Source: African Development Bank Group (AfDB) |

African Development Bank Regional Economic Outlook 2020: COVID-19 response and economic diversification crucial to growth recovery in Southern Africa, the most affected region

Impact of COVID-19 in South Africa projected to affect rest of Southern African economies

Report recommends inclusive, broad-based and pro-poor policies to address inequality and reduce poverty rates; Impact of COVID-19 in South Africa projected to affect rest of Southern African economies. A higher level of preparedness is urgently needed to prevent and mitigate the COVID-19 pandemic in Southern Africa, including additional resources for…

Source: African Development Bank Group (AfDB) |

African Development Bank set to join landmark $20 billion Mozambique LNG financing

The Bank joins a global syndicate of commercial banks, development finance institutions and export credit agencies to provide the requisite financing for the project

The African Development Bank (www.AfDB.org) has concluded its bid to co-finance the construction of Mozambique's integrated Liquefied Natural Gas (LNG) plant by signing a senior loan of $400 million for the transformational project. The Mozambique LNG Area 1 Project, estimated to cost over $20 billion, is ranked Africa's single largest…

Source: African Development Bank Group (AfDB) |

Niger: The African Development Bank enhances food security for nine million people (report)

The project entailed establishment of various types of infrastructure

The Water Mobilisation Project to Enhance Food Security in Maradi, Tahoua and Zinder Regions (PMERSA-MTZ) (https://bit.ly/32iTzQs), implemented between 2011 and 2018 in Niger, has sustainably increased agricultural production and productivity and increased food security for nearly nine million residents of this Sahelian country, according to a report by the African…

Source: African Development Bank Group (AfDB) |

Libya: African Development Bank grants $0.5 million emergency relief assistance for personal protective equipment (PPE) protection against COVID-19

The Bank’s funding will contribute to supporting the country’s national Response Plan for COVID-19

The Board of Directors of the African Development Bank (www.AfDB.org) have approved a grant of $480,000 to Libya under the Special Relief Fund (SRF) for the procurement of much-needed personal protective equipment (PPE) intended for treatment of cases of infection of the novel Coronavirus. The Bank’s funding will contribute to…

Source: African Development Bank Group (AfDB) |

Gabon: African Development Bank approves 100.5 million euros budget support for COVID-19

The loan will support the central African nation’s Budget Support Programme in Response to the COVID-19 Crisis or PABURC, which aims to strengthen the health system

The Board of Directors of the African Development Bank (https://www.AfDB.org/) has approved a 100.5 million euros loan to the government of Gabon as budget support to mitigate against the effects of the COVID-19 outbreak. The loan will support the central African nation’s Budget Support Programme in Response to the COVID-19…

Source: African Development Bank Group (AfDB) |

African Development Bank approves EUR 88 million loan to Cameroon to finance COVID-19 response

In Cameroon, the pandemic has revealed the structural weaknesses of the country’s health system and economy

The Board of Directors of the African Development Bank (www.AfDB.org) on Monday approved a EUR 88 million loan to Cameroon as direct budget support to finance the country’s COVID-19 crisis response. The loan, to the country’s COVID-19 Crisis Response Budget Support Programme (PABRC), falls under the framework of the Bank’s…

Source: African Development Bank Group (AfDB) |

African Development Bank approves new five-year strategy for Nigeria amidst COVID-19 concerns

The approval was made on 27 May 2020

The Board of Directors of the African Development Bank (www.AfDB.org) has approved Nigeria’s Country Strategy Paper (CSP) 2020-2024, which builds on the successes and challenges of the 2013-2019 edition, and incorporates emerging developmental realities and opportunities shaping Nigeria’s political and economic landscape, including in the post-COVID-19 period. The approval was…

Source: African Development Bank Group (AfDB) |

African Development Bank welcomes $10 million Clean Technology Fund investment to diversify Ethiopia’s energy mix

With this investment, CTF becomes the first progressive geothermal Independent Power Producer (IPP) in Ethiopia

The African Development Bank (www.AfDB.org) has welcomed a decision by the Trust Fund Committee of the Clean Technology Fund (CTF) (https://bit.ly/3dpAuyj), one of two funds within the Climate Investment Funds (CIF) (https://bit.ly/3fvTSeP), to extend a $10 million concessional senior loan for development of the 50 MW Tulu Moyo Geothermal Power Plant project…

Source: African Development Bank Group (AfDB) |

African Development Bank strongly rebuts claims that it plans to provide financial support to the East African Crude Oil Pipeline Project

The NEPAD Infrastructure Project Preparation Facility (NEPAD-IPPF) has not provided financing to any Private Sector Company for upstream oil or gas pipeline projects in East Africa

The African Development (www.AfDB.org) Bank has become aware of an inaccurate news article stating that the institution plans to provide financial support to the East African Crude Oil Pipeline Project. The Bank strongly refutes the claims in the misleading article, which references a letter by a group of civil society…

Source: African Development Bank Group (AfDB) |

African Development Bank President Akinwumi Adesina opens trading on London Stock Exchange

“My ringing of the bell here today, marks the beginning of a new exciting, strategic, and impactful engagement.” – African Development Bank President Akinwumi Adesina

Don Robert, Chairman of London Stock Exchange Group, welcomed the president of the African Development Bank (https://www.AfDB.org/) to open markets for trading at London Stock Exchange on Wednesday 22 January. The reception in London followed the African Development Bank’s Africa Investment Forum, held in November last year. The innovative market-place…