FIVE candidates are in the running to become the next president of the African Development Bank (AfDB), with voting set to take place Thursday during the lender’s annual meetings in Abidjan, Cote d’Ivoire. As reported by Reuters, the election comes at a critical moment for Africa’s premier development finance institution. Global aid flows are shrinking, borrowing costs are rising, and … Read more
THE African Development Bank (www.AfDB.org) has approved a $304 million loan to Botswana to support the southern African country in managing mounting fiscal challenges and implementing key governance and economic reforms. The funding, approved by the Bank Group’s Board of Directors on Wednesday, will finance the Governance and Economic Resilience Support Programme (GERSP), a … Read more
THE African Development Bank (AfDB) says it has approved $100 million for the establishment of the Nigerian Youth Entrepreneurship Investment Bank. Dr Akinwumi Adesina, President and Chairman, Board of Directors, AfDB, said this in Abuja on Friday, when he delivered the 14th Convocation Lecture of the National Open University of Nigeria (NOUN). The News Agency … Read more
AFRICAN leaders have approved the creation of a $20bn financial stability fund aimed at preventing debt crises before they take hold, according to the African Development Bank (AfDB). The African Financial Stability Mechanism (AFSM) will serve as a financial safeguard for economies struggling with mounting debt obligations, sluggish revenues, and climate-related economic pressures. The AfDB, which will … Read more
President Bola Ahmed Tinubu will depart Abuja on Sunday for Dar es Salaam, Tanzania, to participate in the Africa Heads of State Energy Summit on January 27-28, 2025. Naija News reports that this was disclosed in a statement on Saturday by Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga. The Summit, hosted by the government of … Read more
SENEGAL has officially launched the candidacy of Amadou Hott for the presidency of the African Development Bank (AfDB) Group. The announcement, made by the Ministry of African Integration and Foreign Affairs, underscores Senegal’s commitment to pan-African progress and development. A legacy of leadership and vision Hott brings over 25 years of experience spanning investment banking, development finance, … Read more
THE African Development Fund has approved a concessional loan worth $80.93 million to Senegal and Guinea for the construction of a new 240.71-kilometre interstate highway aimed at enhancing trade and integration in West Africa. The project, financed through the African Development Bank Group’s concessional window, allocates $41.47 million to Senegal and $39.46 million to Guinea. … Read more
THE Director-General, Nigerian Country Department of the African Development Bank (AfDB), Dr Abdul Kamara, has emphasised the need to boost agriculture production and value addition to transform the Nigerian economy. Kamara, in a statement said this at the Groundbreaking Ceremony of the Eruwa Agribusiness Industrial Hub in Oyo State on Thursday, He commended the … Read more
THE African Development Bank Group and the Japan International Cooperation Agency (JICA) have formalised a pivotal agreement, with Japan committing a ¥51.67bn (approximately $421 million) concessional loan to the African Development Fund (ADF). This major boost, announced during a signing ceremony on October 15, is aimed at driving development initiatives across Africa’s least developed and fragile nations. … Read more
VICE President Kashim Shettima has unveiled the framework for federal government’s comprehensive vision for a nationwide nutrition programme to address malnutrition and food insecurity in Nigeria. Speaking Tuesday during a roundtable with development partners at the Presidential Villa in Abuja, the Vice President said the initiative aligns with President Bola Ahmed Tinubu’s focus on food … Read more