Source: African Development Bank Group (AfDB) |

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

The webinar noted that the policy recommendations of the African Economic Outlook Supplement could be regarded as important opportunities for investments

Participants at a webinar to present the African Development Bank’s (www.AfDB.org) African Economic Outlook Supplement (https://bit.ly/33pjJjy) 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…

Source: African Development Bank Group (AfDB) |

‘Africa’s outlook is positive,’ African Development Bank tells Indian investors and officials

The African Development Bank and India have a long-standing strategic partnership dating back almost 40 years to 1982

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…

Source: African Development Bank Group (AfDB) |

After COVID-19, will Africa Catch Up, Stand Still or Fall Further Behind? (By Professor Banji Oyelaran-Oyeyinka)

With this crisis comes an economic disruption of unprecedented proportion

At one time or another, nations and individuals confront crisis points – moments of existential challenge that also open up new possibilities. African countries, at just such a crisis point as a result of the novel coronavirus, face three possible outcomes post-pandemic: play catch-up, stand still or fall even further…

Source: African Development Bank Group (AfDB) |

North Africa Economic Outlook 2020: An unparalleled crisis and a conditional recovery

Socioeconomic stability, social inclusion and human capital development are prerequisites for resilience and emerging from the crisis

In 2020, the region will face an economic contraction forecast between 0.8 and 2.3%; Socioeconomic stability, social inclusion and human capital development are prerequisites for resilience and emerging from the crisis. The tourism and industrial sectors in North Africa are likely to be hardest hit by the COVID-19 pandemic, according…

Source: African Development Bank Group (AfDB) |

Ghana Cocoa Board, African Development Bank and financial partners celebrate first $200 million disbursement of loan to boost cocoa productivity in Ghana

Ghana supplies 70% of all cocoa beans imported into Japan and cocoa is seen as one of the nation’s most essential import commodities

Ghana Cocoa Board (COCOBOD) and lenders have welcomed the first disbursement of $200 million of a syndicated loan facility to boost cocoa productivity in the world’s second-largest producer. The occasion was marked by a ceremony held in Accra, Ghana on Tuesday 23 June, followed online by hundreds of observers across…

African Development Bank Group (AfDB)
Source: African Development Bank Group (AfDB) |

African Development Bank approves $4 million grant to bolster South Sudan’s COVID-19 response

As of June 15, 2020, the country had reported 1,693 cases, 27 deaths and 49 recoveries

The Board of Directors of the African Development Bank (www.AfDB.org) on Wednesday approved a UA 3 million ($4.16 million) grant to South Sudan to support the emergency response to COVID-19 and strengthen the country’s fragile health system. The grant, from the Transitional Support Facility of the Bank Group’s African Development…

Source: African Development Bank Group (AfDB) |

Egypt: African Development Bank approves 225 million euros budget support loan for electricity sector to bolster economic resilience and sustainability amid COVID-19

The funding, provided in a challenging global context, will help meet the Government of Egypt’s financing requirements in the light of the COVID-19 pandemic

The Board of Directors of the African Development Bank (https://www.AfDB.org/) on Wednesday approved a 225 million euros loan to finance Egypt’s Electricity and Green Growth Support Program (EGGSP). The funding, provided in a challenging global context, will help meet the Government of Egypt’s financing requirements in the light of the…

Source: African Development Bank Group (AfDB) |

Integrity in Development Projects: The African Development Bank debars Sieyuan Electric and Subsidiaries for Fraud

As part of the settlement agreement with the Bank, Sieyuan is debarred for a period of 12 months, Jiangsu Rugao for 20 months

Pursuant to a settlement agreement between the African Development Bank (www.AfDB.org) and Sieyuan Electric, the company will be debarred for 12 months. Jiangsu Rugao, a Sieyuan subsidiary, will be excluded from Bank-financed projects for 20 months. The African Development Bank Group (AfDB) on June 16, 2020, announced the conclusion of…

Source: African Development Bank Group (AfDB) |

African Development Bank debars China Zhonghao Nigeria Limited for 18 months for fraudulent practices

The debarment renders China Zhonghao Nigeria Limited and its affiliates ineligible to participate in Bank-financed projects during the debarment period

The African Development Bank Group (www.AfDB.org) on 14 April 2020, announced the debarment of China Zhonghao Nigeria Limited, a civil engineering company registered in Nigeria, for 18 months, for fraudulent practices. An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that China Zhonghao Nigeria Limited, as a…

Source: African Development Bank Group (AfDB) |

African Development Bank launches record breaking $3 billion “Fight COVID-19” Social Bond

Landmark transaction, largest Social bond transaction to date in capital markets

The African Development Bank (AfDB) (www.AfDB.org) has raised an exceptional $3 billion in a three-year bond to help alleviate the economic and social impact the Covid-19 pandemic will have on livelihoods and Africa’s economies.   The Fight Covid-19 Social bond, with a three-year maturity, garnered interest from central banks and…