African Development Bank Group (https://www.AfDB.org) President Sidi Ould Tarr and Luxembourg’s Finance Minister Gilles Roth pledged to deepen cooperation as they prepare for the 17th replenishment of the African Development Bank Group’s concessional financing window, the African Development Fund (ADF-17).
The two leaders met on the sidelines of the 2025 Annual Meetings of the World Bank and International Monetary Fund to be held in Washington, DC. This was the first official bilateral meeting since Dr. Urd Tarr took office in September.
The discussion reaffirmed the long-standing partnership between the two institutions and their shared commitment to multilateral cooperation and Africa’s economic transformation. The meeting 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 to 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. Luxembourg’s contribution under ADF-16 amounted to €12.7 million, an increase of 10% on the previous cycle, reflecting the country’s confidence in the Fund’s impact on climate action, governance, gender equality and private sector development, among others.
“Africa’s development needs remain significant, particularly in areas such as education, energy, technology, infrastructure and the fight against climate change,” Minister Ross said. “With its expertise in sustainable finance and impact investing, Luxembourg’s financial center is well placed to direct private capital to these priorities. We will continue to work with the African Development Bank to strengthen Africa’s investment climate and build a fairer, more resilient and sustainable future.”
Dr. Urd Tarr welcomed Luxembourg’s continued support, describing it as a “solid partner” of the African Development Bank Group. “Luxembourg is a steadfast partner of the African Development Bank Group. Its leadership in sustainable finance and commitment to effective multilateralism continues to drive real change across the African Development Bank Group,” emphasized the Banking Group President. “Ahead of the ADF-17 Pledge Conference in December, Luxembourg’s partnership will be key to mobilizing resources to advance resilience, inclusivity and shared prosperity, with impact far beyond Africa’s borders.”
Luxembourg’s cooperation with the World Bank extends beyond concessional financing. The country also contributes to the World Bank Group’s Capital Markets Development Trust Fund (of which it is one of two founding funders) and the Africa Digital Financial Inclusion Facility, both of which aim to foster financial innovation, expand market access, and strengthen Africa’s private investment ecosystem.
Since its founding in 1972, the African Development Fund has funded nearly 3,000 projects totaling more than $45 billion, connecting communities and improving access to clean energy, food, education, and health care in 37 African countries, about half of which are fragile or conflict-affected.
The ADF-17 cycle aims to mobilize additional resources for transformative investments that create jobs, strengthen resilience and unlock Africa’s economic potential, thereby contributing to global stability and promoting shared prosperity.
