AfDB approves Bill and Melinda Gates Foundation Trust Fund
The Fund benefited from an $2.4 million initial contribution.The establishment of the Bill and Melinda Gates Trust Fund was approved by the African Development Bank (AfDB) on Wednesday (March 11th).
The Fund’s $2.4 million (€2.3 million) initial contribution will support forward-thinking on the issue of concessional finance in development by an African Development Fund (ADF) Policy Lab, the AfDB said in a statement. It will also support other future Bank activities.
It is the first bilateral fund with a non-sovereign entity, and the first bilateral fund with the foundation.
The AfDB and the Bill and Melinda Gates Foundation have already collaborated on several projects in Africa. In 2011, the foundation contributed $12 million to the African Water Facility to support sanitation services to some of Africa’s urban poor.
It also invested $15 million towards the implementation of the Action Plan for improved statistics for food security in Africa in 2013.