Press Releases
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2022 Africa Climate Week: Experts discuss Africa’s needs and priorities ahead of COP27
31-Aug-2022 - Amid a call for urgent action to safeguard the continent from climate change, Gabon’s President Ali Bongo Ondimba opened the 2022 Africa Climate Week by highlighting his country’s efforts to boost climate action and calling for continuous collective efforts. “For more than ten years, we have intensified our efforts to protect our remarkable forestry heritage and build a low-carbon economy,” Ondimba said. “Consequently, Gabon, which has already achieved the objectives set by the Paris Agreement, is considered the most carbon-positive country in...
Africa received record private investment in infrastructure in 2020, African Development Bank VP tells TICAD panel
29-Aug-2022 - Africa received its highest proportion of private sector investment in infrastructure in 2020, sending an important signal to governments and investors.
Japan and the African Development Bank announce up to $5 billion in support for Africa’s private sector
28-Aug-2022 - The government of Japan and the African Development Bank have announced a $5 billion financial cooperation under the fifth phase of the Enhanced Private Sector Assistance for Africa initiative (EPSA) from 2023 to 2025. The announcement was made at the Eighth Tokyo International Conference on African Development (TICAD8) held Sunday 28 August 2022 in the Tunisian capital, Tunis.
Africa’s renewable energy resources offer huge investment opportunities for Japanese business – Dr Akinwumi Adesina
28-Aug-2022 - Japanese businesses should invest more in Africa, where investment opportunities and returns on investment are among the highest in the world, African Development Bank President Dr. Akinwumi Adesina urged participants at the 8th Tokyo International Conference on African Development (TICAD8). Adesina commended the Japanese government and private sector for their strong support to Africa’s development. He told Japanese businesses to assess Africa’s investment opportunities based on facts and evidence, and not on perceptions.
Nigeria: Stakeholders endorse African Development Bank country strategy, urge greater engagement with Diaspora
26-Aug-2022 - Representatives of Nigeria’s Diaspora, national networks, and youth and women groups have hailed the African Development Bank for supporting transformational projects in the country and across Africa. The African Development Bank forum, which took place in early August, is part of the institution’s ongoing mid-term review of its country strategy for Nigeria. Over two days, more than 200 participants received updates on the bank’s work in Nigeria. They discussed projects in agriculture, on the digital economy, the creative industry, trade and...
The 8th Tokyo International Conference on African Development to shore up Japanese-Africa economic cooperation
25-Aug-2022 - The African Development Bank Group will play a key role in the eighth edition of the Tokyo International Conference on African Development (TICAD) taking place in the Tunisian capital, Tunis, this year as Japan—a long-time development partner of Africa—continues to lend its economic weight to the continent’s progress. Running from 27 to 28 August, TICAD8 will bring together delegates from across the continent, including the African Development Bank Group.
Zimbabwe: Senior African Development Bank officials highlight private sector development, renewable energy opportunities
24-Aug-2022 - Senior African Development Bank officials recently undertook a three-day business mission to Zimbabwe. The bank’s vice president for power, energy, climate and green growth, Dr Kevin Kariuki, and its vice president for private sector, infrastructure and industrialization, Mr. Solomon Quaynor, both met with senior Zimbabwean government officials and business leaders in Harare last week. Discussions covered developing the private sector and ways Zimbabwe could best tap its renewable energy resources.
African Development Bank optimistic about economic prospects for southern Africa region
23-Aug-2022 - The Southern Africa region’s investment opportunities and prospects for economic growth are encouraging despite recent headwinds of a global pandemic and food crisis, the African Development Bank’s Senior Vice President Swazi Tshabalala has said. Tshabalala attended the 42nd Ordinary Summit of Heads of State and Government of the Southern African Development Community (SADC) which closed in the Democratic Republic of Congo’s capital, Kinshasa last week.
Nigeria: African Development Bank President named among winners of 2021 Global Brand Award
23-Aug-2022 - African Development Bank Group President Dr. Akinwumi Adesina has been awarded Nigeria Global Brand Award of the Year 2021 by Blueprint Newspapers, a national daily print and newspaper in Nigeria. The award is in recognition for what the newspaper describes as Dr Adesina’s pragmatic and purposeful leadership. Ms. Amina. J. Mohammed, United Nations Deputy Secretary General and Dr. Ngozi Okonjo-Iweala, Director General of the World Trade Organization are also award recipients.
New digital data collection tool, RASME, will help Uganda address project delays
17-Aug-2022 - A new digital platform will accelerate data collection in Uganda, which could greatly speed up project implementation. The recently launched Remote Appraisal, Supervision, Monitoring and Evaluation (RASME) tool in Uganda will improve the collection of project-related data in African Development Bank projects.
African Development Bank’s “Technologies for African Agricultural Transformation” initiative wins National Association of Black Journalists Salute to Excellence Award
12-Aug-2022 - America’s largest organization of journalists and media professionals of color has named the African Development Bank a “Salute to Excellence” award winner for the Bank’s communication around its Technologies for African Agricultural Transformation program.
African Development Bank Group appoints Marie-Laure Akin-Olugbade as Acting Vice President for Regional Development, Integration and Service Delivery
02-Aug-2022 - The African Development Bank has appointed Mrs. Marie-Laure Akin-Olugbade, née Ndongo-Seh, as Acting Vice-President of its Regional Development, Integration and Business Delivery Complex, with effect from 1st August 2022.
An agro-industrial project supported by the African Development Bank launched in Sinématiali in northern Côte d’Ivoire
01-Aug-2022 - The “kapatchan”, one of the traditional celebratory dances in the Senufo region, attracts women, youngsters, and elderly people, to the foot of the mango trees in the largest orchard in Sinématiali, in northern Côte d’Ivoire. On Wednesday 27 July, the sound of the balafon and the djembe accompanied the swaying hips of dancers from the neighbouring regions of Poro (which include Sinématiali), Bagoué, Tchologo and Hambol.
African Development Bank and Côte d'Ivoire start preliminary discussions for 2023-2027 strategy
01-Aug-2022 - The African Development Bank and the government of Côte d'Ivoire initiated a preliminary dialogue in Abidjan on July 18-22, 2022, to lay the foundations for the Bank's strategy in Côte d'Ivoire over the next five years.
Malawi : African Development Fund approves $20.2 million grant to raise food production
29-Jul-2022 - The African Development Fund, the concessional window of the African Development Bank Group, has approved a $20.2 million grant to raise food production in Malawi.
U.S. National Bar Association honors Akinwumi Adesina with distinguished Ronald Harmon Brown Award of International Distinction
29-Jul-2022 - African Development Bank Group President Dr. Akinwumi Adesina, was honored with the distinguished Ronald Harmon Brown Award of International Distinction, by the National Bar Association, in the United States. The award is named in honor of Ron Brown, the first African American to Chair a major U.S. political party, and the first African American to be appointed Commerce Secretary.
Atlantic Council panel on 2022 African Economic Outlook pushes for ‘Africa agenda’ at COP 27
29-Jul-2022 - Africa deserves the highest priority attention at the United Nations climate conference, COP 27 to be held in November this year, panel members discussing the African Development Bank’s African Economic Outlook 2022 in an event hosted by the Atlantic Council, said on Wednesday.
African Development Bank and African Guarantee Fund sign $110 million agreement with Tanzania’s CRDB Bank to boost access to finance by women’s SMEs
28-Jul-2022 - The African Development Bank today signed a $60 million financial package comprising $50 million subordinated debt to support CRDB Bank’s regional expansion efforts and a senior loan of $10 million to accelerate access to finance for small businesses managed and owned by women in Tanzania.
African Development Bank and African Guarantee Fund Launch AFAWA Finance Series in collaboration with Tanzania Bankers’ Association
28-Jul-2022 - The African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative kicked off the first AFAWA Finance Series in collaboration with the African Guarantee Fund (AGF) and the Tanzania Bankers’ Association this week in Dar es Salaam. The opening day on Tuesday 26 July 2022 drew over 200 representatives from banks and other financial institutions, governments, policymakers, and entrepreneurs in Tanzania for two days of exploring opportunities to reduce the $42 billion financing gap for women-led small and medium...
Zambia : African Development Fund approves $14.4 million loan to boost food security in regional breadbasket
27-Jul-2022 - The Board of Directors of the African Development Fund, the concessional window of the African Development Bank Group, has approved a $14.4 million loan to enhance food security in Zambia, a key supplier to countries in the region.
Ethiopia: African Development Fund approves $4.3 million grant to fund capacity building, boost economic resilience
27-Jul-2022 - The Board of Directors of the African Development Fund has approved a $4.3 million grant to fund capacity building within Ethiopia’s finance ministry and related government departments, to enable the country tackle declining growth and other economic challenges. The Ministry of Finance will implement the project. The African Development Fund is the concessional lending arm of the African Development Bank Group. The Board’s approval came on Friday, 15 July.
USTDA and AIF Showcase Women as Investment Champions
27-Jul-2022 - The U.S. Trade and Development Agency (USTDA) and African Development Bank’s Africa Investment Forum (AIF) co-hosted a forum of 40 women leaders who are delivering high-quality solutions for Africa’s infrastructure needs. The forum took place during last week’s U.S.-Africa Business Summit, in Marrakech, Morocco.
African Development Bank adopts new Country Strategy paper for Egypt covering 2022-2026
27-Jul-2022 - The African Development Bank Group’s Board of Directors has approved Egypt’s Country Strategy Paper for the 2022-2026 period. Under the new strategy, the Bank will be guided by the priorities of the country’s National Development Plan— also known as Egypt’s Vision 2030— and its Government Action Program 2023-2027. The goal is to support the country’s efforts to build a competitive and resilient economy.
Mozambique: African Development Fund approves additional $5.6 million grant funding to bolster food security and resilience
26-Jul-2022 - The Board of Directors of the African Development Fund has approved a $5.6 million grant in additional funding for Mozambique’s Post Cyclone Idai and Kenneth Emergency Recovery and Resilience Program.
NEPAD-Infrastructure Project Preparation Facility and COMESA Secretariat launch market analysis for the Africa Cloud Ecosystem Project
26-Jul-2022 - The Secretariat for the Common Market for Eastern and Southern Africa (COMESA) and the African Development Bank have launched phase one of the Africa Cloud Ecosystem Project, to be financed with a $550,000 grant from the NEPAD Infrastructure Project Preparation Facility Special Fund (NEPAD-IPPF) to support the market analysis and pre-investment study for the project.
Sierra Leone: African Development Fund approves $2 million grant to boost food production
26-Jul-2022 - The Board of Directors of the African Development Fund, the concessional window of the African Development Bank Group, has approved a grant of $2 million to boost food production in Sierra Leone.
African Economic Outlook 2022: African Development Bank and IMF experts underscore the urgency of climate financing for Africa
26-Jul-2022 - African Development Bank and International Monetary Fund (IMF) experts have stressed the urgency of mobilizing climate financing for Africa during a panel discussion on the African Development Bank's 2022 African Economic Outlook hosted by the IMF in Washington, DC on Monday.
African Development Bank, African Continental Free Trade Area Secretariat, Sign $11 Million Institutional Support Grant Agreement
26-Jul-2022 - The African Development Bank Group and the Secretariat of the African Continental Free Trade Area (AfCFTA) have signed a Protocol of Agreement for an $11.24 million support package to enhance the Secretariat’s effective implementation. The signing took place on 25 July 2022, on the margins of the ninth meeting of the AfCFTA Council of Ministers responsible for trade, held in Accra, Ghana.
African Development Bank debars Entreprise de Commerce et de Construction Immobilière for nine months for fraudulent practices
25-Jul-2022 - The African Development Bank Group, on 25 July 2022, announces the nine-month debarment of Entreprise de Commerce et de Construction Immobilière with effect from 27 June 2022. Entreprise de Commerce et de Construction Immobilière is a limited liability company registered under the laws of the Republic of Côte d'Ivoire.
African Development Bank, African Organisation of English-speaking Supreme Audit Institutions, launch $8 million project to promote transparency and accountability
25-Jul-2022 - The African Development Bank and the African Organisation of English-speaking Supreme Audit Institutions (AFROSAI-E) have officially launched a three-year support project to improve regional collaboration and coordination between public sector accountancy institutions in Africa, aimed at increasing professionalism and efficiency in the sector.
Angola: African Development Bank EDs visit highlights country’s progress in stabilising public finances, stimulating economic diversification
22-Jul-2022 - The African Development Bank’s Executive Director for Angola, Namibia, Zimbabwe and Mozambique has ended an official visit to Angola, noting progress in the oil-rich nation’s reforms to stabilise and diversify the economy. During the visit which took place from 20 -21 July 2022, Dr. Judith Kateera engaged with government officials, visited projects and took stock of the African Development Bank’s support to national programs in Angola.
The Gambia: African Development Fund approves additional $3.5 million financing for Rice Value Chain Transformation Program
22-Jul-2022 - The Board of Directors of the African Development Bank Group has approved a grant of $3.5 million from the African Development Fund’s Transition Support Facility as additional financing for a rice value chain transformation project in the Gambia.
African Development Bank approves Risk Participation Agreement with Crédit Agricole CIB to stimulate intra-African trade
22-Jul-2022 - The Board of Directors of the African Development Bank Group has approved a Risk Participation Agreement of $50 million with Crédit Agricole Corporate and Investment Bank. The deal will enable African banks and their small and medium-sized enterprise (SME) clients to participate more in regional and international trade. It aims to support a cumulative trade transaction volume of $450 million over the next three years.
African Development Bank Group President strengthens partnership with Morocco
22-Jul-2022 - African Development Bank Group President Akinwumi Adesina completed a four-day official visit to Morocco today. Meeting with Prime Minister Aziz Akhannouch in Marrakech on Thursday, Adesina, spoke of the “excellent relationship between Morocco and the African Development Bank.” “The Kingdom of Morocco is an extremely valued partner of the Bank, with a large portfolio of top-tier operations,” Adesina said.
Invest in Africa, African Development Bank chief urges investors at U.S.-Africa Business Summit
21-Jul-2022 - The President of the African Development Bank Group Dr. Akinwumi Adesina has given strong assurance to U.S. investors that Africa is a secure, competitive and profitable market for investment. Adesina was speaking on Wednesday at the U.S.-Africa Business Summit in Marrakech where he told American investors to see Africa as a logical investment destination and to engage with the continent in win-win partnerships.
African Development Bank Technologies for African Agriculture Transformation (TAAT) to receive $27 million for emergency production of 120 million tonnes of food
20-Jul-2022 - The African Development Bank will release an additional $27.41 million to implement Phase II of its flagship agricultural initiative, "Technologies for African Agricultural Transformation" (TAAT). The goal is to increase farming households' productivity and incomes by giving them access to climate-resilient technologies in 36 low-income African countries, by 2025.
Africa50 general shareholders meeting in Morocco call for global investments in African infrastructure
20-Jul-2022 - African Development Bank Group President and Chairman of the Africa50 Board of Directors, Dr. Akinwumi Adesina has highlighted the crucial role that Africa50 is playing to help bridge Africa’s infrastructure financing gap. Adesina was speaking at the opening session of Africa50’s general shareholders meeting in Marrakech on Tuesday. He told delegates that Africa50 had invested $5 billion in 16 private-sector focused investments in six years.
Zimbabwe: African Development Fund approves $25.65 million grant to boost food production and resilience
20-Jul-2022 - The Board of Directors of the African Development Fund has approved a grant of around $25.65 million to help Zimbabwe enhance domestic food production and supply. The funds were drawn from the Transition Support Facility (TSF), although the Board provided a waiver, to assist Zimbabwe to mitigate against a possible food crisis. Zimbabwe is in debt and in arrears and therefore is ineligible for TSF resources.
Somalia: African Development Fund approves $5.4 million grant to build food security, as millions face crisis
20-Jul-2022 - The Board of Directors of the African Development Fund has approved a $5.4 million grant to support the building of urgently needed food security in Somalia.
African Development Bank Group Board approves more than $1 billion for emergency food production plan
19-Jul-2022 - The African Development Bank Group’s Board of Directors has approved 24, fast-track programs to help Africa mitigate rising food prices and inflation caused by Russia’s war in Ukraine, climate change and the Covid-19 pandemic. The first round of approvals is part of the Bank’s $1.5 billion African Emergency Food Production Facility, established in May to boost food security, nutrition, and resilience across the continent.
Burundi: The government and the African Development Bank pleased with project implementation
19-Jul-2022 - African Development Bank Group projects in Burundi are producing good results overall. A discussion took place in Bujumbura on 27-30 June 2022 between the Burundian government and the African Development Bank Group country office as they reviewed the performance of the active portfolio of 15 projects being implemented in Burundi for a total commitment of $300 million. The country office also organized a capacity-building workshop for officials of ministries involved in its projects and programmes and for the heads of project management units.
Côte d’Ivoire: African Development Bank extends a €151million loan to boost food security
19-Jul-2022 - The African Development Bank’s Board of Directors granted Côte d’Ivoire a loan of €151.18 million on 15 July 2022 to implement its Emergency Food Production Plan. The plan is also supported by the Japanese International Cooperation Agency (JICA) to the tune of €68.14 million. This funding will enable Côte d'Ivoire to increase its national production of rice, maize and cassava, to cope with soaring food prices.
African Economic Conference invites researchers to submit papers for 2022 edition
18-Jul-2022 - The organizers of the African Economic Conference have issued a call for research and policy papers that focus on the event’s theme: Supporting Climate-Smart Development in Africa. This year’s conference will be held from December 9–11 in Port Louis, Mauritius. As has been the practice over the years, it will be hosted by the African Development Bank, the Economic Commission for Africa, and the United Nations Development Program.
African Development Bank grants $1.4 million to Export Trading Group to strengthen entrepreneurship skills of women-owned & led businesses in Mozambique, Tanzania and Zambia
18-Jul-2022 - The Board of Directors of the African Development Bank Group has approved a $1.4 million technical assistance grant to Export Trading Group (ETG) for the funding of women-owned businesses in three countries in Sub-Saharan Africa. ETG is one of the largest and fastest-growing integrated agricultural supply chain managers and processors in Sub-Saharan Africa.
Fitch Ratings affirms African Development Bank at 'AAA'; Outlook Stable
18-Jul-2022 - On July 13, the global credit rating agency Fitch Ratings affirmed the African Development Bank’s long-term credit rating: AAA with a Stable Outlook. This is a very strong endorsement of the African Development Bank’s financial strength and profile, as well as the extraordinary support of its shareholders. The importance of the Bank’s public mandate, its governance, and the excellent quality of its risk management was highlighted by Fitch.
Nigeria: African Development Bank Board approves $134 million loan to boost local food production
18-Jul-2022 - The Board of Directors of the African Development Bank Group on Friday approved a $134 million loan for the National Agriculture Growth Scheme – Agro Pocket program in Nigeria to scale up food production and boost livelihood resilience.
Mozambique: African Development Bank, Green Growth Knowledge Partnership and World Wide Fund for Nature host dialogue on mainstreaming natural capital for a green economy
18-Jul-2022 - The African Development Bank, the Green Growth Knowledge Partnership and the World Wide Fund for Nature (WWF), have hosted a dialogue to revalidate Mozambique’s commitment to mainstreaming its natural capital to spur the transition to a green economy. Mozambique, alongside Tanzania, was selected as a pilot country, for applying a natural capital approach in investment processes.
Egypt: African Development Bank approves USD 271 million for the Food Security and Economic Resilience Support Program
18-Jul-2022 - The African Development Bank Board of Directors approved a loan of USD 271 million to finance Egypt’s Food Security and Economic Resilience Support Program to support efforts to mitigate the impact of the global shocks on the domestic economy from the Russia-Ukraine conflict and to preserve resilience. The program includes two major components: Support for the Food Security Response and Build Private Sector and Fiscal Resilience.
Cameroon: African Development Fund approves €63 million loan to boost food security
18-Jul-2022 - On 15 July 2022, the Board of Directors of the African Development Fund approved a loan of €62.99 million to Cameroon. The funding will enable the country to increase production of major agricultural crops (rice, maize, sorghum, millet, soybean, potato, palm oil and garden crops) in order to mitigate the impact of the food crisis caused by the war between Russia and Ukraine.