The African Development Fund (ADF) is the concessional window of the African Development Bank (AfDB) Group. Established in 1972, it became operational in 1974. Administered by the African Development Bank, it comprises, to date, 32 contributing countries and benefits 38 countries. The 38 ADF-eligible countries include those that are increasing their economic capacities and heading toward becoming the new emerging markets—as well as those that remain fragile and need special assistance for basic levels of service delivery. The ADF has the challenge of having nearly half its client countries as fragile states, and facing a situation where even stable economies can become fragile due to a single internal or external shock.