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African Development bank

Concern about surging methane emissions in Africa

Concern about surging methane emissions in Africa A recent report reveals that methane emissions in Africa have risen at an annual rate of two percent from 1990 to 2022, contributing more than 14% of the total global methane emissions. Notably, 19 African countries are responsible for 80% of the continent’s methane emissions, with Nigeria, Sudan, …

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UAE makes play for Africa’s renewables

UAE makes play for Africa’s renewables  Following a string of recent investments from UAE firms, the Invest in African Energy 2024 forum invites GCC investors and project developers to unlock Africa’s renewable energy potential. Home to 39% of global renewable energy potential, Africa’s green energy sector offers lucrative opportunities for foreign companies and developers looking …

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East Africa adopts diversified resource development strategy

East Africa adopts diversified resource development strategy East Africa is home to both mature renewable producers and frontier oil and gas markets, which will be on display at the upcoming Invest in African Energy 2024 forum in Paris. Boasting an abundance of renewable resources, East Africa has garnered substantial attention from major international players within …

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Germany pledges to invest 4-billion Euros in Africa’s green energy

Germany pledges to invest 4-billion Euros in Africa’s green energy Last week the government of Germany pledged to invest 4-billion Euros in Africa’s green energy until 2030. German Chancellor Olaf Scholz made the announcement at a press conference in Berlin after meeting African leaders and heads of international organisations during the G20 Compact with Africa …

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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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Adesina urges stakeholders to invest in Africa’s agribusiness

Adesina urges stakeholders to invest in Africa’s agribusiness Africa’s food and agribusiness will be worth an estimated USD11-trillion by 2030 and investors should seriously consider investing in this growing sector of the economy.  African Development Bank President Dr Akinwumi Adesina told participants of the World Food Prize Foundation’s Norman E. Borlaug Dialogue in Des Moines, Iowa …

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Unleashing Africa’s Engineering Potential

Unleashing Africa’s Engineering Potential Africa‘s engineering capacity for economic development varies across nations, with countries like South Africa and Nigeria making notable progress. However, challenges such as the skills gaps, inadequate infrastructure, and political instability persist. By Kazawadi Papias Dedeki, President of the Federation of African Engineering Organisations (FAEO) and Chairman of WFEO Committee on …

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Bold visions and solid pledges

Bold visions and solid pledges World leaders at this week’s inaugural Africa Climate Summit in the Kenyan capital Nairobi have pledged their support to position the continent at the epicentre of the fight against climate change, urging greater consideration for Africa’s needs. The historic three-day event, hosted by the government of Kenya and the African …

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SDRs could unlock billions for Africa says leaders in Paris

SDRs could unlock billions for Africa says leaders in Paris World leaders attending this week’s Summit for a New Global Financing Pact held in Paris, France, praised the African Development Bank for finding a solution that would enable rich countries to reallocate part of their Special Drawing Rights (SDR) to low-income countries through multilateral development …

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Investing in a sustainable energy value chain in Africa

Investing in a sustainable energy value chain in Africa The most obvious impediment to the build out of modern economic and social infrastructure in Africa is the lack of public and private sector investment. By Shamilah Grimwood-Norley The diversification of Africa’s power generation mix including renewable energy alternatives to fossil fuel power generation technologies is …

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Investors dance the Zimbabwean Polka

Investors dance the Zimbabwean Polka    While Zimbabwe starts preparing for general elections later this year, concerns about the ban on raw exports of lithium, its efforts to lure private investors, and calls for the removal of sanctions have dominated news about the country in 2022. The Zimbabwe Electoral Commission (ZEC) announced the suspension of …

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Accelerating energy infrastructure development in Africa

Accelerating energy infrastructure development in Africa  By 2050, it’s expected that Africa will be home to 2 billion people. To secure the necessary socio-economic development of such a large population, the focus of the next few decades must be infrastructure transformation. Tapping into the continent’s abundant energy resources necessitates a significant financial commitment. However, the …

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Calls for increased investment in Africa’s biodiversity

Calls for increased investment in Africa’s biodiversity  The  African  Development  Bank (AfDB) and the Worldwide Fund for Nature (WWF), have launched a regional report on the performance of African countries under the Strategic Plan for Biodiversity 2011-2020.  The report highlights the important role that multilateral development banks can play in meeting biodiversity targets by providing …

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Development community urged to walk the talk

Development community urged to walk the talk The 17th African Economic Conference (AEC) ended on Sunday, 11 December, with a charge to the development community and governments to take decisive actions to address climate change. The African Development Bank (AfDB), United Nations Economic Community for Africa (ECA), and United Nations Development Programme (UNDP), the conference …

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Zimbabwe flirts with private investors

Zimbabwe flirts with private investors   Zimbabwean president Emerson Mnangagwa has called on investors to realise the massive investment opportunities in Zimbabwe and shun negative perceptions of risk. Mnangagwa spoke on Thursday at a special event on the margins of the Africa Investment Forum Market Days 2022 in Abidjan, Côte d’Ivoire. The event focused on …

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G7 boost for African infrastructure

G7 boost for African infrastructure On June 28th, during the 48th G7 Summit in Germany, the G7 nations announced a USD600-billion initiative in the form of grants, financing and private sector investments to fast-track infrastructure development, with a particular emphasis on Africa over the next five years. Africa’s enormous economic potential in the post-pandemic economy …

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Africa’s city dwellers enjoy higher quality of life

Africa’s city dwellers enjoy higher quality of life Despite facing several challenges, Africa’s cities have provided easier access to services, jobs and infrastructure for millions of people in the last 30 years, compared to smaller communities, a new report finds. The report Africa’s Urbanisation Dynamics: The Economic Power of Africa’s Cities, shows that urban areas …

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Adesina says South Africa is bankable

Adesina says South Africa is bankable The African Development Bank has put its faith in South Africa by committing USD2.8-billion over the next five years. A large chunk of this funding will go towards transforming the country’s energy sector.  The funding will support public and private sector investments especially in the priority areas of agriculture, …

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DFI commits USD5.55-billion for MSME recovery in Africa

DFI commits USD5.55-billion for MSME recovery in Africa   The coalition for a sustainable and inclusive recovery of the private sector, an international group of 20 development finance institutions that came together in 2020, last week announced commitments of more than USD5.55-billion of financing to micro, small and medium enterprises (MSMEs) in Africa between mid-2020 …

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AfDB supports Guinea Bissau’s economic transformation

AfDB supports Guinea Bissau’s economic transformation African Development Bank Group President Dr Akinwumi A. Adesina has announced a financial package of USD30-million dollars to the West African nation of Guinea -Bissau. Adesina made the announcement last week during a visit to Guinea Bissau, where he met President Umaro Sissoco Embaló and senior government officials. Discussions …

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Agriculture: Key to Africa’s revival

Agriculture: Key to Africa’s revival Agriculture will play a key role in the development of Africa’s economy after Covid-19. By WhyAfrica staff writer Although agriculture has historically been the backbone of life across the continent, its potential as a primary industry has hardly been realised. With a young and growing population, agriculture presents a major …

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AfDB/IFC partnership to advance development of Lusophone African countries

AfDB/IFC partnership to advance development of Lusophone African countries The African Development Bank and IFC, a member of the World Bank Group, recently signed a partnership agreement admitting IFC as the first institutional partner to the Development Finance Compact for Portuguese speaking countries of Africa, or the Lusophone Compact. The agreement was signed by the …

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AfDB approves new water strategy

AfDB approves new water strategy The African Development Bank has approved a new five-year water strategy that aims to increase water security and foster sustainable, green and inclusive growth and development in Africa.       The Board of Directors of the African Development Bank has approved a new Water Strategy for 2021-2025: “Towards a Water-Secure Africa.” …

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New initiative will enable remote monitoring and evaluation

New initiative will enable remote monitoring and evaluation The African Development Bank’s collaborative ICT initiative RASME, will enable remote monitoring and evaluation of development projects in real time. The African Development Bank, in collaboration with the World Bank, has launched an initiative that will use real time data gathering tools to remotely compile digital data …

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North Africa slowly rebounds after severe Covid-19 shock

North Africa slowly rebounds after severe Covid-19 shock Although Covid-19 had a severe impact on the North African region, countries like Egypt and Morocco have done well to claw back some of the losses during the last year. Egypt’s prospects for 2022 looks good as the oil industry and tourism kicks into gear after being …

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East Africa’s economic outlook bullish despite Covid-19 setback

East Africa’s economic outlook bullish despite Covid-19 setback East Africa is on the way to recovery after the severe setback suffered because of Covid-19 in 2019 and 2020. There are many signs that the East African economy is lifting its head after being constrained because of the global pandemic. According to the African Development Bank’s …

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