USD 30 million dollars in recognition of progress in Harmonization Agenda

Tunis, 6 June 2007 – The government of Sweden has announced the release of a UA 20 million (approximately USD 30 million dollars) supplementary contribution to the African Development Fund (ADF) . The contribution was part of an agreement reached during the tenth replenishment of the ADF stipulating that the funds would be released if the Bank made progress towards the objectives set out in the "Harmonization and Managing for Results Action Plan". 

African Finance and Energy Ministers have undertaken to fast-track current regional initiatives such as the INGA dam project, the regional power pools, and gas pipeline projects and to explore the possibility of ceding limited borrowing authority to RECs to implement trans-boundary energy projects. The pledge was made during the second conference on financing for development which ended on Thursday in Accra, Ghana.

The private sector can play a huge role in increasing the volume of trade between Africa and China which currently stands at some US$55 billion, says ECOBANK Group Chairman, Mande Sidibé, during a workshop in Shanghai held on Thursday within the framework of the Bank Group’s Annual Meetings. The partnership between China and Africa based on a win-win formula looks promising. Africa offers a world of business opportunities, while China provides vast experience in social and economic development.

Climate change is emerging as the most important international development challenge of the 21st century and this was one of the issues that was examined during the African Development Bank Group’s Annual Meetings in Shanghai, China. Speaking during the Meetings, Bank Group President, Donald Kaberuka, indicated that "our ability to continue making progress will be at risk unless we address this challenge." "New research," he continued, "confirmed that Africa was one of the most vulnerable continents to climatic imbalances.

Comparative Consumption and Price Levels in African Countries