Africa Investments 

Africa needs urgent trade finance boost in the wake of COVID-19, report finds

There is an urgent need for financing to reenergize Africa’s trade in the wake of the COVID-19 pandemic, according to the latest trade finance report released jointly by the African Development Bank and the African Export-Import Bank. According to the report, only 40% of Africa’s trade is bank-intermediated – a far lower share than the global average of 80%. The trade finance gap also remains unacceptably high at $81 billion in 2019. The report found that these are some of the structural challenges that hinder banks’ ability to effectively intermediate…

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Africa Investments 

Près d’un an après son lancement au Sénégal, le PAVIE, soutenu par la Banque africaine de développement, produit des premiers résultats prometteurs

À Ndiemou, dans la région de Fatick, Marie Diouf a fait de la production de sel sa principale source de revenus. « Par le passé, je produisais environ 896 tonnes de sel par an. Aujourd’hui, grâce au financement de la Délégation générale à l’entrepreneuriat rapide (DER), j’ai pu faire des aménagements dans mon champs de sel, acheter des motopompes et avoir un fond de roulement », raconte Marie, surnommée « La Reine du sel ». Avec plus de 1 500 tonnes produites cette année, elle a quasiment doublé sa production. « La DER m’a mis en…

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Africa Investments 

Mauritania: African Development Bank extends $2.1 million for rollout of Disaster Risk Financing

The African Development Bank’s Board on Wednesday approved a grant of $2.1 million to boost the country’s resilience against climate related shocks and food insecurity. The funds, sourced from the African Development Fund, will go to provide technical and institutional support to strengthen Mauritania’s capacity to assess climate-related risk. The Bank is extending the funding under its Africa Disaster Risk Financing (ADRIFI) program to enable the country to take out a drought risk index-based insurance policy that is expected to cushion Mauritania’s economy against the impacts of drought-related shocks, at…

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Africa Investments 

The Third Review of the Independent Review Mechanism (IRM) of the African Development Bank Group (AfDB)

The Resolution of the Board of Directors of the African Development Bank, which established the Independent Review Mechanism (IRM) of the African Development Bank Group (AfDB), as amended in 2015, calls for the Boards of Directors of the AfDB to review the performance of the IRM every four years. The review draws on the lessons learnt by the IRM from handling requests and from the experience of similar Independent Accountability Mechanisms (IAMs) with a view to improving the functions of the IRM. The first and the second reviews of the…

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Africa Investments 

Africa’s climate change fight gets a boost as Global Center on Adaptation sets up regional home at the African Development Bank

African leaders welcomed the opening of a regional office of the Global Center on Adaptation on Wednesday, voicing hopes it will spur the continent’s efforts to combat climate change. In speeches marking the virtual launch of GCA Africa, the leaders said the Center could also provide an impetus for a more resilient recovery after COVID-19, which they said had compounded climate-induced vulnerabilities. “In the post-COVID period, our objective should not only be to recover and build better but to do so in a climate-conscious way,” said Ethiopian President Sahle-Work Zewde.…

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Africa Investments 

Global and African Leaders Welcome Launch of GCA Africa as “Historic Moment to Accelerate Adaptation” on the Continent

The Global Center on Adaptation today announced the launch of its regional office in Côte d’Ivoire. Hosted by the African Development Bank at its headquarters in the Ivorian capital Abidjan, GCA Africa will work with partners across the continent to scale and accelerate adaptation action that protects African communities from the impacts of climate change. GCA Africa will focus on programs and action, knowledge acceleration and capacity building and agenda-setting that respond to the acute challenges from the changing climate facing African countries. The GCA Africa programs include improving the…

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Africa Investments 

Global Philanthropy Forum panelists call for ‘smarter’ collaboration among funders to meet ambitious targets for a climate-resilient Africa

Experts at the 2020 Global Philanthropy Forum on Tuesday called for greater collaboration among funders to address the severe threat that climate change poses to Africa’s development. Participants highlighted the critical role of innovative approaches to mobilizing climate adaptation finance in Africa, in a session titled Inclusive Green Economies – Harnessing Opportunities and Innovative Solutions for Investments in Climate-Resilient Development in Africa. The virtual session, oranised by the African Development Bank, began with a call for sustainable ways for the continent to emerge stronger from the pandemic. The event was…

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Africa Investments 

African Leaders for Nutrition call on leaders to embed nutrition within the Covid-19 response and recovery

The African Leaders for Nutrition (ALN) have unveiled a position paper calling upon African Heads of State and Governments to ensure that financing for nutrition is included in their country’s COVID-19 response and recovery plans. The position paper, titled “Embedding Nutrition within the COVID-19 Response and Recovery,” was sent to African member states by His Majesty King Letsie III of the Kingdom of Lesotho, an ALN “Nutrition Champion”. Embedding Nutrition within the COVID-19 Response and Recovery recommends that countries maintain and increase the level of funding allocated to nutrition to…

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Africa Investments 

Nutrition experts discuss ways to advance nutrition and gender at the African Green Revolution Forum

A panel of gender, nutrition and food specialists explored food access challenges that vulnerable groups such as women and children face in Africa’s urban areas, at the African Green Revolution Forum held last week.  The online discussion had an added urgency in the wake of the COVID-19 pandemic, according to organizers of Africa’s largest agriculture conference.  African Development Bank Director for Agriculture and Agro-Industry Dr. Martin Fregene, Bank Coordinator of the Affirmative Finance Action for Women in Africa (AFAWA) initiative Esther Dassanou joined representatives from the United States Agency for…

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Africa Investments 

Despite COVID-19 pandemic, Africa still a prime investment destination, participants affirm at AfDB webinar for Asian audiences

Participants at a webinar to present the African Development Bank’s African Economic Outlook Supplement to Asian audiences on Monday have endorsed the report as critical for post-COVID-19 Africa. The supplement revises the growth projections and outlook for Africa for 2020 and 2021 and highlights the impact of COVID–19 on Africa’s socio-economic landscape. It recommends policy responses to safely reopen economies and accelerate growth recovery. “Despite the COVID-19 pandemic, investment opportunities still abound in Africa,” said Tetsushi Sonobe, the Dean of the Asian Development Bank Institute (ADBI). “Global markets are shifting…

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