African Development Bank Group (AfDB) / Press Release

Source: African Development Bank Group (AfDB) | Dec 14, 2023

Africa needs just trade for a Just Energy Transition, African Development Bank head says at Doha Forum

The European Union recently launched the initial phase of a Europe-wide carbon tax on imported goods as part of its climate change reduction measures

The President of the African Development Bank Group Dr Akinwumi Adesina (www.AfDB.org) has reiterated his warning that the introduction of a carbon border tax by the European Union could push Africa back into exporting raw commodities and undermine its industrialisation gains. The European Union recently launched the initial phase of a…

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- From left to right, 1st row: Boitumelo Mosako, CEO, Development Bank of Southern Africa; Olusegun Obasanjo, former President of Nigeria; Jean-Jacques Bouya, Congo’s Minister of Spatial Planning and Major Projects; Julius Maada Bio, President of Sierra Leone; African Development Bank President Akinwumi Adesina and his wife Grace; Omar Kabbaj, adviser to King Mohammed VI; Azali Assoumani, President of the Union of Comoros and Chairperson of the African Union; Samia Suluhu Hassan, President of Tanzania; Édouard Ngirente, Prime Minister of Rwanda; Chinelo Anohu, Senior Director, Africa Investment Forum. 2nd row, from 2nd left: Roger Stuart, European Investment Bank; Benedict Oramah, President, Afreximbank; Nadia Fettah Alaoui, Morocco’s Minister of Economy and Finance; Hani Salem Sonbol CEO, International Islamic Trade Finance Corporation (IsDB Group).
- Omar Kabbaj delivering King Mohammed VI’s message to Africa Investment Forum participants.
- The continent is not as risky as perceived—Akinwumi Adesina
- “There are enormous opportunities for the development of value chains in Africa”—Azali Assoumani
- “We need to invest in the continent’s connectivity”—Samia Suluhu Hassan
- “How we turn obstacles into opportunities is the most important thing”—Julius Maada Bio
- There is scope for African and Caribbean people to partner in a range of spheres including pharmaceutical development and tourism—Mia Mottley
- “We need action now”—Édouard Ngirente
- Africa needs bold Innovative Initiatives to Unleash the Full Potential of the Continent—King Mohammed VI of Morocco
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Source: African Development Bank Group (AfDB) | Nov 09, 2023

Africa needs bold Innovative Initiatives to Unleash the Full Potential of the Continent—King Mohammed VI of Morocco

The Market Days, an initiative of the African Development Bank and seven other co-founding partners, is taking place in Marrakech, Morocco over the next three days

Morocco’s King Mohammed VI opened the 2023 Africa Investment Forum Market Days on Wednesday with a call for Africans to work together to attract the levels of private investment needed to drive the continent’s inclusive development. The Market Days, an initiative of the African Development Bank and seven other co-founding partners,…

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- Kristalina Georgieva, IMF Managing Director and Dr. Akinwumi Adesina, President of the African Development Bank Group
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Source: African Development Bank Group (AfDB) | Oct 06, 2023

Natural resource-backed loans are a disaster for Africa, warn International Monetary Fund (IMF) and the African Development Bank

The natural resource-backed loans are non-transparent, expensive and make debt resolution difficult

The International Monetary Fund (IMF) has strongly supported a call by the African Development Bank Group (www.AfDB.org) urging countries in Africa to stop borrowing loans backed by their natural resources. The IMF Managing Director Kristalina Georgieva met Thursday with the President of the African Development Bank Group, Dr Akinwumi Adesina,…

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- Dr Hussein Mwinyi, president of Zanzibar (center) , AfDB Tanzania country manager, Patricia Laverley, and delegations representing the government and the AfDB at the Golden Tulip Hotel in Zanzibar for the 17 May launch of the SEBEP project
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Source: African Development Bank Group (AfDB) | Jun 10, 2023

African Development Bank Group, Government of Tanzania launch $54 million initiative to drive job creation for youth in Zanzibar’s blue economy

Ocean-based activities, including tourism, contribute more than 29% of Zanzibar’s gross domestic product and employ about 33% of its work force

The African Development Bank Group (www.AfDB.org) and the Republic of Tanzania have launched the Skills Development for Youth Employability in Blue Economy project. This is a project that will enable Zanzibari youth to find well-paying maritime and other blue economy jobs. The Bank is providing grant financing of $48.65 million…

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- Dr. Akinwumi A. Adesina, President of the African Development Bank (left) and Gwede Mantashe, South Africa's Minister of Minerals and Energy, held a bilateral meeting on 25 March 2022
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Source: African Development Bank Group (AfDB) | Mar 28, 2022

South Africa’s energy transition needs full financial support, says African Development Bank Group President

The African Development Bank estimates that South Africa would need more than $30 billion for transition to renewable energy

African Development Bank Group (www.AfDB.org) President Dr Akinwumi Adesina has assured South Africa of the Bank’s strong support as the country transitions from fossil fuel to renewable energy. Adesina told Minister for Mineral Resources and Energy, Gwede Mantashe, that the Bank was in the process of setting up an African…

Source: African Development Bank Group (AfDB) | Feb 11, 2021

African Development Bank and Mozambique LNG Area 1 Project win Multilateral Deal of the Year Award for $24 billion global syndicated finance

The project will exploit Mozambique’s immense offshore natural gas reserves, which can potentially transform global energy markets

The Mozambique Liquefied Natural Gas (LNG) Area 1 Project and the African Development Bank (www.AfDB.org) have jointly received the prestigious Global Multilateral Deal of the Year 2020 award by the print and online publication Project Finance International (PFI). The project, the single largest foreign direct investment in Africa to date…

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Source: African Development Bank Group (AfDB) | Nov 12, 2020

Uganda: African Development Bank grants $500,000 for capacity development of Micro, Small and Medium Enterprises (MSMEs) within the petroleum sector

The project aims to support inclusive private sector growth and the creation of an estimated 500 jobs along the pipeline

The African Development Bank (www.AfDB.org) and the Government of Uganda have signed a $500,000 grant agreement for financing of Micro, Small and Medium Enterprises (MSMEs) to boost business linkages on the East African Crude Oil Pipeline Technical Assistance project. The project’s overall objective is to help develop capacity of local…

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Source: African Development Bank Group (AfDB) | Oct 23, 2020

Dissecting Africa’s Covid-19 response in the extractives sector: diversification, enhancing local content, offer solutions

Several economies in Africa are sustained by the extractive industry, with most national budgets dependent on mining and petroleum exports

The African Development Bank’s (www.AfDB.org) African Natural Resources Centre (ANRC) and the African Legal Support Facility (ALSF) hosted a dialogue on responses by governments and the industry to the COVID-19 pandemic in the extractive sector, focusing on South Africa, Ghana, Nigeria, and Kenya. The session, held 21 October and moderated by ALSF Director…

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Source: African Development Bank Group (AfDB) | Jul 27, 2020

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…

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Source: African Development Bank Group (AfDB) | Jul 21, 2020

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…