The African Export-Import Bank (Afreximbank) (www.Afreximbank.com) in Brazzaville has signed an agreement to provide a $300 million facility to Trident OGX Congo in a transaction expected to raise the Republic of Congo’s crude oil production by an estimated 30 per cent. Signed by Ibrahima Bagarama, Regional Chief Operating Officer – Central Africa, for Afreximbank, and John…
The 2023 Ecobank Fintech Challenge Grand Finale (www.Ecobank.com), hosted at the Ecobank Pan African Conference Center, will crown the winner of the $50,000 Ecobank Fintech Challenge prize and promote networking, regulatory, innovation and investment dialogue. The Grand Finale will take place on Friday, 6th October 2023 and will be live streamed for everyone to participate….
Heads of State in the Economic Community of West African States (ECOWAS) have decided to speed up the construction of the highway between Abidjan and Lagos, a project for which the African Development Bank is playing a leading role in mobilizing funding. The Bank has already contributed USD 25 million to fund the preparatory phase…
This past June, world leaders gathered in Paris for the Summit for a New Global Financing Pact. The goal was to review and revise the current global financial architecture to create a more just and beneficial system, especially for the nations and people of the Global South. Discussions included rechannelling the International Monetary Fund’s (IMF’s)…
On 21st September 2023, the world marked the International Day of Peace. This year’s theme is Actions for Peace: Our Ambition for the #GlobalGoals, which the UN describes as a call to action for collective and individual efforts to foster peace. The African Development Bank Group has forged partnerships that underscore a commitment to achieving…
The African Development Bank President, Dr Akinwumi Adesina, has submitted that the global financial architecture constrains Africa’s development, recommending five ways it can be made fairer. Speaking at a high-level roundtable—Towards a Fair International Financial Architecture—at the 78th United Nations General Assembly last week, Adesina said the international financial architecture was not delivering the scale of…
The African Development Bank Group (www.AfDB.org), has announced a 15-month debarment of Joycot General Contractors Ltd. effective 8 September 2023. Joycot General Contractors Ltd. is a construction company registered under the laws of Kenya. An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption found that Joycot General Contractors Ltd. engaged in fraudulent practices…
Africa Finance Corporation (www.AfricaFC.org), the leading infrastructure solutions provider on the continent, today announced the successful signing of a US$300 million loan facility agreement with the Export-Import Bank of China (CEXIM). This landmark agreement, signed on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt, is poised to drive increased trade…
The Economic Community of West African States (ECOWAS) and the African Development Bank Group (www.AfDB.org) have concluded consultations for the mid-term assessment of the West Africa Regional Integration Strategy Paper (RISP) 2020-2025. The Bank Group approved the West Africa RISP 2020-2025 in May 2020 to support regional integration efforts in West Africa. With an initial…
Thank you all for joining me. I want to start by thanking the Lagos Business School for graciously hosting us. I’m glad to be here today representing President Biden and the United State Government. My visit this week comes on the back of those by many other officials in the Biden Administration, including Secretary of…
