Tag: African Development Bank

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

Increased and decisive investment will be the channel for Africa’s economic recovery post COVID-19, partners of the Africa Investment Forum said on Friday, expressing confidence in the continent’s potential to rebound from the ongoing health and economic crises. “Africa will come out of this pandemic, tough as it is, and will build better and stronger economies. As partners of the… Read More

Africa must develop new education models that feature well-resourced virtual teaching and learning schemes to insulate it against disruptions due to disasters such as the COVID-19 pandemic, experts at a webinar hosted by the Association for the Development of Education in Africa (ADEA) said. The panelists, including Ministers of Education and senior officials of the Bank, called for a new… Read More

The Board of Directors of the African Development Bank approved recommendations of the First Monitoring Report of the Independent Review Mechanism (IRM) on the Sendou Coal-Fired Power Plant Project in Senegal. The Report was approved together with an updated Action Plan prepared by the Bank’s Management to address the pending environmental and social concerns posed by the project. With the… Read More