AfDB: Executive Council endorses Adesina for second term

The Executive Council of the African Union (AU)  has supported Dr. Akinwumi Adesina’s candidacy for a second term as President of the African Development Bank (AfDB). According to a statement issued by the AfDB, the decision was taken during the thirty-36th Ordinary Session of the AU Executive Council, held during the AU Summit in Addis Ababa, Ethiopia, recently. Adesina was elected to his first term as President by the bank’s Board of Governors at its annual meetings in Abidjan on May 28, 2015. He is the eighth President of the…

Read More

AfDB charges DFIs, others on strengthening fertiliser value chains

The African Development Bank (AfDB) has urged development finance institutions (DFIs), NGOs, farmer cooperatives, and the private sector to develop more effective financing solutions for Africa’s fertiliser value chains. The bank’s call to action came during the Argus Africa Fertiliser Conference held recently. The conference’s theme was, “Supporting the fertilizer value chain to improve agricultural productivity and economic growth in the region.” “Appropriate investment and financing of the entire fertilizer value chain has become a precondition for achieving our continental objectives in the area of agricultural development,” said Marie-Claire Kalihangabo,…

Read More

AfDB, DFIs collaborate to deepen private investment in fragile states

The African Development Bank (AfDB) and representatives of some Development Finance Institutions (DFIs) recently met at the University of Oxford for a follow-up forum to strengthen private investment inflows into fragile or conflict-affected economies. The Commission for State Fragility, Growth and Development, a partnership of the World Bank Group’s International Finance Corporation, CDC, the United Kingdom’s DFI and International Growth Centre of the London School of Economics organized the meeting.  Participating institutions agreed to cooperate in rolling out pilot interventions in a number of fragile states. The  AfDB, which  co-organised…

Read More

AfDB, UN task African countries on economic transformation

The African Development Bank (AfDB), the United Nations, and the African Union at the weekend acknowledged the significant progress made in implementing Agenda 2063 and urged African countries to go further to fast-track economic transformation. The call was made on Saturday at the launch of the first report on the implementation of Agenda 2063 ahead of the 33rd African Union Summit in Addis Ababa. The report provides an assessment of the progress and performance of Africa’s development between 2013 and 2019. Unveiling the implementation report, President Alassane Ouattara of Côte…

Read More

AfDB: Africa’s economy to rise to 3.9% in 2020

The African Development Bank (AfDB)  has projected economic growth to rise from 3.4 per cent in 2019 to 3.9 per cent in 2020 and 4.1 per cent in 2021. The AfDB President, Dr Akinwumi Adesina, disclosed this during a public presentation of African Economic Outlook 2020 in Abidjan on Thursday. Adesina said that this aggregate growth rate masked highly diversified and  resilient growth patterns. He explained that 20 countries were projected this year to grow at three to five per cent while 20 countries were projected to achieve growth rates…

Read More

AfDB, UNDP, others unveil digital planning guide

The African Development Bank (AfDB Group], the United Nations Development Programme (UNDP) and the African Union Development Agency-NEPAD (AUDA-NEPAD) have unveiled a guide for integrated planning in Africa. In a press release, the AfDB said the guide woukd help “mainstream the Sustainable Development Goals, AU Agenda 2063, the Paris Agreement on Climate Change/Nationally Determined Contributions, the Sendai Framework for Disaster Risk Reduction and The New Deal for Engagement in Fragile States into African countries’ national development plans. “The step-by-step guide provides African planners with a new generation of national development…

Read More

FG moves to secure $500m AfDB loan for tech

The Federal Government has initiated moves to secure a $500 million African Development Bank (AfDB) fund for technology innovation, the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, has said. Adebayo said this in an opening address at the 11th meeting of the National Council on Industry, Trade and Investment in Uyo, the Akwa Ibom state capital. He said the government would also work towards the realisation of one agro processing zone in each senatorial district to encourage farmers in the country. The minister also expressed commitment to ensure…

Read More

Transmission: FG secures AfDB’s $210m for expansion

The Board of Directors of the African Development Bank Group has approved a $210 million financing package for the Federal Republic of Nigeria for the Nigeria Transmission Expansion Project (NTEP1), which seeks to rehabilitate and upgrade the nation’s power lines and improve distribution and supply. The project, which will run across the states of Kano, Kaduna, Delta, Edo, Anambra, Imo, and Abia, will improve the capacity and reliability of the Nigerian transmission grid where it is most constrained. Executed by the Transmission Company of Nigeria), NTEP1 is part of a…

Read More

AfDB converts $1.5bn energy fund to concessional facility

The African Development Bank (AfDB) has made a U-turn on the $1.5 billion Sustainable Energy Fund for Africa (SEFA) as it converted the fund to a concessional finance facility. The board of governors, AfDB, a document of the bank sighted by New Telegraph showed, has approved the conversion of the Sustainable Energy Fund for Africa (SEFA), which it administers into a “special fund” to amplify its development impact by allowing it to access a wider range of financial instruments. Currently, SEFA supports small and medium-scale renewable energy and energy-efficiency projects…

Read More

AfDB partners Seedstars World to propel startups

The African Development Bank (AfDB) and Seedstars World, a Swiss-based startup competition in emerging markets, have  announced a strategic partnership to implement  the firm’s  innovative “job creation track” model to support youth employment and entrepreneurship in Africa. In a statement, the AfDB said the partnership was in line with its entrepreneurship and innovation lab under its Jobs for Youth in Africa (JfYA) strategy, adding  that “the aim is to create 25 million jobs and equip 50 million young people with skills to enhance their employability and entrepreneurial success by 2025.”…

Read More