With $6.2 trillion worth of natural resources, 65 percent of the world’s uncultivated arable land, and a vibrant youth population, Africa has no excuse to be poor, African Development Bank Group President Dr Akinwumi Adesina said on Tuesday. He said the continent must look inward urgently to solve its many challenges and urged citizens to hold governments…
The Board of Directors of the African Development Bank has approved a loan of €73 million to Kenya to support Phase III of the Competitiveness and Economic Recovery Support Programme. The financing will cover the fiscal year 2023-2024. It is intended to build resilience and support inclusive post-Covid-19 economic recovery, by improving economic governance and…
The African Development Bank has revised its short to medium-term macroeconomic forecast for Africa, for 2023 and 2024 downwards to 3.4% and 3.8%, from 4.0% and 4.3%. The slightly lower figures reflect the persistent long-term effects of COVID-19, geopolitical tensions and conflicts, climate shocks, a global economic slowdown, and limited fiscal space for African governments…
The Board of Directors of the African Development Bank Group has approved a €101.10 million loan to Kenya to implement the third phase of the Last Mile Connectivity Project. The project will improve electricity access for households, social infrastructure and micro, small and medium enterprises. The project will also benefit from a $13.17 million (€12.12 million) loan…
The African Development Bank will mobilize financing for climate action at this year’s UN Climate Change Conference, COP28, and amplify Africa’s calls for robust commitments by wealthy countries to meet the continent’s urgent needs in addressing climate change. The Bank Group, led by its President, Dr Akinwumi Adesina, will launch and cement several climate action…
The Board of Directors of the African Development Bank Group has approved an $80 million loan to finance the Ekiti Knowledge Zone project in Nigeria. The Zone seeks to promote digital innovation and entrepreneurship, generate 26,000 jobs, and contribute some $14 million annually in net economic benefits. The Ekiti Knowledge Zone is a federal government-backed…
The African Development Bank has signed three technical assistance grant agreements with the government of Libya, reaffirming its commitment to the North African country. The agreements were signed in Tripoli, the Libyan Capital, on 21 November 2023, the first day of a consultation mission by an African Development Bank delegation led by Mrs Malinne Blomberg, deputy…
African countries still face significant capacity gaps in macroeconomic modeling, despite the huge strides they have made in terms of forecasting, analysis, and effective policy management, a new African Development Bank Group study has found. The report, Benchmark Macroeconomic Models for Effective Policy Management in Africa, was launched in the Ethiopian capital Addis Ababa by the Bank…
The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, has requested Nokia Networks to increase its investments in Research and Development (R&D) to support the growth of Information and Communication Technology (ICT) in Nigeria. Â Maida spoke when a delegation from Nokia Networks of Finland led by…
The Board of Directors of the African Development Bank Group on Wednesday 22 November 2023 approved a €86.89 million loan to Senegal to develop an agribusiness processing zone in the north of the country. The Bank’s contribution accounts for 30.7% of the estimated €283.05 million total project cost. The Islamic Development Bank (21.2%), the West…
