On 16 February 2021, the African Development Bank Group and the Government of Japan participated in a virtual signing ceremony to conclude a loan agreement of 73.6 billion Japanese yen (roughly US$668.1 million) to support the 15th replenishment of the African Development Fund (ADF-15).
Bank President Akinwumi A. Adesina and Japanese Ambassador to Côte d’Ivoire Kuramitsu Hideaki – in the presence of other Japanese dignitaries and Bank senior management – signed an Exchange of Notes, while the loan agreement was signed by the JICA Chief Representative in Côte d’Ivoire, Fujino Kojiro, and Acting African Development Bank Group Senior Vice President Swazi Tshabalala, in her capacity as Chief Financial Officer.
President Adesina said the ceremony reinforced Japan’s commitment to supporting low-income and fragile countries in Africa.
“We share similar commitments to reducing fragility, promoting the private sector, strengthening human capital development, investing in quality infrastructure, and ensuring debt transparency and sustainability,” Adesina said during the virtual ceremony.
The African Development Fund is the concessional window of the African Development Bank Group, supporting 37 eligible countries, including those working towards becoming emerging markets and in need of special assistance for basic service delivery. The Fund’s resources are replenished every three years by donor countries. Japan is the 5th largest donor for the ADF-15 replenishment.