Source: African Development Bank Group (AfDB) |

African Legal Support Facility: Governing board lauds Covid-19 support to clients

The board commended ALSF’s performance, particularly its response to clients during the Covid-19 pandemic, including servicing of debt and contract renegotiations

The governing board of the African Legal Support Facility (ALSF) (www.ALSF.int) has met to review its progress over the past year, noting its strong performance in providing solutions to its clients during the Covid-19 pandemic. The board approved the Facility’s draft annual report and 2020 financial statements, endorsing the extension…

Source: African Development Bank Group (AfDB) |

African Union holds global conference to accelerate African vaccine development and manufacturing capacity

The meeting was attended by several African heads of state, health, finance and trade ministers from across the continent

African leaders assembled at a global meeting to discuss the status of local pharmaceutical manufacturing on the continent, underscored the need to increase local production of vaccines and therapeutics to achieve greater public-health security. “The production of vaccines and access to vaccines is an absolute priority,” Cyril Ramaphosa, President of…

Source: African Development Bank Group (AfDB) |

African Development Bank’s first virtual business opportunities seminar of 2021, draws 450 global partners and suppliers

Delegates were informed about the Bank’s strategy for supporting economic growth, its priority areas, rules and procedures for project and corporate procurement

The African Development Bank (www.AfDB.org) hosted its first virtual business opportunities seminar (BOS) of 2021 on 6 and 7 April. The BOS seminars offer a one-stop shop for companies, civil contractors, manufacturers, consultants, and suppliers from the Bank Group’s regional and non-regional members seeking to provide goods and services to…

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

CORRECTION: African presidents and global leaders support bold action on climate change adaptation for Africa

Africa now faces the dual onslaught of climate change – currently estimated at between $7 billion and $15 billion each year – and Covid-19, which has claimed 114,000 lives

In a historic and united show of solidarity for a continent that contributes only 5% to global emissions, more than 30 heads of state and global leaders committed to prioritize actions that help African countries adapt to the impacts of climate change and “build forward better.” Africa now faces the…

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Source: African Development Bank Group (AfDB) |

African presidents and global leaders support bold action on climate change adaptation for Africa

Africa now faces the dual onslaught of climate change – currently estimated at between $7 billion and $15 billion each year – and Covid-19, which has claimed 114,000 lives

In a historic and united show of solidarity for a continent that contributes only 5% to global emissions, more than 30 heads of state and global leaders committed to prioritize actions that help African countries adapt to the impacts of climate change and “build forward better.” Africa now faces the…

Source: African Development Bank Group (AfDB) |

Egypt: The African Development Bank extends €145 million loan to bolster railway safety and reliability

The funding will be used to enhance operational safety and to increase network capacity on national rail lines

The Board of Directors of the African Development Bank (www.AfDB.org) has approved a loan of €145 million to finance reliability and performance upgrades to the country’s rail system under the Egypt National Railways Modernization Project (ENRMP). The funding will be used to enhance operational safety and to increase network capacity…

Source: African Development Bank Group (AfDB) |

Increase debt suspension arrangements to offer low-income and middle-income countries fiscal space – heads of state

Prime Minister Justin Trudeau of Canada, Prime Minister Andrew Holness of Jamaica and UN Secretary-General António Guterres convened the virtual meeting

Several heads of state and government, the United Nations and heads of multilateral development finance institutions on Monday called for expansion of the Debt Service Suspension Initiative, under which low-income countries have suspended paying down debt during the Covid-19 pandemic. The initiative should be widened beyond low-income countries and its…

Source: African Development Bank Group (AfDB) |

Women-led Kenyan design house wins Fashionomics Africa sustainable design competition for turning fruit waste into eco-friendly footwear

Pine Kazi, which converts pineapple leaf and recycled rubber into fashionable footwear, won the $2,000 Fashionomics Africa competition cash prize

The African Development Bank’s (www.AfDB.org) Fashionomics Africa initiative has named a women-led Kenya shoe design house as the winner of its competition to support producers of sustainable fashion. Pine Kazi, which converts pineapple leaf and recycled rubber into fashionable footwear, won the $2,000 Fashionomics Africa competition cash prize. In addition,…

Source: African Development Bank Group (AfDB) |

African Continental Free Trade Area (AfCFTA): Free trade bloc can be a game changer for African people and business

The African Development Bank is actively supporting or looking to support initiatives to boost trade and improve livelihoods for Africans

Exploring strategies to deepen private sector participation in the implementation African Continental Free Trade Area (AfCFTA) was the highlight of a panel session during the 2021 WTO Aid-for-Trade Stocktaking meeting. The African Development Bank (www.AfDB.org), the United Nations Industrial Development Organization (UNIDO) and International Trade Centre (ITC) organized the session held…

Source: African Development Bank Group (AfDB) |

Light at the end of the tunnel for Africa’s economic recovery (By Chuku, Adamon Mukasa and Yaye Betty Camara)

Real GDP is projected to grow by 3.4% in 2021 after contracting by an estimated 2.1% in 2020

By Chuku, Adamon Mukasa and Yaye Betty Camara Africa is set to recover from its worst recession in half a century. Real GDP is projected to grow by 3.4% in 2021 after contracting by an estimated 2.1% in 2020, mainly due to COVID-19 related disruptions, according to the African Development…