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African Development Bank Group

MDBs commit to attract private investments to Africa

MDBs commit to attract private investments to Africa    Multilateral Development Banks (MDBs) attending the 2023 UN Climate Change Conference (COP 28) affirmed their commitment to a concerted, global action, including increasing co-financing and private sector engagement to address climate change, felt acutely in Africa. Despite contributing the least to global warming and having the lowest …

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Resource-rich Africa has no excuse to remain poor says Adesina

Resource-rich Africa has no excuse to remain poor says Adesina With USD6.2-trillion worth of natural resources, 65% of the world’s uncultivated arable land, and a vibrant youth, Africa has no excuse to be poor, says African Development Bank Group President Dr Akinwumi Adesina.   Adesina says that the continent needs to solve its many challenges and …

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Morocco’s King calls on Africans to work together to attract investment

Morocco’s King calls on Africans to work together to attract investment  Morocco’s King Mohammed VI opened the 2023 Africa Investment Forum Market Days on Wednesday with a call for Africans to work together to attract the levels of private investment needed to drive the continent’s inclusive development. The Market Days, an initiative of the African Development …

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Natural resource backed loans a disaster for Africa warn IMF and AfDB

Natural resource-backed loans a disaster for Africa, warn IMF and AfDB The International Monetary Fund (IMF) has strongly supported a call by the African Development Bank Group urging countries in Africa to stop borrowing loans backed by their natural resources. The IMF Managing Director Kristalina Georgieva met Thursday with the President of the African Development …

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Republic of Korea targets Africa’s ABC

Republic of Korea targets Africa’s ABC At the 7th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference that took place in the Republic of Korea’s second-largest city, Busan, last week, Korea’s Deputy Prime Minister and Minister of Economy and Finance, Kyungho Choo, summarised the country’s priority areas for support to Africa as agriculture, bio-health, and climate change …

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Bank backs Zambia in new drive to unlock growth

Bank backs Zambia in new drive to unlock growth The African Development Bank Group has rallied behind Zambia’s recent debt restructuring deal and plans to inject more than USD150-million into the Zambian economy to spur growth.    African Development Bank Group President Dr Akinwumi Adesina has completed a two-day official visit to Zambia where he met …

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African women and youth in agribusiness to benefit from AfDB investment

African women and youth in agribusiness to benefit from AfDB investment The Board of Directors of the African Development Bank Group has approved an equity investment of €18 million in the Africa Guarantee Fund (AGF) and another €1.2 million to support youth and women entrepreneurs engaged in agricultural value chains in Kenya. The funding, approved …

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USD10-billion boost for Africa to feed the world

USD10-billion boost for Africa to feed the world The African Development Bank Group (AfDB), will commit USD10-billion over the next five years to boost Africa’s efforts to end hunger and become a primary food provider for itself and the rest of the world. AfDB President, Dr Akinwumi Adesina called on the more than 34 heads …

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Africa set to outperform the world in economic growth

Africa set to outperform the world in economic growth  Africa is set to outperform the rest of the world in economic growth over the next two years, with real gross domestic product (GDP) averaging around 4% in 2023 and 2024. According to a report by the African Development Bank Group titled Africa’s Macroeconomic Performance and …

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Africa positioned to become world’s breadbasket

Africa positioned to become world’s breadbasket African heads of state and development partners will gather in Senegal later this month to plan how to unlock Africa’s food-producing potential and to position the continent as a breadbasket to the world. President Macky Sall of Senegal, and Chairperson of the African Union, will host the three-day Dakar …

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Africa makes progress in freedom of travel

Africa makes progress in freedom of travel According to the 2022 Africa Visa Openness Index (AVOI), two-thirds of African countries have adopted more liberal visa policies compared to six years ago.   Despite Covid-19 lockdowns and travel disruptions, 93% of African countries have maintained or improved their score relative to 2021. The 2022 Africa Visa …

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AfDB funds to boost Sudan’s wheat production

AfDB funds to boost Sudan’s wheat production The Sudan Emergency Wheat Production Project is set to benefit from funding recently approved by the Board of Directors of the African Development Bank Group (AfDB). The AfDB announced that the bank will release more than USD73.81-million to finance the project under the bank’s African Emergency Food Production …

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Zero hunger in Africa is within reach says agricultural leaders

Zero hunger in Africa is within reach says agricultural leaders Eradicating hunger in Africa by 2030 is possible, said global agriculture leaders in Rome, Italy, yesterday. Meeting ahead of the African Food Summit (Dakar 2) to be hosted by President Macky Sall in Dakar, Senegal, from 25-27 January 2023, President of the African Development Bank Group …

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AfDB loan set to propel private sector-led agriculture in Botswana

AfDB loan set to propel private sector-led agriculture in Botswana The African Development Bank Group (AfDB) has committed close to USD180-million to bolster post Covid-19 recovery in Botswana. The program will also propel private sector-led agriculture and industrial transformation. The loan will support government reforms to restore post-pandemic fiscal stability and economic recovery. According to …

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AfDB’s private equity fund targets renewables in Africa

AfDB’s private equity fund targets renewables in Africa The African Development Bank (AfDB) has approved an equity investment of USD20-million in Evolution Fund III (EVIII), a pan-African clean and sustainable energy private equity fund. Through Evolution Fund III, the AfDB will mobilise approximately USD400-million into renewable energy and resource-efficiency assets across sub-Saharan Africa over a …

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War in Ukraine dampen Africa’s growth prospects

War in Ukraine dampen Africa’s growth prospects Africa’s gross domestic product has recovered strongly in the last year, but the lingering effects of the Covid-19 pandemic, Russia’s invasion of Ukraine and the ensuing war could pose considerable challenges in the medium term. According to the 2022 African Economic Outlook, released by the African Development Bank …

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Ghana president calls for more resources to develop Africa

Ghana president calls for more resources to develop Africa Ghana’s president Nana Akufo-Addo has backed calls for more resources for the African Development Bank Group to accelerate its transformative role across the continent. Akufo-Addo spoke during a visit by the African Development Bank Group president, Dr. Akinwumi Adesina, to Accra in Ghana last week. Akufo-Addo …

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Zimbabwe’s local firms to benefit most from AfDB loan facility

Zimbabwe’s local firms to benefit most from AfDB loan facility The Board of Directors of the African Development Bank Group (AfDB) has approved a USD7.5-million trade finance guarantee facility for the Central Africa Building Society (CABS) of Zimbabwe. This approval is the first for the Bank under its new transaction guarantee instrument, which was formally …

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Big boost for agriculture and infrastructure in Niger

Big boost for agriculture and infrastructure in Niger The African Development Bank Group has approved funding of more than USD127.8-million to Niger. The funds approved by the Board of Directors of the African Development Fund, the Group’s concessional arm, will be used for a project to open access to farming and pastoral lands in the …

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AfDB aims to improve agricultural productivity in Mozambique

AfDB aims to improve agricultural productivity in Mozambique The African Development Bank Group (AfDB) has approved a USD47.09-million grant for the first phase of Mozambique’s Pemba-Lichinga Integrated Development Corridor, a Special Agro-Industrial Processing Zone. The grant, from the African Development Fund, will help improve agricultural productivity and agribusiness development in the Niassa province by advancing …

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Funding boost for Horn of Africa road project

Funding boost for Horn of Africa road project The Board of Directors of the African Development Bank Group has approved USD217-million in loans to fund a project that will improve road transport services in Kenya’s north-eastern region. The loans comprise USD75-million from the non-concessional window of the Bank Group and USD142-million from the concessional lending …

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Nigeria supports an initiative to create SAPZs

03 September 2021 –  Indications are that Nigeria supports  an initiative to create SAPZs. Nigeria’s Federal and State governments have expressed overwhelming support for an initiative to create Special Agro-industrial Processing Zones (SAPZ). SAPZs are public-private partnerships aimed at developing priority value chains through developing infrastructure in rural areas, focused on finishing and transforming raw …

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AfDB grant launches Desert to Power West Africa Regional Energy Program

13 July 2021 – The Board of Directors of the African Development Bank Group (AfDB) has approved a USD6-million grant to launch the initial phase of the Desert to Power West Africa Regional Energy Program. Desert to Power, an initiative led by the Bank, is expected to transform the Sahel by harnessing the region’s abundant …

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AGF signs MoU with TADB to boost agribusiness in Tanzania

10 July 2021 – The African Guarantee Fund for Small and Medium-sized Enterprises (AGF) this week signed a Memorandum of Understanding (MoU) with the Tanzania Agricultural Development Bank (TADB) that will allow TADB to disburse more than USD20- million worth of loans to agribusinesses in Tanzania. The MoU, which was signed at the TADB Head …

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African Development Bank Board approves water policy.

23 May 2021 – The Board of Directors of the African Development Bank Group (AfDB) has approved a new policy on water, prioritising water security and the transformation of water assets to foster sustainable, green, and inclusive economic growth in regional member countries. “This new policy on water provides a general framework for the AfDB …

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African Development Bank, EBRD partner to unlock sustainable investment opportunities in Africa.

19 May 2021 – The African Development Bank Group and the European Bank for Reconstruction and Development (EBRD) on Monday signed a memorandum of understanding to promote sustainable private sector development in Africa. The memorandum of understanding will help catalyse new sources of financing to help bridge the USD2.5-trillion annual financing gap for development in …

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