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

Africa Offers Asian Business an Abundance of Investment Opportunities, Webinar Participants Learn

The two-hour virtual event, held in English, Korean, and Chinese, offered participants an opportunity to learn more about the Bank and its operations

The African Development Bank (https://www.AfDB.org/) today held a workshop to convey the continent’s immense investment and partnership opportunities to Asian business leaders, particularly as the continent seems poised to return to economic growth in 2021 following the impact of the COVID-19 pandemic. The two-hour virtual event, held in English, Korean,…

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

Global and African Leaders welcome Launch of Global Center on Adaptation (GCA) Africa as “Historic Moment to Accelerate Adaptation” on the Continent

GCA Africa will work with partners across the continent to scale and accelerate adaptation action that protects African communities from the impacts of climate change

The Global Center on Adaptation (GCA.org) today announced the launch of its regional office in Côte d’Ivoire. Hosted by the African Development Bank (www.AfDB.org) at its headquarters in the Ivorian capital Abidjan, GCA Africa will work with partners across the continent to scale and accelerate adaptation action that protects African…

African Development Bank Group (AfDB)
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…

African Development Bank Group (AfDB)
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…

African Development Bank Group (AfDB)
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…

African Development Bank Group (AfDB)
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…

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

Our collective humanity is at stake: African Development Bank President

He made the call during a global Corporate Council on Africa (CCA) webinar

African Development Bank Group (www.AfDB.org) President Akinwumi Adesina says an accelerated global health and economic effort is needed to overcome the COVID-19 pandemic in Africa. Stating that “one death is one too many” and that “our collective humanity is at stake,” Adesina urged U.S. and African government officials and corporate…

African Development Bank Group (AfDB)
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…

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

“You have been in the trenches with us,” Ghana Vice President Mahamudu Bawumia tells African Development Bank

Ghana is looking to the Bank for investment in an integrated aluminium industry, using the country’s large bauxite deposit as raw materials

The African Development Bank’s (www.AfDB.org) support for the west African nation Ghana has boosted its government’s efforts to consolidate the economy, the country’s Vice President, Mahamudu Bawumia said on Monday. Bawumia, welcoming a team of Executive Directors and senior officials of the Bank on an official visit, cited various Bank-supported…