The African Development Fund (ADF) has approved 8.5 billion U.S. dollars for financing debt relief to low-income countries in Africa under the fund's multilateral debt relief initiative (MDRI).

According to a press release posted Friday on the bank's website, 13 African countries, including Ethiopia, will be the immediate beneficiaries of the debt relief initiative.

The other 12 immediate beneficiary countries are Benin, Burkina Faso, Ghana, Madagascar, Mali, Mozambique, Niger, Rwanda, Senegal, Tanzania, Uganda, and Zambia, according to the release.

"The aim of the MDRI is to assist the eligible countries make progress towards achieving the Millennium Development Goals (MDGs), while preserving the long-term financing capacity of the ADF," the release said.

The African Development Fund, part of the African Development Bank Group, provides long-term interest free loans, grants, and policy assistance to the poorest countries in Africa to reduce poverty and spur economic growth. It finances investments in health, education, agriculture, sanitation, and infrastructure.

Source: Xinhua