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African Development Bank approves new financing program for energy providers, 4.5 mln people in sub-Saharan Africa to benefit from off-grid power by 2025

12-Jul-2019 - 12-Jul-2019 - Abidjan, Côte d’Ivoire, July 12, 2019 – The Board of Directors of the African Development Bank Group has approved an innovative multinational financing program for Distributed Energy Service Companies (DESCOs), which would see 900,000 households in sub-Saharan Africa – about 4.5 million people -  gain access to solar power by 2025. The DESCOs Financing Program promotes securitization financing techniques to address barriers to accessing finance for DESCOs, while supporting their growth and expansion into existing and new markets...

Green Climate Fund announces $20m for African Development Bank’s Affirmative Finance Action for Women in Africa’s climate resilience project in Ghana

11-Jul-2019 - 11-Jul-2019 - ABIDJAN, Cote d’Ivoire, 11 July 2019 - The Green Climate Fund has announced a $20 million grant to the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) program for a climate action project to support women-led farmers’ associations and micro, small and medium enterprises in Ghana’s agricultural sector. The funds will go to the “Financing Climate Resilient Agricultural Practices in Ghana” project, following approval by the Green Climate Fund board at a meeting held 6 - 8 July 2019 in Songdo, South...

African Union summit: Niger’s President calls for strong support to the Bank’s General Capital Increase and African Development Fund’s Replenishment

11-Jul-2019 - 11-Jul-2019 - Niamey, Niger, 08 July 2019 – In his opening remarks at the plenary session of the Regional Economic Communities (RECs) meeting, in Niamey, the President of Niger, Mahamadou Issoufou, commended the African Development Bank for its highly valuable contributions to bringing the launch of the African Continental Free Trade Area agreement (AfCFTA) into fruition. President Issoufou called for strong support to the African Development Bank’s quest for a General Capital Increase, “that will help accelerate the continent’s development...

Africa Investment Forum 2019: African Development Bank delegation presents opportunities at Japan roadshow

11-Jul-2019 - 11-Jul-2019 - Abidjan, Côte d’Ivoire, 11 July, 2019 -  Japanese companies and investors were presented with a range of investment opportunities in Africa as the African Investment Forum continued a roadshow to showcase the  Forum as an innovative investment marketplace for attracting capital for projects on the continent. African Development Bank officials met with business community leaders and government officials in Tokyo, Japan, from 3-5 July to familiarize them about the upcoming edition of the Forum, scheduled for 11-13 November 2019,...

Africa Investment Forum 2019: Nigeria expected to be major player

10-Jul-2019 - 10-Jul-2019 - ABUJA, Nigeria 10 July 2019 - Nigeria will feature significantly in the 2019 Africa Investment Forum scheduled to take place in Johannesburg, South Africa this November, business leaders and government heard at a roadshow event held in the capital Abuja. Following the hugely successful inaugural edition held last year, the African Development Bank’s innovative investment marketplace set up to accelerate investment into the continent, will convene for its second meeting from 11-13 November. The Nigerian roadshow, held 9th July,...

African Development Bank, Portugal and Cabo Verde sign compact to accelerate diversification, private sector development

09-Jul-2019 - 09-Jul-2019 - Abidjan, Cote d’Ivoire, 09 July, 2019 - The African Development Bank and the governments of Cabo Verde and Portugal have signed a country specific memorandum of understanding for the implementation of the Lusophone Compact, which aims to accelerate private sector development in Portuguese-speaking countries of Africa. The signing took place on Sal Island on 1 July, between Olavo Correia, Vice Prime Minister and Minister of Finance of Cabo Verde, Helena de Paiva, Portugal’s Ambassador to Cabo Verde; and Moono Mupotola, the Bank’s...

Niger: African Development Bank President attends historic African Union summit, decries child marriage

08-Jul-2019 - 08-Jul-2019 - Niamey, Niger 08 July 2019 – The president of the African Development Bank, Akinwumi Adesina joined continental leaders in Niger for an African Union summit which saw the official launch of the African Continental Free Trade Area agreement – the world’s largest free trade area since the formation of the World Trade Organization. The agreement, ratified in April, will cover a market of 1.2 billion people and an estimated gross domestic product (GDP) of $2.5 trillion, across all 55 member States of the African Union. The Bank has...

African Union Commission calls for further financial input for the NEPAD-IPPF Special Fund

05-Jul-2019 - 05-Jul-2019 - Addis Ababa, 05 July 2019 – The 29th Oversight Committee (OC) meeting of the New Partnership for Africa’s Development Infrastructure Project Preparation Facility (NEPAD-IPPF) Special Fund held at the headquarters of the African Union Commission in Addis Ababa, Ethiopia, has ended with calls for increased investments to accelerate the closure of Africa’s infrastructure gap. The meeting, held on 28 June 2019, was hosted by the AUC and chaired by KfW Development Bank (Germany). Topics discussed included the NEPAD-IPPF Independent...

AU Summit: President Adesina to lead African Development Bank’s delegation, Continental Free Trade Area talks to top summit agenda

04-Jul-2019 - 04-Jul-2019 - Abidjan, Côte d'Ivoire, 4 July 2019 - African Development Bank Group President Akinwumi Adesina will next week lead a delegation of top Bank officials to the extraordinary summit of Heads of State and Government of the African Union (AU) in Niger’s capital, Niamey. High on the agenda of the July 7-8 summit are discussions on the African Continental Free Trade Area (AfCFTA). President Adesina will meet African leaders to review the continent's development issues, and hold talks on the effective implementation of the AfCFTA. As a...

Africa needs bolder private financing models for power transmission lines - energy experts

04-Jul-2019 - 04-Jul-2019 - Abidjan, Cote d’Ivoire, 4 July 2019 – Africa’s power sector leaders must devise new mechanisms to attract more private sector investment into power transmission lines, energy experts agreed at a technical roundtable last week. The meeting, hosted by the African Development Bank to mark the 3rd Africa Energy Market Place (AEMP), explored how to structure private sector financing to meet the investment needs of transmission lines. It also covered the investment priorities of transmission companies, alternative funding options, and...

African Development Bank signs agreement to open Central Africa regional headquarters in Yaoundé

02-Jul-2019 - 02-Jul-2019 - Yaoundé, Cameroon, July 3, 2019 – The African Development Bank Group on Tuesday signed an agreement with Cameroon to open its regional headquarters in the country’s capital, Yaoundé, reinforcing its goal to get closer to member states to prop up economic integration. Cameroon’s Foreign Minister Lejeune Mbella Mbella and Khaled Sherif, Bank Vice President for Regional Development, Integration and Service Delivery, signed the agreement in Yaoundé. Top government officials, including 11 ministers and diplomats, attended the event....

Ghana: African Development Fund loans $81.7 million for Eastern Corridor Development Programme

27-Jun-2019 - 27-Jun-2019 - The African Development Fund (ADF) has approved an $81.67 million loan to co-finance sections of the 695-km Eastern Corridor road in Ghana, linking the capital, Accra with the northern hinterland and across the borders to the Sahel region. The decision was taken by the African Development Bank Group’s Board of Directors at a meeting on Wednesday. Other lenders for the project are the Opec Fund for International Development, the Ghanaian Government and the Japan International Cooperation Agency, which is financing a connecting...