The Board of Directors of the African Development Bank Group has approved the establishment of a Rockefeller Trust Fund to be hosted by the Bank.
With an initial endowment of $3 million, the Fund will support the Bank’s activities, particularly with regards to two of its five high priorities – Feed Africa and improve the quality of life for the People of Africa.
Subsequent contributions may also be received to support other areas of the High 5s.
Established in 1913, the Rockefeller Foundation’s mission is “to promote the well-being of humanity throughout the world.”
“Together with partners and grantees, The Rockefeller Foundation strives to catalyze and scale transformative innovations, create unlikely partnerships that span sectors, and take risks others cannot,” the Foundation says in its mission statement.
The foundation’s goals tally with the Bank’s effort to catalyze Africa’s transformation over the next decade by leveraging its own resources and significantly scaling up development finance for the benefit of its Regional Member Countries (RMCs).
The trust fund will foster the joint effort of the Foundation and the Bank in establishing a strategic partnership that can help to the transformation of Africa.
The two activities targeted by the trust fund are support to the Leadership for Agriculture Platform under the Bank’s Feed Africa priority and support to the Jobs for Youth for Africa Coding for Employment Flagship Programme under the Improve the Quality of life for the People in Africa priority.
The Rockefeller Foundation Trust Fund is the Bank’s second formal collaboration with a foundation, following the establishment of the Bill and Melinda Gates Trust Fund in March 2015.