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African Development Bank Group to launch 2024 African Economic Outlook
16-May-2024 - What: Launch of 2024 African Economic Outlook report Who: African Development Bank President Akinwumi Adesina; African finance ministers and central bank governors; and international development partners When: Thursday, 30 May 2024; 9:00-10:00 AM Eastern African Time (GMT +3) Where: Tsavo Hall, Kenyatta International Convention Centre, Nairobi and online. Register here
African Development Bank launches inaugural EUR 500 million 2.875% short 4-year Green Benchmark due March 2028
16-May-2024 - On Wednesday 15 May 2024, the African Development Bank (“AfDB”), rated Aaa/AAA/AAA (Moody’s/S&P/Fitch) successfully launched and priced an inaugural EUR 500 million short 4-year Green Benchmark, the second green bond issued under the Bank’s new Sustainable Bond Framework, established in September 2023. The bond due March 2028 pays a coupon of 2.875% with a re-offer yield of 2.947%.
African Development Bank to Host Virtual Webinar to Help CSOs Access Africa Climate Change Fund
15-May-2024 - What? Training workshop to provide information and training to civil society organisations on the Africa Climate Change Fund’s procedures and the funding application process Who? African Development Bank Group When? Friday 17 May 2024, from 9 to 10 am GMT Where? Online. To register for the webinar, click here
Annual Meetings 2024: old debt resolution for African countries – the cornerstone of reforming the global financial architecture
15-May-2024 - When African Development Bank Group member states meet from 27 to 31 May in Nairobi, Kenya for the 2024 Annual Meetings, the question of African debt will be one of the key discussion points. The event’s theme is: “Africa’s Transformation, the African Development Bank Group and the Reform of the Global Financial Architecture”.
African Development Bank commits $2 billion as it leads the way at landmark summit for access to clean cooking in Africa
15-May-2024 - The African Development Bank Group pledged $2 billion over 10 years towards clean cooking solutions in Africa—a major step along the road to saving the lives of 600,000 mainly women and children each year. Speaking at a landmark summit on Clean Cooking in Africa held yesterday in Paris, the Bank Group’s President Dr Akinwumi Adesina, said the institution would now commit 20 per cent of all its financing of energy projects towards promoting safe alternatives to cooking with charcoal, wood and biomass.
Malawi: African Development Fund commits $22.7 million grant to bolster agricultural productivity and climate resilience
15-May-2024 - The Board of Directors of the African Development Fund on 15 May 2024 approved a $22.7 million budget support grant for Malawi to implement a national program to reform the agricultural sector and strengthen resilience to climate change. The Agricultural Productivity and Marketing Program is designed to catalyze economic growth and ensure food security within Malawi. It also entails the optimization of efficiency, transparency, and accountability in agricultural sector spending, alongside reinforcing disaster preparedness and climate...
Zimbabwe: African Development Bank’s $15 million Trade Finance Package for First Capital Bank to support SMEs and local enterprises
15-May-2024 - The Board of Directors of the African Development Bank Group has approved a $15 million trade finance package for First Capital Bank (FCB) in Zimbabwe to help bolster intra-African commerce in line with the goals of the Africa Continental Free Trade Area. The package, comprising a $7.5 million trade finance line of credit and a $7.5 million transaction guarantee, is expected to catalyse about $146 million in trade over the next three years.
African Development Bank and InterAmerican Development Bank Welcome International Monetary Fund’s (IMF) Executive Board’s Decision Approving Use of SDRs for Hybrid Capital Instruments
15-May-2024 - The African Development Bank Group (AfDB) and the Inter-American Development Bank (IDB) today welcomed the announcement by the International Monetary Fund’s Executive Board approving hybrid capital as an eligible instrument for channeling of Special Drawing Rights (SDRs).
President William Ruto Advocates for $25 Billion Replenishment of African Development Fund, Highlights Impact on Kenya’s Development
12-May-2024 - Kenya’s President William Ruto has intensified his campaign for a substantial replenishment of the African Development Fund, underscoring the transformative impact of the Fund-backed projects in the country. The Fund is the concessional window of the African Development Bank Group.
African Development Bank proposes Annual Africa Media Prize to promote more balanced reporting of continent and its achievements
10-May-2024 - Dr Akinwumi Adesina, the president of the African Development Bank Group, announced the creation of an Annual Africa Media Prize to recognise and profile African journalists, correspondents and media houses that showcase Africa’s achievements and progress.
African Development Bank Group President Calls for Media Transformation to Uplift Africa’s Global Narrative
10-May-2024 - The President of the African Development Bank Group, Dr Akinwumi Adesina, delivered an impassioned plea for more balanced media coverage of Africa and its development, noting it was critical for changing false narratives. Adesina said this on Thursday in a keynote speech to the All Africa’s Media summit in Nairobi, attended by nearly 300 participants from across the continent. He praised the crucial role the media plays in strengthening democracy and advancing inclusivity.
Paris Summit Aims to Secure Commitments Toward $4B Needed to Close Clean Cooking Funding Gap for African Women
10-May-2024 - Development partners gathering in Paris on 14 May are expected to pledge towards the $4 billion needed to provide clean cooking access for 250 million African women by 2030. African Development Bank Group President Dr Akinwumi Adesina will co-chair the Clean Cooking Summit, to be held in Paris, alongside President Samia Suluhu Hassan of Tanzania, Prime Minister Jonas Gahr Støre of Norway, and International Energy Agency Executive Director Fatih Birol.
African Development Bank and Stockholm International Peace Research Institute partner to advance evidence-based conflict prevention and resilience building in Africa
10-May-2024 - On the sidelines of the 2024 Stockholm Forum on Peace and Development, the African Development Bank and the Stockholm International Peace Research Institute (SIPRI) have signed a Memorandum of Understanding to further advance their collaboration. The agreement builds on the existing cooperation between both organizations and underlines their joint commitment to deepen the understanding of drivers of fragility and insecurity, and to promote actions that prevent conflicts and build resilience in Africa.
Madagascar: mid-term review of African Development Bank Country Strategy Paper 2022-2026 highlights positive results
10-May-2024 - The government of Madagascar and the African Development Bank have agreed to consolidate the mid-term results of the Country Strategy Paper 2022-2026 and to maintain its strategic directions until 2026. This was the conclusion of the workshop of 6 May 2024 in Madagascar discussing the results of the CSP mid-term review and examining country’s 2024 portfolio performance.
Central African Republic: African Development Bank and civil society commit to inclusive, sustainable development
10-May-2024 - The African Development Bank Group and civil society in the Central African Republic have committed to working together for inclusive sustainable development in the country. This crucial collaboration will help guarantee a full alignment of the Bank’s interventions with the needs and priorities of CAR’s population. The commitment arose from the consultation meeting organized in Bangui on 30 April.
Empowering Africa's Circular Economy Transition to Secure a Global Future
08-May-2024 - In the face of the triple crisis of climate change, pollution, and biodiversity loss, Africa finds itself at a pivotal moment. As it seeks to advance towards a green and sustainable future, the continent finds itself increasingly key to advancing the global climate action agenda. As a result, the urgent need to shift to a circular economy has never been more critical, and the African Development Bank, through the Africa Circular Economy Facility (ACEF) and the African Circular Economy Alliance (ACEA), is at the forefront of these efforts.
Propelling growth: African Development Fund’s tourism project revitalizes Malawi’s economy
08-May-2024 - Implemented in Malawi from 2018-2023, the Promoting Investment and Competitiveness in the Tourism Sector Project has significantly bolstered investment in the tourism sector, propelling economic growth and sustainable development, according to the African Development Bank’s Project Completion Report, published on 26 April 2024.
Inclusive and Transparent Land Governance Practices for Building Effective Land Administration Institutions Amid the Changing Climate
07-May-2024 - What: World Bank Land Conference's side event Who: African Development Bank through Africa Natural Resources Management and Investment Center, in collaboration with the International Land Coalition and the International Development Law Organization When: 15 May 2024 at 13:30 - 15:00 (GMT-7) Where: World Bank Headquarters, Washington DC
African Development Bank advocates for agritech scaling, partnerships and affordable fertilizer access at Africa Fertilizer and Soil Health Summit
07-May-2024 - This week, the African Development Bank Group will leverage its deep expertise and convening power to highlight the crucial role of agricultural technologies, fertilizer and healthy soils in driving sustainable agricultural growth at the Africa Fertilizer and Soil Health Summit in Nairobi.