Kingdom donates $25 million to African Development Fund

March 11, 2008

Saudi Arabia has approved a $25 million donation to the African Development Fund, the Ministry of Foreign Affairs has announced. The funds are expected to be disbursed over a five-year period. 

Established in 1973, the African Development Fund is part of the African Development Bank Group. Its main objective is to reduce poverty in member countries by providing them with concessional loans and grants for projects and programs, as well as technical assistance for studies and capacity-building activities.