Category: Business

The African Development Bank on Thursday approved a concessional loan of $97.675 million to Rwanda to strengthen its national budget as it works to mitigate impacts of the COVID-19 pandemic. The funding will take the form of an African Development Fund loan, which the Bank is providing the under its COVID-19 Response Facility. Rwanda mounted a swift and decisive response… Read More

The Board of Directors of the African Development Fund (ADF) on Friday approved a $69 million grant to support Ghana’s efforts to tackle the COVID-19 pandemic and mitigate its socio-economic impact on the nation. The grant from the ADF, the concessional arm of the African Development Bank, will provide fiscal budget support to finance the government’s national COVID-19 Emergency Preparedness… Read More

What: Webinar on “Efficient Corporate Governance for Financial Sector Development” Who: Making Finance Work for Africa (MFW4A) Partnership & KPMG When: Tuesday, 28 July 2020 at 1pm GMT Where: Online – Zoom, Click. Registration is free The African Development Bank’s Making Finance Work for Africa (MFW4A) Partnership and KPMG, including subject expert Thierry Mbimi, will host a webinar on  corporate governance… Read More

Public health, the wellbeing of refugees and the host communities in the Sahel are at the heart of the latest tripartite agreement between the African Development Bank (AfDB), UNHCR, the UN Refugee Agency and the G5 Sahel signed today. The agreement enables a critical $20 million COVID-19 response across the five countries of the Sahel region. Financed by the African… Read More

The Board of Directors of the African Development Fund (ADF) on Wednesday approved a UA100.4 million (about $138 million) crisis budget support package to four southern African countries – Malawi, Madagascar, Mozambique and São Tomé & Príncipe, in the wake of the COVID-19 pandemic. Under the package, known as the Multi-Country COVID-19 Response Support Program (MCRSP), Malawi will receive a… Read More

The Board of Directors of the African Development Bank has approved a loan of approximately R5 billion ($288 million) to the government of South Africa, as the country battles one of the largest COVID-19 caseloads in the world. South Africa confirmed its first case of COVID-19 on 5 March 2020 and is currently the most affected in Africa, and among… Read More

In Zambia’s Serenje district, young Zambians are being offered a ray of hope in the form of an agriculture project that is both an alternative to copper mining as a path out of poverty and a key element of the Zambian government’s strategy to diversify its economy away from a heavy dependence on copper. Sylvia Chafungwa, a young woman living… Read More

What: Sub-Saharan Africa Dialogue – Dasgupta Review on the Economics of Biodiversity Who: Kenya’s National Treasury, African Development Bank, Stockholm Environment Institute When: Wednesday 22 July 2020 Abidjan 11:00-13:30 | Nairobi 14:00-16:30 | London 12:00-14:30 Where: Virtual In March 2019, the United Kingdom’s economic and finance ministry commissioned an independent review of the economics of biodiversity with the following objectives: to… Read More

Fitch Ratings, the global credit rating agency, has affirmed the African Development Bank’s (AfDB) Long-Term Issuer Default Rating (IDR) at ‘AAA’, with stable outlook.  According to the agency, “the ‘AAA’ rating of the AfDB is driven by extraordinary support it receives from its shareholders, which Fitch Ratings assesses at ‘aaa’”. It judged the Bank’s risk management policies as conservative and… Read More

The African Development Bank has concluded its bid to co-finance the construction of Mozambique’s integrated Liquefied Natural Gas (LNG) plant by signing a senior loan of $400 million for the transformational project. The Mozambique LNG Area 1 Project, estimated to cost over $20 billion, is ranked Africa’s single largest foreign direct investment to date. It comprises a global team of… Read More