuing this trend.

 

The ADF-13 period covers the years 2014 to 2016, but the disbursements are distributed over ten years. Of the African countries, Angola, Egypt, South Africa and Libya are participating in the funding.

 

Through the African Development Fund, and in line with the country's Development Policy Programme, Finland supports an inclusive green economy that promotes employment. This is also an important objective of the African Development Bank's new long-term strategy, which strives to eradicate extreme poverty.

 

The Fund's activities focus on the development of Africa's infrastructure, strengthening good governance, support for regional integration, the development of the private sector, and strengthening know-how and technology.

 

The negotiations stressed increasing support for regional cooperation and fragile states, which number 17 out of the African Development Fund's 40 partner countries. Other cross-cutting objectives for the three-year period beginning in 2014 are gender equality, agriculture and food security.