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ADF-11 Strategic Directions and Indicative Lending Scenarios


The 11th Replenishment of the African Development Fund (ADF-11) comes at a critical moment for Africa. Continent-wide real economic growth has exceeded 5% for the third consecutive year – its best performance in 3 decades – and is forecast to accelerate further in 20071 . Over the same period, Africa has also generated a strong current account surplus driven largely by strong global demand for commodities, with demand expected to remain steady as robust global growth continues. Reinforcing an unusually favorable global economic climate as a key driver of improved economic performance is Africa’s overall increased political stability, improved economic policies, and emerging structural reforms2 .

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