AfDB's Customised Funding Facility for Poorer African States

The African Development Fund has raised $8.9bn from international donors to lend and grant to low-income countries in the 2023-2025 financing cycle. The Fund lends on highly concessional terms and provides grants to the less developed members of the Bank, using a performance-based allocation system to ensure efficiency and equity. The support is cheaper than the near-market rates of interest that wealthier African countries pay to access Bank support. Despite a difficult global economic outlook, with the IMF predicting Sub-Saharan Africa’s growth to slow sharply by more than 1 percentage point to 3.6% in 2022, this year’s replenishment represents a 14.24% increase over the previous cycle’s fundraising of $7.4bn.