The African Development Bank raised $10.5 billion for its fund that lends money to low-income countries, falling short of its $25 billion target. The announcement came after a donor pledging conference in London, with 19 African nations, including Kenya and Zambia, making contributions. The U.S. did not disclose any funding pledges.

The ADF has provided $45 billion to 37 low-income African countries since 1972, financing various projects. Unlike the AfDB’s main lending window, the ADF offers grants and concessional loans with longer repayment periods. The funds raised in London are the highest ever in the ADF’s history, despite global challenges.

AfDB President Sidi Ould Tah stated that concessional finance is crucial for broader investment. The donor conference was co-hosted by Britain and Ghana. AfDB has been seeking new contributors after the U.S. pullback, exploring different funding avenues to support low-income African countries.

Read more at Yahoo Finance: AfDB raises $10.5 billion for low-cost lending window, no word on US funding