The African Development Bank and the Government of Egypt, on Saturday, October 10 in Lima, Peru, signed the loan agreement for USD 50 million from the Africa Growing Together Fund (AGTF), a USD 2 billion Special Fund provided by China and managed by the Bank to co-finance Bank operations. This agreement complements earlier signed agreements of a USD 90-million loan from the Bank’s loan window and USD 1.8-million grant from the Middle Income Countries (MIC) Technical Assistance Fund, all earmarked for the Sharm El-Sheikh Airport Development Project.

The President of the African Development Bank (AfDB), Akinwumi Adesina, announced on Friday, October 9 that the AfDB would nearly triple its annual climate financing to reach $5 billion a year by 2020. AfDB’s climate spending will increase to 40% of its total new investments by 2020.

“Climate change is both an urgent threat and a unique opportunity,” Adesina said. “The Bank is significantly stepping up its support for African countries, not only to meet that threat but also to seize the opportunity to drive low-carbon, climate-resilient growth.”

The Boards of Directors of Africa50 Project Development and Project Finance met on October 6, 2015 in Abidjan, Côte d’Ivoire. The Boards approved the appointment of Akinwumi A. Adesina, President of the African Development Bank, as the new Chairperson of both Boards. Members expressed great satisfaction about the enthusiastic acceptance by Adesina of this important role and the continued strong support of the African Development Bank.

African Development Bank Group (AfDB) President Akinwumi Adesina delivered the special keynote address at the first G20 Energy Ministers meeting held in Istanbul, Turkey, on October 2, 2015. The meeting organized under the theme “Inclusive Energy Collaboration: Delivering on the G20 Principles” was officially opened by Recep Tayyip Erdogan, President of Turkey, under the aegis of Turkey’s current G20 Presidency.

The President of the African Development Bank, Akinwumi Adesina, held talks with Alassane Ouattara, President of the Republic of Côte d’Ivoire, at the Presidential Palace on Tuesday, October 6.