The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the outgoing President of the African Development Bank (AfDB), Akinwumi Adesina, have reaffirmed that the newly approved $500 million replenishment of the Nigeria Trust Fund (NTF) will catalyse private capital inflows into low-income and fragile African states.
The amendment to the protocol agreement establishing the NTF was signed in Abidjan yesterday by Edun and Adesina on the sidelines of the AfDB Annual Meetings.
Established in 1976, the NTF is a concessional loan window created by Nigeria within the AfDB to offer soft financing for the continent’s most vulnerable economies.
The latest funding injection, to be disbursed in tranches, also extends the life of the Fund to 2040.
Also, the Director General of the Arab Bank for Economic Development in Africa (BADEA), Sidi Ould Tah of Mauritania has been elected as the new President of the AfDB, ushering in a fresh chapter for the continent’s premier development finance institution. After three tense rounds of voting.
