Directory of Economic, Commodity and Development Organizations - table of contents

African Development Fund (AfDF)

Fonds africain de développement (FAD) 


        
At their Eighth Annual Meeting held in Algiers in
        July 1972, the Governors of the African Development Bank
        adopted an Agreement Establishing an African Development
        Fund, which entered into force on June 30, 1973. The Fund
        was formally inaugurated at the Ninth Annual Meeting of
        the Bank held in Lusaka in July 1973. It began operations
        on August 1, 1973 and granted the first loan on January
        16, 1974. The Fund provides finance on concessional terms
        for the purpose of assisting the Bank's contribution to
        the economic and social development of its African
        members, and to the promotion of cooperation, including
        regional and subregional cooperation, and increased
        international trade, particularly among such members. The
        resources of the Fund consist of: (i) subscriptions by
        the Bank; (ii) subscriptions by State Participants; (iii)
        other resources received by the Bank; and (iv) Funds
        derived from operations or otherwise accruing to the
        Fund. 

        
The Fund utilizes the offices, staff organization,
        services and facilities of the African Development Bank
        to carry out its functions. The President of the Bank is
        ex officio President of the Fund. He is Chairman of the
        Board of Directors. 

        
LANGUAGES: English, French

        
COMPOSITION

        
Membership is comprised of the 53 regional members
        of the African Development Bank and 24 State
        Participants: Argentina, Austria, Belgium, Brazil,
        Canada, China, Denmark, Finland, France, Germany, India,
        Italy, Japan, Korea, Kuwait, Netherlands, Norway,
        Portugal, Saudi Arabia, Spain, Sweden, Switzerland,
        United Kingdom, United States 

        
STRUCTURE

        
Board of Governors. The Governors and
        Alternate Governors of the Bank are ex officio Governors
        and Alternate Governors of the Fund. In addition, each
        State Participant that is not a member of the Bank
        appoints a Governor and Alternate. 

        
The Board of Directors is
        composed of twelve Directors of whom six are designated
        by the Bank from regional members of the Board of
        Directors of the Bank, and six are selected by the State
        Participants. 

        
UPDATED:  April 24, 2001

        
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        Economic, Commodity and Development Organizations - table
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