The $11.70 million budget allocation to the African Fertilizer Development Finance Facility (MAFDE) was approved by the Board of Directors of the African Development Bank (AfDB) on Tuesday, May 16, 2023 in Abidjan.

In a press release, the Bank explained that this budgetary allocation will allow the special fund created by the African Union to properly carry out its activities during 2023. According to the same source, the sum allocated brings the 2023 budget of the African Fertilizer Development Financing Mechanism to $16.40 million. It should be noted in the same press release that MAFDE will also continue its efforts to mobilize resources from other partners and will request payment of the balance of the $10.15 million pledge made by the Norwegian Agency for Development Cooperation