Source: African Development Bank Group (AfDB) |

Climate financing by leading multilateral development banks tops $61.6 billion

The Bank exceeded its target of achieving parity between adaptation and mitigation finance by allocating 55% of its climate finance resources to adaptation and 45% to mitigation

Climate financing by seven of the world’s largest multilateral development banks (MDBs) totalled $61.6 billion in 2019, of which $41.5 billion (67%) was in low- and middle-income economies, according to the 2019 Joint Report on Multilateral Development Banks’ Climate Finance (https://bit.ly/31noGIB). The study expands the scope of reporting for the…

Source: African Development Bank Group (AfDB) |

Integrity in Development Projects: The African Development Bank debars Sieyuan Electric and Subsidiaries for Fraud

As part of the settlement agreement with the Bank, Sieyuan is debarred for a period of 12 months, Jiangsu Rugao for 20 months

Pursuant to a settlement agreement between the African Development Bank (www.AfDB.org) and Sieyuan Electric, the company will be debarred for 12 months. Jiangsu Rugao, a Sieyuan subsidiary, will be excluded from Bank-financed projects for 20 months. The African Development Bank Group (AfDB) on June 16, 2020, announced the conclusion of…

Source: African Development Bank Group (AfDB) |

Our collective humanity is at stake: African Development Bank President

He made the call during a global Corporate Council on Africa (CCA) webinar

African Development Bank Group (www.AfDB.org) President Akinwumi Adesina says an accelerated global health and economic effort is needed to overcome the COVID-19 pandemic in Africa. Stating that “one death is one too many” and that “our collective humanity is at stake,” Adesina urged U.S. and African government officials and corporate…

Source: African Development Bank Group (AfDB) |

African Development Bank debars China Zhonghao Nigeria Limited for 18 months for fraudulent practices

The debarment renders China Zhonghao Nigeria Limited and its affiliates ineligible to participate in Bank-financed projects during the debarment period

The African Development Bank Group (www.AfDB.org) on 14 April 2020, announced the debarment of China Zhonghao Nigeria Limited, a civil engineering company registered in Nigeria, for 18 months, for fraudulent practices. An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that China Zhonghao Nigeria Limited, as a…

Source: African Development Bank Group (AfDB) |

Opinion: The pandemic is no time for fiscal distancing (By Akinwumi A. Adesina)

The African Development Bank estimates that Covid-19 could cost Africa a GDP loss between $22.1 billion and $88.3 billion in the worst case scenario

Akinwumi A. Adesina is President of the African Development Bank Group (www.AfDB.org) These are very difficult days, as the world faces one of its worst challenges ever: the novel coronavirus pandemic. And it seems almost no nation is spared. As infection rates rise, so does panic across financial markets, as…

Source: African Development Bank Group (AfDB) |

African Development Bank Debars Beulah Universal Link Resources Limited And Bluestream Systems And Device Limited For Fraudulent Practices

While participating in a tender for construction and rehabilitation of water reservoirs contracts, the companies misrepresented their qualifications for the contracts

The African Development Bank Group (https://www.AfDB.org/) on 17 March 2020, announces the debarment of Beulah Universal Link Resources Limited for 36 months and Bluestream Systems and Device Limited for 12 months. Both companies are registered in Nigeria. An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that…

Source: African Development Bank Group (AfDB) |

African Development Bank signs five-year agreement to use International Federation of Consulting Engineer (FIDIC) standard contracts

Under the terms of the agreement, FIDIC has granted the Bank a non-exclusive licence to refer to the seven major FIDIC contracts

The International Federation of Consulting Engineers (FIDIC) (FIDIC.org) has secured a major agreement with the African Development Bank (AfDB.org) that will see the international funding organisation include the use of seven FIDIC standard contracts for the next five years. Under the terms of the agreement, FIDIC has granted the Bank…

Source: African Development Bank Group (AfDB) |

Multilateral Development Banks Pledge to Step Up Support for Forcibly Displaced Populations at Global Refugee Forum

More than 70 million people are forcibly displaced globally, with African countries hosting about 8 million refugees and 16 million Internally Displaced Persons (IDPs)

Multilateral Development Banks (MDBs) are stepping up their support for refugees and people affected by forced displacement, including hosting communities, across a wide range of sectors and policy instruments. The pledges were made by the African Development Bank (https://www.AfDB.org/), the Asian Development Bank, the European Bank for Reconstruction and Development,…

Source: African Development Bank Group (AfDB) |

African Development Bank’s Sustainable Energy Fund for Africa (SEFA) converts to concessional finance facility

First established in 2012, SEFA is anchored in a commitment of $121 million by the Governments of Denmark, United States, United Kingdom, Italy, Norway and Spain

The African Development Bank’s (www.AfDB.org) Board of Governors has approved the conversion of the Bank-administered multi-donor trust fund SEFA into a “special fund”, to amplify its development impact by allowing it to access a wider range of financial instruments beyond the current scope of technical assistance. Currently, SEFA, the Sustainable…

Source: African Development Bank Group (AfDB) |

African Development Bank and Three Regional Development Banks Launch Joint Report on Livable Cities

The report, Creating Livable Cities: Regional Perspectives, looks at urbanization trends across emerging and developing economies in Africa; Asia and the Pacific

Rapid urbanization has provided most cities in the world with opportunities to provide more sustainable, vibrant, and prosperous centers for their citizens. But they must first address challenges such as inadequate infrastructure investments, pollution and congestion, and poor urban planning, according to a new report released today.  The report, Creating…