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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%.
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).
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.
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 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.
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.
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.
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 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.
Industry Engagement Forum in Lagos aims to increase health product manufacturing in Africa
06-May-2024 - The 2024 Industry Engagement Forum, themed "Unlocking Healthcare Value Chains and Driving Investment through Partnerships: Accelerating Equitable Access to Quality-Assured Sustainable Health Products," is set to take place from May 7-9, 2024, in Lagos, Nigeria. More than 300 participants are scheduled to attend the forum, which aims to accelerate equitable access to urgently needed health products through collaborative partnerships, and to facilitate investment opportunities as interventions to expand local pharmaceutical manufacturing.
African Development Bank President calls for ‘bold and innovative approach’ from multilateral development banks to tackle global challenges
03-May-2024 - Dr Akinwumi Adesina, president of the African Development Bank Group, emphasised the urgent need for a “bold and innovative approach” from Multilateral Development Banks (MDBs) to effectively address the rapidly evolving challenges facing the world. Adesina highlighted several transformative initiatives that align with both the Sustainable Development Goals and the African Union’s Agenda 2063.
Fostering Inclusive Growth: African Development Bank and Invest in Africa unveil MicroGREEN Project to Empower Marginalized Groups
03-May-2024 - The African Development Bank and Invest in Africa have jointly launched the MicroGREEN project to provide livelihood opportunities for marginalized and vulnerable groups in Ghana and Senegal. Titled "Strengthening Women, Youth and People with Disabilities’ Micro Entrepreneurship for Green Jobs in Natural Resources (MicroGREEN),” the project seeks to generate up to 500 green job opportunities while delivering essential business development services.
Unlocking Africa’s Agricultural Powerhouse: African Development Bank’s Adesina Outlines Way Forward at Riyadh’s World Economic Forum
30-Apr-2024 - African Development Bank Group President Dr. Akinwumi Adesina urged for a coalition of public commitment and private sector finance to awaken Africa’s “staggering” agricultural potential, setting the stage for the continent to feed itself and contribute to global food security. Adesina made his call during Monday’s World Economic Forum “Food and Water for All” panel discussion in Riyadh. He made an impassioned plea for greater cooperation between governments, public and private sector to transform agriculture production in Africa to allow it...
African Development Bank and World Health Organisation to transform Africa’s primary healthcare
30-Apr-2024 - The African Development Bank Group and the World Health Organisation have agreed to strengthen their partnership and scale up the transformation of Africa’s primary healthcare. During a meeting on Sunday on the side lines of the Islamic Development Bank’s annual meetings in Riyadh, the Bank Group’s President Dr. Akinwumi Adesina and the Director General of WHO Dr. Tedros Adhanom Ghebreyesus, said investing in continent’s primary healthcare infrastructure could solve 85 per cent of Africa’s healthcare problems.
2024-2029 Development priorities for Zambia: Infrastructure and Agricultural Value Chain
30-Apr-2024 - The Board of Directors of the African Development Bank Group has approved the Country Strategy Paper (CSP) for Zambia for 2024-2029, which sets out two priority intervention areas: Boosting the development of the private sector through investments in infrastructure and developing the country’s agricultural value chain.