African Development Bank Gets Record $11 Billion in Funding

The African Development Bank’s concessional financing arm mobilized a record $11 billion in its 17th replenishment, an amount the multilateral lender said signals confidence in the continent’s development prospects.

The funding includes as much as $2 billion from the OPEC Fund for International Development and up to $800 million from the Arab Bank for Economic Development in Africa, the lender said in a statement on Tuesday. Pledges to the African Development Fund, or ADF, were received from 19 African nations for the first time, it said.