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The pandemic is no time for fiscal distancing

03-Apr-2020 - These are very difficult days, as the world faces one of its worst challenges ever: the novel coronavirus pandemic. And it seems almost no nation is spared. As infection rates rise, so does panic across financial markets, as economies drastically slow down, and supply chains are severely disrupted.  Extraordinary times call for extraordinary measures. As such, it can no longer be business as usual. 

African Development Bank celebrates milestone with first social bond listing on London Stock Exchange

03-Apr-2020 - The African Development Bank’s “Fight Covid-19” social bond, the largest social bond to date to be issued in the capital markets, listed on London Stock Exchange on Friday 3 April 2020, and is now available through its Sustainable Bond Market. The listing marks an important milestone as the Bank launches its first bond on London Stock Exchange. The over-subscribed transaction, which attracted $4.6 billion of interest in the book and raised an exceptional $3 billion, was launched to alleviate the impact of Covid-19 on Africa’s economies and...

African Development Bank Group approves Gender Equality Trust Fund and Risk-Sharing Mechanism to improve women’s economic empowerment in Africa

03-Apr-2020 - The Board of Directors of the African Development Bank Group have approved a new Gender Equality Trust Fund (GETF) aimed at pushing forward gender equality and women’s empowerment across the continent. Funded by donors, the GETF will support the delivery and scale-up of the Bank’s Affirmative Finance Action for Women in Africa (AFAWA) programme and promote gender transformative lending and non-lending operations. It is the first thematic fund on gender in the Bank Group’s history. The Fund will be established for an initial period of 10 years.

African Development Bank approves $1.5 million emergency grant to curb desert locusts ravaging East and Horn of Africa

02-Apr-2020 - The Board of Directors of the African Development Bank on Wednesday approved a $1.5 million emergency relief grant to assist nine countries in the East and Horn of Africa on the control of swarms of desert locusts that are threatening livelihoods and food security. The proposed assistance will be channeled to the Intergovernmental Authority on Development (IGAD), which has been mandated to mobilize resources on behalf of the African Union.

African Development Bank wins industry gong for pioneering 2019 social bond issue

01-Apr-2020 - The African Development Bank received on 30 March 2020 an award for its successful one billion Norwegian krone (NOK) social bond issued in 2019. This Environmental Finance 2020 bond award was given by an independent panel comprising 30 of the world’s largest green, social and sustainability bond investors.

African Development Bank approves $2 million emergency assistance for WHO-led measures to curb COVID-19 in Africa

01-Apr-2020 - The Board of Directors of the African Development Bank on Tuesday approved  $2 million in emergency assistance for the World Health Organization (WHO) to reinforce its capacity to help African countries contain the COVID-19 pandemic and mitigate its impacts. The grant, which is in response to an international appeal by the WHO, will be used by the world body to equip Regional Member Countries to prevent, rapidly detect, investigate, contain and manage detected cases of COVID-19.

Mozambique: Government and African Development Bank sign financing for Mueda-Negomano road phase II

31-Mar-2020 - The Government of Mozambique and the African Development Bank have signed a protocol agreement for a $34 million grant for the paving of the 35-km Nambungali-Roma road to facilitate trade and promote social inclusion of local communities. Mozambican Finance Minister Adriano Maleiane and Bank Country Representative, Pietro Toigo signed for their respective sides on 24 February. The works form part of the second phase of the Mueda - Negomano Road Project, which seeks to improve transport infrastructure between Mozambique and Tanzania.

São Tomé-et-Principe : la Banque africaine de développement fait un don de plus de 12 millions d’euros pour financer la transition énergétique

27-Mar-2020 - Le Conseil d’administration du Fonds africain de développement (FAD), le guichet de financement concessionnel du Groupe de la Banque africaine de développement, a approuvé, mercredi 25 mars à Abidjan, un don de 12,46 millions d’euros (10 millions d’Unités de compte) destiné à financer le Programme de transition énergétique et d’appui institutionnel (ETISP) à São Tomé-et-Principe.

Zimbabwe: African Development Bank approves $8.25 million loan to food producer Olivine Industries

27-Mar-2020 - The Board of Directors of the African Development Bank Group has approved a $8.25 million corporate loan to Olivine Industries Limited to support the company’s food production expansion plan in Zimbabwe. The Bank’s loan, approved on Wednesday, will enable the company to construct new processing plants for margarine and tomato sauce and install upgraded machinery with advanced technologies. Olivine plans to increase its domestic and regional production capacity and food supply.

African Development Bank launches record breaking $3 billion “Fight COVID-19” Social Bond

27-Mar-2020 - The African Development Bank (AAA) has raised an exceptional $3 billion in a three-year bond to help alleviate the economic and social impact the Covid-19 pandemic will have on livelihoods and Africa’s economies.  

Côte d’Ivoire : la Banque africaine de développement approuve un financement de 62 millions d’euros pour l’électrification de plus de 1300 localités rurales

27-Mar-2020 - Le Conseil d’administration de la Banque africaine de développement a approuvé, mercredi 25 mars, un prêt de 62,35 millions d’euros à la République de Côte d’Ivoire destiné au financement de la première phase du Projet de renforcement des ouvrages du système électrique et d’accès à l’électricité appelé « PROSER I ».

New dawn for Somalia: Arrears owed to the African Development Bank Group cleared

24-Mar-2020 - Arrears on loans owed by Somalia to the African Development Bank Group have been cleared following the payment in full of $122.55 million by the governments of the United Kingdom and the European Union, marking the end of sanctions and the resumption of full re-engagement between the Bank Group and the East African nation.  The long road to resolution of Somalia’s debt arrears began in 2014 and included the completion of three Staff Monitored Programs of the International Monetary Fund, and significant advances on a fourth program.

Coronavirus and Climate Change: Observing World Water Day

23-Mar-2020 - The theme of this year’s World Water Day, observed on 22 March, is water and climate change. The issue has taken on greater urgency, given the global spread of coronavirus, also known as COVID-19, responsible for over 13,000 deaths worldwide to date. Hand washing with soap and water is the first line of protection against coronavirus. Scientists say soap renders coronavirus cells inactive and weakens the virus’ bonds to the skin.

Egypt: the furniture industry generates jobs and wealth in Damietta

20-Mar-2020 - As the early morning sun lights the roofs of Damietta, the Egyptian city’s streets begin to come alive. Children are off to school, motorbikes fill the avenues, and shop doors begin opening to welcome their first customers. It is early in the morning, but the excitement can already be felt in the “Masoud Elkholy Furniture” workshop. Forty people work in the 3,000m2 building, starting up machinery to create wooden furniture. Along with his two brothers, Elsaied Elkholy runs Masoud Elkholy Furniture, the brand founded by his father.

La Banque africaine de développement accorde une facilité de financement de 15 millions d’euros pour soutenir le logement social dans l’espace UEMOA

20-Mar-2020 - le Groupe de la Banque africaine de développement a accordé une facilité de financement de 15 millions d’euros à la Caisse régionale de refinancement hypothécaire de l’UEMOA (CRRH). Ce montant comprend un prêt de 10 millions d’euros sur ressources de la Banque et un prêt de 5 millions d’euros sur ressources de l’Africa Growing Together Fund (AGTF : Fonds de cofinancement mis en place par la Banque africaine de développement et la Banque Populaire de Chine).

Côte d’Ivoire : une nouvelle génération formée à la pisciculture à Man, avec le soutien de la Banque africaine de développement

20-Mar-2020 - Une formation technique sur la pratique de la pisciculture a été dispensée à 35 jeunes ivoiriens du 12 au 14 mars derniers à Man, dans l’ouest de la Côte d’Ivoire, avec le soutien financier de la Banque africaine de développement. Cette formation s’est déroulée dans le cadre de la mise en œuvre de la composante Appui à l’autonomisation des femmes et des jeunes du Projet de renforcement des réseaux de transport et de distribution de l’électricité (PRETD) du District des Montagnes.

Seychelles: African Development Bank Supports Blue Economy with $800k FAPA grant

19-Mar-2020 - The African Development Bank has signed an $800,000 grant agreement with the government of Seychelles to support micro, small and medium enterprises (MSMEs) in its Blue Economy sector. The package will help Seychelles develop its marine biotechnology sector, strengthen the capacity of public institutions and private operators, create a knowledge platform on emerging business opportunities, and provide technical and financial training to MSMEs.

African Development Bank announces bold measures to curb coronavirus

18-Mar-2020 - The African Development Bank on Wednesday announced health and safety measures to help prevent the spread of the coronavirus in countries where it has a presence, including its headquarters in Abidjan. The measures include telecommuting, video conferencing in lieu of physical meetings, the suspension of visits to Bank buildings, and the cancelation of all travel, meetings, and conferences, until further notice.

African Development Bank to provide underserved communities in Nigeria with sustainable energy solutions

17-Mar-2020 - The African Development Bank and the Government of Nigeria have launched the National Electrification Project (NEP), to address critical energy access deficits by channeling private sector investments into mini grid and off-grid solutions. The project, which will be implemented by Nigeria’s Rural Electrification Agency, is a boost to efforts to achieve the target of universal energy access by 2030.