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 Fund approves UA100.4 million multi-country Covid-19 Response Support for Malawi, Madagascar, Mozambique and Sao Tome

The package will support the national actions of the four countries in mitigating the impact of COVID-19, with the overall objective of protecting lives and livelihoods

The Board of Directors of the African Development Fund (ADF) on Wednesday approved a UA100.4 million (about $138 million) crisis budget support package to four southern African countries – Malawi, Madagascar, Mozambique and São Tomé & Príncipe, in the wake of the COVID-19 pandemic. Under the package, known as the…

Source: African Development Bank Group (AfDB) |

In Ghana, African Development Bank-funded training builds skills for the economy of the future - report

The programme of study for skills-focused training was developed in three areas: mechanical engineering, welding and manufacturing, and electronics

A six-year project to develop industrial skills among Ghana’s workforce has improved the engineering and manufacturing skills of young people, promoted economic competitiveness and contributed to an improvement in the quality of life of beneficiaries and a reduction in poverty, according to an African Development Bank (www.AfDB.org) report issued on…

Source: African Development Bank Group (AfDB) |

Affirmative Finance Action for Women in Africa, ImpactHER and UN Women Policy Brief exposes disadvantages to women entrepreneurs in post COVID-19 era, offers solutions

The coronavirus pandemic is wreaking economic havoc and hitting women the hardest, with women-led Small and Medium-sized Enterprises(SMEs) at greater risk of closure

Women-led businesses are more vulnerable to closure than those led by men in the era of the novel coronavirus, due to women’s limited access to finance, shifts in consumer behavior, and the increase in women’s household care responsibilities as a result of extended lockdowns. All across the continent, the coronavirus…

Source: African Development Bank Group (AfDB) |

The one-stop border post between Tanzania and Kenya, a symbol of East-African integration

The African Development Bank in 2007 approved $185 million in funding

Naftali Elude Mzota, a driver for the Impala Shuttle Company in Tanzania, has been driving between Tanzania and Kenya for over 23 years. Asked about the difficulties of crossing the border, Mzota sighs. "Customs clearance used to be a real challenge here, because there were two borders. You had to…

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…

Source: African Development Bank Group (AfDB) |

Seychelles: African Development Bank extends $10 million loan to support COVID-19 responses as economy reopens

Against a backdrop of declining revenues, the Seychelles government recently amended its budget to respond more effectively to COVID-19

The Board of Directors of the African Development Bank (www.AfDB.org) on Monday approved a $10 million loan to the Republic of Seychelles to support the government’s COVID-19 response program. The loan will be channeled toward macroeconomic stabilization, strengthening national health responses to the COVID-19 pandemic, and safeguarding livelihoods and social…

Source: African Development Bank Group (AfDB) |

Cabo Verde: African Development Bank Group approves 30 million euros loan to fight COVID-19

The loan, approved on 26 May, will be used to fund the country’s health and social response, support macro-economic stability, and assist the private sector

The Board of Directors of the African Development Bank (www.AfDB.org) has extended a loan of €30 million to Cabo Verde to help the West African island nation fight the COVID-19 outbreak and mitigate its economic impacts. The loan, approved on 26 May, will be used to fund the country’s health…

Source: African Development Bank Group (AfDB) |

Africa Regional Integration Index underlines integration as key to building more resilient economies

The 2019 Index, which builds on the first edition published in 2016, provides up-to-date data on the status and progress of regional integration in Africa

The second Africa Regional Integration Index (ARII 2019) was launched Friday by the Economic Commission for Africa (ECA), the African Development Bank (www.AfDB.org) and the African Union Commission (AUC), with a call to action to African economies to deepen their integration. The 2019 Index, which builds on the first edition…

Source: African Development Bank Group (AfDB) |

Kenya: €188m African Development Bank loan to boost COVID-19 response

The loan will extend additional resources to Kenya as the country takes steps to contain the spread of the pandemic and deal with its unprecedented impact

The Board of Directors of the African Development Bank (www.AfDB.org) today approved an €188 million loan to support the Government of Kenya’s efforts to respond to the COVID-19 pandemic and mitigate the related economic, health and social impacts. The loan will extend additional resources to Kenya as the country takes…