The Board of Directors of the African Development Bank (AfDB) Group has approved a 50-million-dollar Risk Participation Agreement (RPA) for Natixis, a French Bank. This is contained in a statement by Fahd Belbachir, Senior Communications and External Relations Officer for North Africa, AfDB. The agreement would enable Natixis to support African banks and their small … Read more
The African Development Bank (AfDB) and Transnet have agreed to implement regional borderless crossings to scale-up integrated regional freight transport and logistics systems in Africa. This is to boost intra-African trade for the benefit of the African Continental Free Trade Area (AfCFTA) agreement. This is contained in a statement issued by the Communication and External … Read more
The Board of Directors of the African Development Bank (AfDB) Group has approved 20 million U.S. dollars concessional investment to support the second phase of the COVID-19 Off-Grid Recovery Platform (CRP). This is contained in a statement issued by Olufemi Terry of Communication and External Relations Department of the AfDB on Thursday. The CRP is … Read more
The U.S government says it will provide a five-million-dollar grant to the African Development Bank (AfDB) to support efforts to reduce methane gas emission across Africa. U.S. Special Presidential envoy for climate, Mr John Kerry made the announcement at a breakfast event held on the sideline of the ongoing 18th African Ministerial Conference on the … Read more
The government of Japan and the African Development Bank (AfDB), have announced a five-billion-dollar financial cooperation. The cooperation is under the fifth phase of the Enhanced Private Sector Assistance for Africa initiative (EPSA) from 2023 to 2025. This is contained in a statement issued by the Communication and External Relations Department of the bank. The … Read more
The Federal Government has obtained a 134-million-dollar loan from the Africa Development Bank to boost wheat production. Minister of Agriculture and Rural Development, Dr Muhammad Mahmoud, said this in Abuja, while briefing State House correspondents on the implementation of the presidential mandate given to the ministry. He explained that the aim was to save the … Read more
The Board of Directors of the African Development Bank Group (AfDB) has approved a grant of $8.1 million to South Sudan to fund its Emergency Food Production Programme. Allocated through the Transition Support Facility, the grant constitutes additional financing to the ongoing Agricultural Markets, Value Addition and Trade Development Project (AMVAT). AMVAT seeks to contribute to reduced … Read more
Zimbabwe has received reassurance of support from the African Development Bank (AfDB) Group and multilateral financial institutions to help clear its debt arrears. AfDB Group on its website on Thursday said the reassurance was given during a meeting with Dr Akinwumi Adesina, President of the Bank, government of Zimbabwe and other partners in Harare. AfDB … Read more
The African Development Bank (AfDB) says Africa needs an annual investment of 32 to 40 billion dollars along the energy value chain to achieve universal access for electricity by 2030. The AfDB’s African Economic Outlook 2022 unveiled at the Bank’s Annual Meetings on Thursday in Accra, Ghana, said the findings were done under the Bank’s … Read more
The African Development Bank (AfDB) says it is ready to help Nigeria return to the electronic wallet system of input distribution to farmers to boost agricultural production. The President of AfDB, Dr Akinwumi Adesina, said this on Monday, at a meeting with newsmen ahead of the Bank’s 2022 Annual Meetings in Accra, Ghana. The e-wallet … Read more
African leaders across the continent are increasingly showing commitment towards promoting sustainable economic development, a new report has shown, reflecting the changing political will. The Africa Green Growth Readiness Assessment Report, compiled by the Africa Development Bank (AfDB) and the Global Green Growth Institute (GGGI), sought to establish how nine strategic and operational aspects, including political … Read more
By JacobKubeka – The African Development Bank (AfDB), announced on Friday its approved of a $1.5 billion emergency food production facility for 20 million farmers on the continent to avert a looming food crisis brought on by Russia’s invasion of Ukraine. It noted in a statement that with the disruption of food supplies arising from … Read more
By Jacob Kubeka – Nigeria’s President, Muhammadu Buhari, Monday in Abidjan urged the World Bank, African Development Bank (AfDB) and other partners to support the One Planet Summit initiative and activate the $19 billion pledge, which will be utilized for land restoration, tree planting, development of climate resilience infrastructure and investments in small and medium … Read more
The African Development Bank’s (AfDB) Africa Digital Financial Inclusion (ADFI) facility will receive 15 million dollars to develop and extend digital financial solutions to women-owned small and medium businesses in Africa. The bank on its website, on Wednesday, said that Women Entrepreneurs Finance Initiative (We-Fi) said the new round of funding would be given to … Read more
By Jacob Kubeka (ABUJA) – President Muhammadu Buhari of Nigeria has given plaudits to the Africa Development Bank (AfDB), for planning ahead of whatever negative consequences may come from the Russia-Ukraine war in terms of food security. The President spoke Tuesday at State House, Abuja, during an audience with the AfDB President, Dr Akinwumi Adesina, … Read more
By Kwanta Douglas – Board of Directors of the African Development Bank (AfDB) Group has approved a $47.09 million grant for the first phase of Mozambique’s Pemba-Lichinga Integrated Development Corridor, a special zone for processing agricultural produce in the country. According to the statement, the project will build on a long list of Bank interventions … Read more
By Ezekiel Obi (ABUJA) African Development Bank (AfDB) has approved a $210 million loan that could impact the lives of millions of people in Africa’s most populous country. The loan, which was approved by AFDB’s Board of Directors would co-finance Phase 1 of the Nigeria Special Agro-Industrial Processing Zone Program. The program will help to … Read more
By Mbafan Ade – President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, said travel ban on some African countries due to Omicron, the new COVID-19 variation, is “extremely unjust, non-scientific, and discriminatory.” Adesina, who made this known via his verified Twitter handle encouraged Western countries to lift their travel bans on African nations. … Read more
By Theodore Jones – African Development Bank (AfDB) has granted a loan of 135 million dollars to help Morocco recover in the post-COVID-19 era, according to Morocco’s official news agency, MAP on Wednesday. The report revealed that, AfDB Group’s Board of Directors approved the loan to assist the North African country in promoting financial inclusion, … Read more
By Mbafan Ade – A continental and international rally may have begun in support of Nigeria’s advocacy to halt plans to defund gas projects, just as the global community moves towards the 2050 net-zero emissions target under the United Nations Climate Change agenda. Nigeria has been on the forefront of an international advocacy questioning the … Read more
By Tom Chiahemen – German Chancellor Angela Merkel is worried about a possible two-speed global economic recovery post Covid-19, a global pandemic that has so far infected over 216 million people and claimed about 4.5 million lives globally since its outbreak in early 2020. Markel voiced out her concern during a closed-door session held with … Read more
The African Development Bank Group (www.AfDB.org) and the Government of Ethiopia have signed two separate grant agreements for new projects to boost youth employment and electricity trade between Ethiopia and Djibouti. The grants fall under the Bank Group’s concessional lending window, the African Development Fund, and will go towards the Productivity Enhancement to Support Agro … Read more
The African Development Bank (AfDB) has disclosed that sub-Saharan Africa would need 425 billion dollars by 2030 to manage it’s recovery from the COVID-19 pandemic. The President of AfDB, Dr Akinwumi Adesina, made this known at the opening of the 2021 Annual Meetings of the Bank held virtually on Wednesday. According to Adesina, low-income sub-Saharan African … Read more
By Tom Chiahemen – The African Development Bank Group has announced the appointment of Mr. Jacques DJOFACK as Director, Financial Management, effective 1st June 2021 Jacques, a French national, brings to this role almost 20 years of international experience and expertise in Financial Risk Management from both Development Banks and Commercial Banks in Africa and … Read more
By TOM CHIAHEMEN – The African Development Bank (AfDB) has launched a A$600 million (US$463.9 million) 5.5-year Kangaroo bond, marking its return to the Australian dollar bond market. The transaction, announced on 8 June, was led by Nomura and RBC Capital Markets. It is the institution’s first benchmark Kangaroo since early 2018 and its first … Read more
The African Development Fund (ADF) was ranked second among 49 international agencies for the quality of its development assistance, according to the Quality of Official Development Assistance (QuODA)report. The ADF is the concessional arm of the African Development Bank Group (ADB). QuODA is a tool developed by the Center for Global Development (CGD) and the … Read more
The African Development Bank (AfDB) has called on governments and private sectors in Africa to grow, finance and support large scale youth-led businesses in the continent. President of the AfDB, Dr Akinwumi Adesina, said this at a virtual High-Level Roundtable on Scaling up Financing for Youth Entrepreneurship and Innovation in Africa from Abidjan, Côte d’Ivoire … Read more
Uganda and the African Development Bank (AfDB) have signed a contract for a $229.5 million road construction project, a statement said on Thursday. The project is expected to boost trade between the country and its neighbours. The money will be used to finance the Kampala-Jinja Expressway, which will cut travel time and boost trade along … Read more
The prestigious U.S. magazine, Global Finance, specializing in financial markets and investment banking, has named the African Development Bank as the “Best Multilateral Financial Institution in the world for 2021”. The award is a global recognition for the path breaking efforts of the African Development Bank as it transforms itself into a solutions bank for … Read more
ABIDJAN, Ivory Coast, March 9, 2021/ –The African Development Bank (AfDB) stood out at the 22nd edition of the Global Finance Best Investment Bank Awards, where the prestigious U.S. magazine specializing in financial markets recognizes investment banking capacities. Global Finance named the AfDB the best multilateral financial institution in the world, a global recognition of its constant … Read more