AfDB and Rockefeller Foundation sign US$1.6b deal for African renewables

AFRICA – The African Development Bank (AFDB) and the Rockefeller Foundation have signed a Letter of Intent to collaborate on decentralized renewable energy (DRE) solutions and grid-based energy transition for the African continent.  The partnership was signed just a few days after the launch of the Global Energy Alliance for People and Planet (GEAPP) at COP26. With catalytic capital from The Rockefeller Foundation, IKEA Foundation and the Bezos Earth Fund, and a consortium of nearly two dozen public and private sector partners, GEAPP aims to accelerate an equitable energy transition in 60+…

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AfDB grants US$70m to DRC for agro-industrial development

DRC – The Board of Directors of the African Development Bank Group has granted a loan from the African Development Fund (ADF) of US$70.76 million to the Democratic Republic of the Congo (DRC), to implement the Program of support for agro-industrial development in Ngandajika (PRODAN), in the center of the country. This is financing from the Bank’s concessional window. The Congolese government will provide about US$22.37 million in counterpart for the execution of the program over a period of five years, in the province of Lomami, in the center of…

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AfDB grants US$70m to DRC for agro-industrial development

DRC – The Board of Directors of the African Development Bank Group has granted a loan from the African Development Fund (ADF) of US$70.76 million to the Democratic Republic of the Congo (DRC), to implement the Program of support for agro-industrial development in Ngandajika (PRODAN), in the center of the country. This is financing from the Bank’s concessional window. The Congolese government will provide about US$22.37 million in counterpart for the execution of the program over a period of five years, in the province of Lomami, in the center of…

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AfDB Group approves US$40m grant to further capitalise Development Bank Ghana

GHANA – The Board of Directors of the African Development Bank Group has approved a grant of US$40 million from the African Development Fund to the Republic of Ghana to further capitalise The Development Bank Ghana (DBG), a newly established development finance institution in Ghana. The Development Bank Ghana is designed to provide financing to micro, small and medium sized enterprises as well as small corporates in agribusiness, manufacturing and information and communication technology (ICT). “The project to support the DBG is aligned with Ghana’s Beyond Aid Vision and supports…

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AfDB secures US$136m for its Sustainable Energy Fund for Africa

AFRICA – The African Development Bank (AfDB) has announced US$136 million in additional investment for its Sustainable Energy Fund for Africa (SEFA). The announcement was made during the COP26 conference featuring government ministers and a council of leaders in renewable energy. SEFA, a multi-donor trust fund administered by the AfDB, has reaffirmed its support for institutional expansion for its African energy focussed development programs. SEFA’s founding member, Denmark, has disclosed US$14 million in new pledges. Denmark’s Minister for Development and Nordic Cooperation, Fleming Moller Mortensen, deliberated that energy was a…

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Eskom secures US$57m loan from AfDB to harness battery storage technology

SOUTH AFRICA – The African Development Bank (AfDB) approved US$57.67 million loan to Eskom, South Africa’s public electricity utility, to harness battery storage technology that will increase electricity generation from reliable and efficient renewable energy sources. The Bank’s financing, a concessional loan, will come from the Clean Technology Fund, a multi-donor trust fund under the Climate Investment Funds. The pioneering Battery Energy Storage Systems Project is being co-financed with the World Bank and the New Development Bank.  The project involves the development of 200MW of battery storage with four hours…

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Morocco secures US$131m loan from AfDB for sustainable agriculture

MOROCCO – The Board of Directors of the African Development Bank (AfDB) has approved a new €114 million (US$131.89m) loan to Morocco to enable the implementation of the Support Program for the Inclusive and Sustainable Development of Agricultural and Rural Areas (Padidzar). According to the Moroccan High Commission for Planning (HCP), agriculture, which accounts for 15% of the national wealth produced each year before tourism and industry, is threatened by water stress. The phenomenon caused by drought is a consequence of climate change. In this context, the Padidzar aims to…

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AfDB injects US$10m in ARCH Cold Chain Solutions East Africa Fund

EAST AFRICA – The Board of Directors of the African Development Bank (AfDB) has approved an equity investment of US$10 million in the ARCH Cold Chain Solutions East Africa Fund (CCSEAF) to support the development, construction, and operation of greenfield cold storage, temperature-controlled solutions and distribution facilities in East Africa. The investment will advance the Fund toward its targeted final close of US$100 million by the second quarter of 2022. The Fund’s first close of US$30 million occurred in November 2019. In partnership with conglomerates in the region, the Fund…

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Africa Investment Forum plans US$45m vaccine production plant in East Africa

EAST AFRICA – The African Development Bank (AfDB) and its partners under the Africa Investment Forum are considering the establishment of a US$45 million vaccine plant in East Africa. While the location of the World Health Organization-prequalified vaccine production plant is not yet known, the facility will be capable of routine production of three vaccines, including for COVID-19. This will be part of a US$140 million investment being considered by the forum to boost vaccines and healthcare in West and East Africa. During the virtual roundtable event held on October…

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AfDB extends US$350,000 grant for technical assistance to deepen national capital markets in Cape Verde

CAPE VERDE – The African Development Bank Group (AfDB) has approved US$350,000 in grant funding for technical assistance to consolidate the country’s capital markets strategy and increase the liquidity of its fixed income markets.    The grant will be sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by the African Development Bank. The national stock exchange, Bolsa de Valores de Cabo Verde (BVC), will use the funds to develop a capital markets masterplan and upgrade current infrastructure to stimulate liquidity in secondary bond markets. “We are…

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