Luxembourg pledges 25 million euros for African fund

Luxembourg is to invest 25 million euros over eight years in the African Development Fund (ADB) after signing an agreement on Saturday.

The money will be able to help reduce poverty in five partner countries in Africa, which include Mali, Niger, Burkino Faso, Senegal and Cape Vert.

The investment forms part of an agreement signed by Luxembourg Finance Minister Pierre Gramegna and African Development Bank (ADB) President Donald Kaberuka to work more closely together.

“Luxembourg's accession to the ADB Group can only enhance the action of Luxembourg for the benefit of its African partner countries,” the Foreign Affairs Ministry said in a statement, adding that the ADB's policies, strategies and objectives are in-line with Luxembourg's public aid goals: to contribute to economic, social and sustainable development and poverty reduction on the African continent.

During the signing ceremony, Luxembourg's Minister of Finance also raised the possibility of organising a seminar on business opportunities arising from the group's financing of the Bank.

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