Source: African Development Bank Group (AfDB) |

Covid-19 pandemic impetus for greater regional integration, African countries told at presentation of regional integration index report

The index, a joint publication of the Economic Commission for Africa, the African Development Bank and the African Union Commission, provides up-to-date data on the status of regional integration in Africa

As countries rebuild their economies following COVID-19, Africa needs to step up productive and infrastructural integration, participants heard at a regional presentation of the African Regional Integration Index (ARII) (https://bit.ly/3dsKMjV) held virtually last week. The index, a joint publication of the Economic Commission for Africa, the African Development Bank (www.AfDB.org) and the…

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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) |

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) |

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) |

African Union welcomes DRC to African Peer Review Mechanism, urges other countries to join initiative

The African Peer Review Mechanism is a voluntary mechanism that enables AU members to provide and submit to evaluation at local, national and continental levels

The African Union (AU) has welcomed the Democratic Republic of Congo as the newest member of its African Peer Review Mechanism. This took place during the AU’s 30th Forum of Heads of State and Government on Thursday. The meeting included presentations on ongoing or imminent reviews of governance and other…

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…

Source: African Development Bank Group (AfDB) |

African Development Bank President Adesina calls for African Financial Stabilization Mechanism

Africa’s collective debt now stands at 70% of the continent’s gross domestic product (GDP)

African Development Bank (www.AfDB.org) President Akinwumi Adesina, recipient of the 2017 World Food Prize, and Professor Joseph E. Stiglitz, recipient of the 2001 Nobel Memorial Prize in Economic Sciences, have called for a quick and comprehensive plan for debt restructuring in Africa. At the launch of the African Development Bank’s…

Source: African Development Bank Group (AfDB) |

African Development Bank President calls for Global Vaccine Solidarity and Justice for Africa

Acquiring vaccines has significant implications for African countries

African Development Bank (www.AfDB.org) President Dr. Akinwumi Adesina has called for vaccine justice for Africa. Speaking at the launch of the Bank’s African Economic Outlook 2021 report on Friday, Adesina decried the lack of Covid-19 vaccines reaching Africa. “We need global solidarity and vaccine justice for Africa,” Africa’s premier development…

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

CORRECTION: African Development Bank named the World's Best Multilateral Financial Institution 2021 by Global Finance

The award is a global recognition for the path breaking efforts of the African Development Bank as it transforms itself into a solutions bank for Africa

The prestigious U.S. magazine, Global Finance, specializing in financial markets and investment banking, has named the African Development Bank (www.AfDB.org) as the “Best Multilateral Financial Institution in the world for 2021”. The award is a global recognition for the path breaking efforts of the African Development Bank as it transforms itself…