Nigeria has almost doubled its voting rights in the African Development Bank to 16.8% before the lender’s annual meetings next week, as one of its own seeks re-election at the helm of the lender after being cleared of allegations of wrongdoing. Africa’s most populous nation became the biggest rights holder …
Read More »Ivorian Green Cluster of SMEs Names AfDB 2020 Green Champion
The Green Cluster of SMEs in Côte d’Ivoire has awarded the African Development Bank a prize for the best technical and financial partner committed to promoting the green economy and supporting small and medium-sized enterprises (SMEs) toward a low-carbon transition. The prize was awarded on 30 July at the Green Awards, an …
Read More »AfDB Woos Indian Investors, Says “Africa’s Outlook is Positive”
The groundwork has been laid for Indian investors who are looking to invest in Africa. During a recent virtual conference hosted by the Confederation of Indian Industry (CII) and its partners, officials called for Indo-African partnerships to go beyond government-to-government cooperation and promote private sector participation in order to accelerate …
Read More »AfDB, IsDB, 5 Others Spend US$61.6bn on Climate in 2019
Climate financing by seven of the world’s largest multilateral development banks (MDBs) totalled $61.6 billion in 2019, of which $41.5 billion (67%) was in low- and middle-income economies, according to the 2019 Joint Report on Multilateral Development Banks’ Climate Finance. The study expands the scope of reporting for the first time to all …
Read More »AfDB Approves $27mn to Boost African Union’s COVID-19 Response Initiative
The African Development Bank on Friday 24 July approved $27.4 million in grants to boost the African Union’s (AU) efforts to mobilize continental response to curb the COVID-19 pandemic. The approval comes on the heels of a meeting of the extended Bureau of the AU Conference of Heads of State and …
Read More »Again, Panel Exonerates Akinwumi Adesina from Wrongdoings at AfDB
A much awaited report by an Independent Review Panel has completely exonerated the President of the African Development Bank, Akinwumi Adesina of any ethical wrongdoings. The Independent Review Panel was set up by the Bureau of Governors of the Bank, following a complaint by the United States, to review the …
Read More »AfDB Votes $288mn to Help S/Africa Fight COVID-19
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 …
Read More »AfDB Supports Ghanaian Vocational Training with $95.2mn
A six-year project to develop industrial skills among Ghana’s workforce has improved the engineering and manufacturing skills of young people, promoted economic competitiveness and contributed to an improvement in the quality of life of beneficiaries and a reduction in poverty, according to an African Development Bank report issued on 15 …
Read More »Again, AfDB Under Akinwumi Adesina Gets ‘AAA’ Rating
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’”. …
Read More »Africa Investment Forum Earmarks $3.79 billion Portfolios in 2020
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 …
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