African Development Bank Group (https://www.AfDB.org) President Dr Sidi Ould Tah and Luxembourg’s Finance Minister, Gilles Roth, have pledged to deepen cooperation as preparations advance for the seventeenth replenishment of the African Development Fund (ADF-17), the Bank Group’s concessional financing window.

The two leaders met on the sidelines of the 2025 World Bank and International Monetary Fund Annual Meetings in Washington, D.C. It was their first official bilateral meeting since Dr Ould Tah took office in September.

Discussions reaffirmed the long-standing partnership between the two institutions and their shared commitment to multilateral cooperation and Africa’s economic transformation. The talks highlighted Luxembourg’s continued support for sustainable and inclusive growth across Africa’s most vulnerable economies.

Luxembourg remains one of the world’s leading contributors of official development assistance, consistently allocating 1% of its gross national income to development cooperation – well above the 0.7% target recommended by the United Nations and the OECD Development Assistance Committee. Under ADF-16, Luxembourg’s contribution amounted to €12.7 million, a 10% increase over the previous cycle, reflecting the country’s confidence in the Fund’s impact, particularly in climate action, governance, gender equality, and private sector development.

“Africa’s development needs remain considerable, particularly in areas such as education, energy, technology, infrastructure and the fight against climate change,” said Minister Roth. “Luxembourg’s financial centre, with its expertise in sustainable finance and impact investing, is well placed to channel private capital toward these priorities. We will continue working alongside the African Development Bank to strengthen Africa’s investment environment and build a more equitable, resilient, and sustainable future.” 

Dr Ould Tah welcomed Luxembourg's continued support, describing it as “a steadfast partner” of the African Development Bank Group. “Luxembourg has been a steadfast partner to the African Development Bank Group. Its leadership in sustainable finance and its commitment to effective multilateralism continue to make a real difference across the continent,” the Bank Group president stressed. “As we move toward the ADF-17 pledging session in December, Luxembourg’s partnership will be key to mobilising resources that drive resilience, inclusion, and shared prosperity, delivering impact that extends well beyond Africa’s borders.”

Luxembourg’s collaboration with the Bank extends beyond concessional financing. The country also contributes to the Bank Group’s Capital Markets Development Trust Fund, where it was one of two founding donors -- and to the Africa Digital Financial Inclusion Facility, both aimed at promoting financial innovation, broadening access to markets, and strengthening Africa’s private investment ecosystem. 

Since its creation in 1972, the African Development Fund has financed nearly 3,000 projects totalling more than $45 billion, connecting communities and improving access to clean energy, food, education, and healthcare across 37 African countries, almost half of which are fragile or conflict-affected. 

The ADF-17 cycle seeks to mobilise additional resources for transformative investments that create jobs, strengthen resilience, and unlock Africa’s economic potential, thereby contributing to global stability and advancing shared prosperity.