Elizabeth Antidius Shumbusho | Africa Guardian The OPEC Fund for International Development (the OPEC Fund) has announced its commitment to the “Mission 300” initiative, with an initial pledge of US$1 billion and the potential to contribute an additional US$1 billion after evaluating progress and demand in 2027. Mission 300, launched by the World Bank Group (WBG) and the African…
Our Correspondent | Africa Guardian On Monday, several African nations pledged to open their electricity sectors to investment, with the goal of providing power to 300 million people currently without access over the next six years. Africa has the highest number of people without electricity globally, and the continent is urgently working toward connecting homes by 2030 through the…
Charles Muchoki | Africa Guardian Africa’s leadership landscape is set for significant change in 2025, with key leadership transitions in two major continental organizations—the African Union (AU) and the African Development Bank (AfDB). These changes will unfold amidst global and regional political shifts, with African diplomats navigating a challenging landscape of logistical hurdles and internal tensions to secure their…
Edson Baraukwa | Africa Guardian Akinwumi Adesina, President of the African Development Bank (AfDB), has highlighted Africa’s pressing housing deficit, stating that the continent requires 56 million new homes to address the growing demand. Speaking about Africa’s challenges and opportunities, Adesina emphasized the continent’s potential to attract significant global investment. Investment Opportunities Amid Challenges Adesina noted that while Africa’s…
Charles Muchoki | Africa Guardian The African Development Bank (AfDB) (www.AfDB.org) proudly celebrates 60 years of advancing economic and social transformation across Africa. The Southern Africa regional celebration, held in Johannesburg, gathered leaders, stakeholders, and partners to honor the institution’s milestones and reaffirm its commitment to a prosperous future for the continent. In her keynote address, Ms. Leila Farah…
Charles Muchoki | Africa Guardian The African Development Bank (AfDB) has pledged significant financial support to Morocco, earmarking $1 billion to bolster its preparations for the 2030 FIFA World Cup. This includes a recently signed agreement for a €350 million ($370 million) loan to enhance economic governance, expand water supplies, and establish an industrial zone at the Nador West…
By Edson Baraukwa | Africa Guardian The global climate conference, COP29, opens this Monday in Baku, Azerbaijan, with African nations intensifying efforts to combat climate change. The African Development Bank (AfDB) is leading this charge by advocating for more climate financing for Africa and introducing innovative approaches to account for Africa’s “green wealth” in national economies. Following COP28’s historic…
By Charles Muchoki | Africa Guardian Dr. Akinwumi Adesina, President of the African Development Bank Group (AfDB), has lauded Saudi Arabia for its remarkable “support, dedication, and friendliness” towards Africa. His remarks came during the Saudi Fund for Development’s 50th anniversary celebration in Riyadh. Celebrating 50 Years of Impact In his address, Adesina highlighted the profound impact of the…
By Edson Baraukwa | Africa Guardian Tanzania’s President Samia Suluhu Hassan is set to officiate the Forum on China-Africa Cooperation (FOCAC) scheduled to take place in Beijing from September 4-6, 2024. She will join fellow African heads of state and government leaders for this significant event. The announcement was made by Tanzania’s Minister for Foreign Affairs and East African…
By Edson Baraukwa | Africa Guardian The African Development Bank (AfDB) has introduced Country Focus Reports (CFRs) aimed at enhancing policy dialogue on the macroeconomic performance and future prospects of individual African nations. These reports are designed to provide strategic guidance on mobilizing private sector investment and leveraging natural capital finance to support the continent’s climate resilience and green…
OVER the years, Türkiye’s role in the African continent has increased consistently. This has been translated into stronger ties between Türkiye and Africa. Turkiye’s policies toward Africa evolve within the framework of a win-win policy and are mainly driven by economic, humanitarian, and security dimensions. Furthermore, Türkiye has emphasised the fact that the principles of equal partnership and mutual…
In response to the Declaration, President Ruto and the Bank Chief recognised Africa’s youth as the biggest asset for Africa and the whole world, praising their dynamism and innovation. Hundreds of young people from across Africa are demanding a significant role in decision making for climate action. Youth leaders, entrepreneurs and policymakers presented the Africa Youth Climate Assembly Declaration…
Liberia’s President George Manneh Weah has lauded the African Development Bank for its “significant” support in fostering growth and development in the West African country. In a message conveyed by Liberia’s Ambassador to Côte d’Ivoire Willye Mai King, President Weah thanked the Bank Group, led by Dr. Akinwumi Adesina, for providing critical support to Liberia, including funding the pavement…
The year 2023 has so far not been a good one for Africa. Conflict has erupted in Sudan, deepened in the Democratic Republic of Congo and spread southward from the Sahel. Extreme weather, often attributed to climate change, has triggered devastating droughts and floods in places like Kenya and South Sudan, deepening poverty. Many African economies are struggling under…
Africa Business Weekly on CNBC Africa brings you the most impactful business stories across sub-Saharan Africa every week. From the capital markets to economic news affecting the regions from East, West ad Southern Africa, we will speak to the major newsmakers from across the sub-Saharan Africa region to get exciting and unique angles to the stories shaping the continent.
Summary The President of AfDB, Dr Akinwumi Adesina said the banks will access the critical financial resources to income generation projects run by the youth. The African Development Bank (AfDB) is seeking to establish youth entrepreneurship investment banks across the continent. The proposed financial institutions will finance young people’s innovations in creating wealth. This was announced on the sidelines…
There is growing interest in Japan by the government, parliamentarians, mega companies and startups to invest more in Africa. Source African Development Bank Group Construction of Mozambique’s multibillion dollar gas project to restart in Q3 2023 ___ There is growing interest in Japan by the government, parliamentarians, mega companies and startups to invest more in Africa. As a delegation…
Jomo Kenyatta International Airport (JKIA) was on Monday morning closed by the Kenya Airports Authority after a Singapore Airlines cargo plane developed mechanical glitches, putting its single runway under the spotlight. The KAA announced in a statement on Twitter that the plane failed to take off following a bird strike that caused an engine glitch. “We would like to…
The government of Tanzania, the African Development Bank, and the French Development Agency (AFD) have signed agreements for two development project loans worth $300 million. The funds will finance the construction of the 87.8-megawatt Kakono Hydropower Plant located in Kagera region in the northern part of Tanzania. The project also received a grant of EURO 36 million from the…
More than $ 2 billion have been deployed by African Development Bank Group (AfDB) and other donors this year to support green electricity startups in Nigeria and the rest of Africa. In February, AfDB approved the Leveraging Energy Access Finance Framework (LEAF), under which the Bank will commit up to $164 million to promote decentralised renewable energy in six…
Dr Akinwumi Adesina, President of the African Development Bank (AfDB) Group says the bank will provide 12.5 billion dollars to support the Africa Adaptation Acceleration Programme (AAA-P). The AfDB president disclosed this via his verified twitter handle @akin_adesina on Wednesday. The AAA-P is Africa’s own programme, supported by African Heads of State, to mobilise more resources for climate change,…
This is President Samia’s first official trip to West Africa since she was sworn in as president in March last year following the death of her predecessor John Pombe Magufuli. Her trip also comes as the continent discusses technology to boost energy investments and deal with the continual crisis of food shortage. The Bank’s theme this year is on…