The aid will be directed at supporting development of “renewable energy and the financial sector”, according to press statements from Luxembourg’s finance ministry and the ADB.
Member “countries such as Mali, Niger, Burkina Faso, Senegal and Cape Verde are countries of special focus for Luxembourg’s cooperation on the continent,” Pierre Gramegna, Luxembourg’s finance minister, said during the signature ceremony on Saturday. “Sub-Saharan Africa is the primary area of concentration of our cooperation. Therefore, our membership will reinforce the country’s action in favour of its African partners.”
The Grand Duchy is the development bank’s 26th “non regional member country”, it reported. Other such countries include China, France, Germany, Japan, Italy, the UK and US.
“Luxembourg’s membership is an additional testimony that the African Development Bank Group is very attractive,” said Donald Kaberuka, president of the ADB. “This testifies, if need be, of the crucial role our institution plays in support of African economies and the well-being of the populations.”
The group’s development bank, development fund and Nigeria Trust Fund have dedicated capital of more than $130 billion, focused on regional integration, sustainable development and poverty eradication programmes, according to its April investor’s presentation.