Re: African Dev. Bank
in response to
by
posted on
Nov 12, 2014 02:07PM
Focusing on the Dallol Potash Project in Ethiopia
Actually from what I have been able to find out ADB funding comes to Ethiopia through the ADF(African development fund) which was just replenished in September and once the board meets chould be distributed. Read copy and pasted from http://www.afdb.org/en/about-us/african-development-fund-adf/about-the-adf/
The Agreement establishing the African Development Fund designates the Board of Governors as the Fund’s highest policy-making organ. The Board of Governors meets at least once a year. The ADF Board of Directors includes seven Executive Directors representing donor countries (the Executive Directors are nominated by their constituencies) and seven Executive Directors representing the AfDB. The Board oversees the Fund’s general operations.
The African Development Fund emerged as the solution to two major constraints which became apparent after the African Development Bank had commenced operations in 1974 i) the limited amount of resources which the Bank could provide and ii) the nature as well as the terms of the loans, which were not fully appropriate for the poorest of its member countries, especially for projects with long-term durations or non-financial returns.
The Fund’s resources consist of contributions from internal Bank resources and periodic replenishments by donor countries, usually on a three-year basis. Initial contributions to ADF were pledged in 1972. The first replenishment – designated ADF I – took place in 1974 and covered the period 1976-1978. In total, the ADF has been replenished thirteen times; therefore, the current ADF period is ADF-13. Consultations on the thirteenth replenishment successfully concluded in September 2013 for the Fund’s activities in 2014-2016. For theADF-13 period, ADF Deputies agreed on a replenishment level, excluding technical gap, of UA 4.86 billion, an amount equivalent to US $7.3 billion. Once the thirteenth replenishment has been approved by the Board of Governors, it will become effective in 2014.
The ADB general meeting is ussually in May.