African Development Fund secures record $11bn as donors back investment-led Africa

• Record ADF-17 replenishment defies global aid cuts
• African countries pledge fivefold funding increase

The African Development Fund (ADF), the concessional financing arm of the African Development Bank Group, raised a record $11 billion from 43 partners in its 17th replenishment, the Bank said.

The total for ADF-17 is the largest in the Fund’s history and represents a 23% increase from the previous round, according to the Bank. The outcome comes at a time when development assistance budgets are under pressure globally and reflects growing donor confidence in Africa’s development prospects.