MICROCAPITAL BRIEF: African Development Bank (AfDB) Launches Migration and Development Fund (MDF), Taking Proposals for Projects Relating to Remittances, Local Investment

African Development Bank (AfDB), a development finance institution established in 1964 that gives loans and grants to governments and private companies in Africa, recently launched the Migration and Development Fund (MDF) to support development projects in Africa. The fund, which was launched in partnership with the French Ministry of the Interior and the International Fund for Agricultural Development (IFAD), an agency of the United Nations that combats hunger and poverty in developing countries, aims to improve the understanding of remittance flows, lower the cost of the transfers and facilitate the use of the incoming resources for projects in migrants’ home countries. MDF is taking applications until January 31, 2011 from nonprofit, for-profit and government organizations for projects related to the development of new financial products, the support of productive investment and local development, the improvement of knowledge regarding remittances and regulatory reform. MDF will finance projects in north, west and central Africa before expanding to the rest of the continent. AfDB reported total assets of USD 27 billion as of December 31, 2009 [1].

By Julie Moksim, Research Associate

About African Development Bank (AfDB): Established in 1964, AfDB is a development bank that provides loans and grants to governments and private companies in Africa. AfDB commits approximately USD 3 billion annually to African countries. Owned and funded by member governments, the bank has a public-interest mandate to reduce poverty and promote sustainable development. Currently, AfDB shareholders consist of 77 member countries, which include 53 African countries. AfDB reported total assets of USD 27 billion as of December 31, 2009.

[1] African Development Bank: “Migration and Development Fund”,

http://www.fundsforafrica.org/

MicroCapital’s Microfinance Universe Profile: African Development Bank (AfDB)

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=African+Development+Bank++%28AfDB%29

MicroCapital.org Story, November 10, 2009: Conclusions from the Global Forum on Remittances Co-Hosted by International Fund for Agricultural Development (IFAD) and African Development Bank (AfDB), https://www.microcapital.org/microcapitalorg-story-conclusions-from-the-global-forum-on-remittances-co-hosted-by-international-fund-for-agricultural-development-ifad-and-african-development-bank-afdb/

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