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African Development Bank Group (AfDB)

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    • Italy announces $6 billion plan to strengthen partnership with Africa at Italy-Africa Summit
    • L-R: Italian Prime Minister Georgia Meloni, Dr Akinwumi A. Adesina, president of the African Development Bank Group, and Italian Republic President Sergio Mattarella at Palazzo del Quirinale
    • African Development Bank Group President Dr Akinwumi Adesina (2nd right, 3rd row) joined 25 African leaders and European Union officials at the Italy-Africa Summit
    • African Development Bank Group President Dr Akinwumi Adesina (right) underscored Africa’s resilience, saying, “Africa will determine the future of the world”
    • The President of the European Commission, Ursula von der Leyen (standing), called for a united front “to build alternatives to the deadly smuggling routes”
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Source: African Development Bank Group (AfDB) |

Italy announces $6 billion plan to strengthen partnership with Africa at Italy-Africa Summit

They included an initial pledge of €5.5 billion (US$5.95 billion) including guarantees

The government of Italy unveiled a near US$6 billion plan to support African development at a one-day Italy-Africa plan in Rome on Monday. African Development Bank Group President Dr Akinwumi Adesina (www.AfDB.org) joined 25 African leaders and European Union officials at the summit. The summit—which took place as Italy assumes the Presidency…

African Development Bank Group (AfDB)

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    • Global Gateway: European Commission and African Development Bank Group unlock new funding for African infrastructure projects (1)
    • Global Gateway: European Commission and African Development Bank Group unlock new funding for African infrastructure projects (2)
    • Global Gateway: European Commission and African Development Bank Group unlock new funding for African infrastructure projects (3)
    • Global Gateway: European Commission and African Development Bank Group unlock new funding for African infrastructure projects (4)
    • Global Gateway: European Commission and African Development Bank Group unlock new funding for African infrastructure projects (5)
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Source: African Development Bank Group (AfDB) |

Global Gateway: European Commission and African Development Bank Group unlock new funding for African infrastructure projects

This agreement will enable a series of investments in Sub-Saharan Africa in strategic transport corridors, in energy and digital connectivity

On the sidelines of this week’s Italy-Africa Summit, the European Commission (EC) and the African Development Bank Group (www.AfDB.org) have formalised a new Financial Framework Partnership Agreement to boost investments in infrastructure projects in Africa. The European Union’s contribution to co-finance operations with the African Development Bank has significantly increased…

African Development Bank Group (AfDB)

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    • Conference of the Parties (COP28): Africa could lose $25 billion per year as new European Union (EU) carbon tax comes into effect, warns African Development Bank’s Adesina (1)
    • Conference of the Parties (COP28): Africa could lose $25 billion per year as new European Union (EU) carbon tax comes into effect, warns African Development Bank’s Adesina (2)
    • Conference of the Parties (COP28): Africa could lose $25 billion per year as new European Union (EU) carbon tax comes into effect, warns African Development Bank’s Adesina (3)
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Source: African Development Bank Group (AfDB) |

Conference of the Parties (COP28): Africa could lose $25 billion per year as new European Union (EU) carbon tax comes into effect, warns African Development Bank’s Adesina

With Africa’s energy deficit and reliance mainly on fossil fuels, especially diesel, the implication is that Africa will be forced to export raw commodities again into Europe

African Development Bank Group President Dr Akinwumi Adesina (www.AfDB.org) has warned that a new EU carbon border tax could significantly constrain Africa’s trade and industrialization progress by penalizing value-added exports including steel, cement, iron, aluminium and fertilizers. Adesina said, “With Africa’s energy deficit and reliance mainly on fossil fuels, especially diesel,…

African Development Bank Group (AfDB)

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    • From left to right: Akinwumi Adesina, President of the African Development Bank Group; Ajay Banga, President of the World Bank Group; Kristalina Georgieva, Managing Director of the International Monetary Fund; Gilbert Houngbo, Director-General of the International Labour Organization; Mathias Cormann, Secretary-General of the Organisation for Economic Co-operation and Development; Ngozi Okonjo-Iweala, Director-General of the World Trade Organization
    • Left: African Union Commission Chairperson Moussa Faki Mahamat; right: Azali Assoumani, President of The Union of the Comoros and Chair of the African Union
    • “I commend Chancellor Olaf Scholz for convening the Compact with Africa Conference”, said African Development Bank Group President Akinwumi Adesina (left)
    • Meeting 40 young African entrepreneurs and innovation champions, the African Development Bank President announced plans to set up an executive advisory body dedicated to nurturing young African entrepreneurs and startups in Africa
    • Germany pledges 4 billion Euros in Africa’s green energy: AfDB President calls for enhanced partnership (1)
    • Germany pledges 4 billion Euros in Africa’s green energy: AfDB President calls for enhanced partnership (2)
    • Germany pledges 4 billion Euros in Africa’s green energy: AfDB President calls for enhanced partnership (3)
    • Germany pledges 4 billion Euros in Africa’s green energy: AfDB President calls for enhanced partnership (4)
    • Germany pledges 4 billion Euros in Africa’s green energy: AfDB President calls for enhanced partnership (5)
    • Germany pledges 4 billion Euros in Africa’s green energy: AfDB President calls for enhanced partnership (6)
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Source: African Development Bank Group (AfDB) |

Germany pledges 4 billion Euros in Africa’s green energy: African Development Bank President calls for enhanced partnership

The conference with African leaders was “the starting signal for stronger, reliable cooperation between Africa and Europe to realise climate-friendly energy supply based on green hydrogen”

The government of Germany has pledged to invest 4 billion euros in Africa’s green energy until 2030. German Chancellor Olaf Scholz made the announcement at a press conference in Berlin after meeting African leaders and heads of international organisations including the President of the African Development Bank Group Dr Akinwumi…

African Development Bank Group (AfDB)

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    • African Development Bank joins global partners to raise financing for $1.6 bn multinational Lobito Transportation Corridor programme
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Source: African Development Bank Group (AfDB) |

African Development Bank joins global partners to raise financing for $1.6 bn multinational Lobito Transportation Corridor programme

The MoU, signed Thursday 27 October, outlines the partners' intentions to collaborate across multiple sectors to realise the full economic potential of the corridor

The African Development Bank (www.AfDB.org) has signed a Memorandum of Understanding (MoU), joining global partners to mobilise resources for the Lobito Corridor and the Zambia-Lobito rail line in southern and central Africa. Other signatories included the United States government, the European Commission, the Africa Finance Corporation (AFC), and the host…

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) |

African Development Bank sponsored Off-Grid Energy Access Fund reaches final equity close with partner contributions

The African Development Bank is the fund’s anchor sponsor with a $30 million contribution, and $8.5 million from the Global Environment Facility (GEF)

The Facility for Energy Inclusion’s Off-Grid Energy Access Fund (FEI OGEF) has reached a final equity close with $59 million in committed equity capital and $36 million debt facilities, to support innovative, off-grid energy access companies. The final close, reached on 18 November 2019, was made possible through a $15…