The African Development Bank has signed a $20 million equity investment in the African Infrastructure Investment Fund 4 (AIIF4). The deal, signed on 31 July 2024, reinforces the Bank’s commitment to fostering private sector development and boosting infrastructure across the continent. The investment, approved by the Bank Group’s Board of Directors on 19 June 2024,…
African Development Bank Executive Director Rufus N. Darkortey has concluded a five-day working visit to Liberia, where he held high-level discussions with major stakeholders, including President Joseph Nyuma Boakai. Darkortey, who represents Liberia, The Gambia, Ghana, Sudan, and Sierra Leone at the Bank, also met with Liberian Vice President Jeremiah Kpan Koung, Speaker of Parliament…
The African Development Bank Group has launched Country Focus Reports designed to deepen policy dialogue on the macroeconomic performance and outlook of individual countries and to act as an indispensable tool for policy makers, government and development partners. The reports, in line with the theme of the 2024  African Economic Outlook report titled, “Driving Africa’s Transformation: The…
The African Development Bank Group has reaffirmed its commitment to supporting Guinea’s efforts to diversify its economy and mobilize domestic resources for crucial development projects. Marie-Laure Akin-Ougbade, the Bank Group’s vice president for Regional Development, Integration and Business Delivery, reiterated this commitment during a three-day visit to the Guinean capital, Conakry, from July 11 to…
The African Development Bank has expressed strong support for revitalizing the African Union (AU) Peace Fund, pledging to continue implementing innovative strategies to address fragility and build resilience across the continent. Mrs. Marie-Laure Akin-Olugbade, the Bank’s Vice President for Regional Development, Integration, and Business Delivery, said this during a high-level meeting on Saturday aimed at…
The president of the African Development Bank Group, Dr. Akinwumi Adesina, has outlined the Bank’s successes in mobilizing financial resources for the continent’s development needs at the African Union. Addressing heads of state and government at the 6th Mid-Year Coordination Meeting of the AU in Accra, Ghana, Adesina highlighted the Bank’s recent general capital increase from $201…
The Board of Directors of the African Development Bank Group has approved the Country Strategy Paper (CSP) 2023-2028 for Malawi. The strategy focuses on two priority areas: improving economic infrastructure to develop the industrial sector by investing in energy, transport, water, sanitation, and hygiene, and supporting economic diversification through investments in agriculture value chains. “The…
The African Development Bank Group has committed €43 million to two new projects that will boost access to hygiene, water and sanitation and the resilience of vulnerable communities in Burkina Faso. The projects, which the Burkinabe government launched on 21 November, include the Water and Sanitation Services Improvement Project for Resilience Building (PASEPA-2R), covering six…
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 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…
