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

Egypt: African Development Bank to provide $184.1 million for Africa’s largest solar energy and battery storage project

Financing will be sourced from two specialized Bank Group funds and the Climate Investment Funds' Clean Technology Fund

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a financing package of up to $184.1 million to support the development of the Obelisk 1-gigawatt solar photovoltaic project and 200MWh battery energy storage system in Egypt, which will be Africa’s largest solar power plant. Located in…

African Development Bank Group (AfDB)

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    • Workers carrying bags of fertilizer at a warehouse in Njombe, Tanzania
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Source: African Development Bank Group (AfDB) |

The Africa Fertilizer Financing Mechanism receives $7.3 million to boost agricultural productivity and smallholder farmers’ income

Funding targets food production and income growth for 800,000 smallholder farmers

Global Affairs Canada (https://apo-opa.co/3UlInNr) has provided $7.3 million in funding to the Africa Fertilizer Financing Mechanism (AFFM) to enhance sustainable agricultural productivity and smallholder farmer livelihoods, particularly women and youth across Africa. The financing will aid the Mechanism in replicating its credit guarantee programs, enabling fertilizer importers and aggregators to access…

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

Canada – African Development Bank Climate Fund approves $36.3 million in support to climate adaptation on the continent

In Benin, CACF will support the design of climate-proofing measures and best practices in port operations that mitigate the imminent climate change risks associated with temperature and sea level rises and droughts

The Canada–African Development Bank Climate Fund (CACF), established to support gender-affirmative climate change projects in Africa, has approved $36.3 million to two private sector operations to advance climate adaptation in the African continent. The amount, in the form of concessional loans to the private sector companies, comprises $18.3 million approved…

African Development Bank Group (AfDB)

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    • L-R: Dr. Dorsouma, Mrs. Beremwoudougou, Mrs. Bremner, Prof Nyong and Ms. Effah
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Source: African Development Bank Group (AfDB) |

Africa Development Bank’s Africa Climate Change Fund dialogues with Global Affairs Canada delegation

Welcoming the officials, Nyong highlighted how the bank is mainstreaming climate change into all its investments

The Director of the African Development Bank’s (www.AfDB.org) Climate Change and Green Growth Department, Prof. Anthony Nyong, on 25 April in Abidjan, received a delegation from Global Affairs Canada’s Cooperation for Pan-African and Regional Development Program in Cote D’Ivoire. The delegation, led by Mrs. Lara Bremner, Head of the Program, was…

African Development Bank Group (AfDB)

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    • (L to R) Nungari Mwangi, AgriSME Strategy and Partnerships Officer, AfDB, Atsuko Toda, Director, Agricultural Finance and Rural Development, AfDB, Andrew Mude, Lead, AgriSME Development and Financing, AfDB, Beth Dunford, Vice President, Agriculture, Human and Social Development, AfDB, Anita Vandenbeld, Parliamentary Secretary to Canada’s Minister of International Development and Edmond Wega, Executive Director for Canada, AfDB, pose for a photo at the press briefing for the launch of the African Development Bank’s Agri-food SME Catalytic Financing Mechanism”
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Source: African Development Bank Group (AfDB) |

Dakar 2: African Development Bank Group, Government of Canada announce funding facility to grow agriculture small and medium enterprises

The two organisations made the announcement at a press event on 27 January held during the Dakar 2 Africa Food Summit

The African Development Bank Group (www.AfDB.org) and the Government of Canada have established a new special fund to support Africa’s small and medium-sized enterprises (SMEs) in the agriculture sector. The Agri-food SME Catalytic Financing Mechanism aims to catalyze and de-risk investment for agriculture SMEs, as well as strengthen agricultural value…

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

CORRECTION: Global Development Finance Coalition commits Over $5.5 billion for MSME Financing in Africa

Coalition exceeds its $4 billion target by 40% in an effort to help MSMEs face the Covid-19 pandemic

The coalition for a sustainable and inclusive recovery of the private sector (https://bit.ly/3uVECSE), an international group of 20 development finance institutions that came together in 2020, today announced commitments of over $5.55 billion of financing to micro, small and medium enterprises (MSMEs) in Africa between mid-2020 and end of 2021, beating…

African Development Bank Group (AfDB)
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…

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

Canada and African Development Bank sign CAD 133 million gender lens Climate Fund for Africa

The Bank has committed to providing $25 billion in climate financing by 2025

The Government of Canada and the African Development Bank have signed an agreement formalizing the Canada–African Development Bank Climate Fund (CACF), a transformative special fund aimed at providing concessional loans to climate change-related projects with a strong gender-responsive component. The fund will be capitalized through a combination of a CAD…

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

Conversation with Marieme Esther Dassanou, Coordinator of the African Development Bank’s Affirmative Finance Action for Women in Africa programme

She previously led IFC’s Gender Secretariat's work on advancing women's inclusion in the insurance and financial sectors

Marieme Esther Dassanou is the Coordinator of Affirmative Finance Action for Women in Africa (AFAWA) the African Development Bank’s (https://www.AfDB.org/) flagship pan-African initiative, which aims to bridge the $42 billion financing gap facing women entrepreneurs in Africa. She previously led IFC’s Gender Secretariat's work on advancing women's inclusion in the…

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

African Development Bank appoints Nourredine Lafhel Acting Chief Risk Officer

An experienced risk management professional, Nourredine has more than twenty (20) years of experience in finance and risk management

The African Development Bank Group (www.AfDB.org) is pleased to announce the appointment of Mr. Nourredine Lafhel as Acting Chief Risk Officer, effective 6th April 2020. Lafhel, a Canadian national, is currently the Sovereign Credit and Market Risk Division Manager (PGRF3), in the Directorate of the Group Risk Management Function of the African Development Bank Group. An…