Ghana supports AfDB’s quest for more resources to accelerate continent’s transformation

GHANA – Ghana’s President Nana Akufo-Addo has backed calls for more resources for the African Development Bank Group to accelerate its transformative role across the continent. President Akufo-Addo has expressed strong support for a significant replenishment of the African Development Fund, the African Development Bank Group’s concessional financing arm. He noted that the work of the Fund has become even…

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AfDB approves US$180m loan for extension of electricity in rural areas

RWANDA – The African Development Bank (AfDB) has approved two loans amounting to US$180 million to co-finance a major energy project that will extend electricity access to rural areas and reduce greenhouse gas emissions in Rwanda. This follows earlier approval for US$84.2 million from the resources of the African Development Fund (ADF), the concessional window of the Bank Group, for…

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UN Women, AfDB launch digital market platform for women farmers in Cote d’Ivoire

COTE D’IVOIRE – The UN Women has partnered with African Development Bank (AfDB) to launch a digital market platform in Cote d’Ivoire dubbed Blaatto, aimed to connect women farmers in the country to markets. The platform is part of the UN agency’s Buy From Women initiative, targeting women smallholder farmers and members of women-led agricultural cooperatives in the country’s central…

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AfDB approves US$10.66M equity investment to support venture capital investments in African start-ups

AFRICA – The Board of Directors of the African Development Bank (AfDB) has endorsed a US$10.66 million equity investment to stimulate venture capital investments in African entrepreneurs at all stages of development. The African Development Bank (AfDB) will provide US$7.62 million from its own funds to the equity fund, while the European Union (EU) will invest US$3.05 million in partnership…

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AfDB to launch US$4m new Trust Fund for Circular Economy

AFRICA – The African Development Bank (AfDB) will be channelling US$4.3 million into a new trust fund to help push circular economy efforts in Africa. The Board of Directors of the AfDB has approved the establishment of a €4 million (US$4.32m) Africa Circular Economy Facility to drive integration of the circular economy into African efforts to achieve nationally defined contribution…

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AfDB, ECOWAS commit US$3.56M to boost pharmaceutical industry in West Africa

WEST AFRICA – The African Development Bank (AfDB) has signed an MoU with the Commission of the Economic Community of West African States (ECOWAS) for US$3.56 million in grant funding to boost pharmaceutical industries in West Africa. The agreement has been signed in Abuja, to increase local manufacturing of high-quality, safe, effective, and accessible essential medicines, pharmaceuticals, and vaccines in…

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AfDB to support private sector investment and renewable energy transition in South Africa

SOUTH AFRICA – The African Development Bank (AfDB) is committing US$2.8 billion over the next five years to support private sector investment in South Africa. The government of Africa’s most developed nation is seeking to foster a rebound from the global pandemic, which temporarily shuttered large swathes of the economy and helped push unemployment rates to record levels. The support…

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AfDB approves US$88.2M for transport facilitation in Liberia and Sierra Leone

WEST AFRICA –African Development Bank Group has approved US$88.2 million in financing for the third phase of the Road Development and Transport Facilitation Programme for the Mano River Union. The Mano River Union is an international association initially established between Liberia and Sierra Leone in 1973 under the Mano River Declaration. The Mano River begins in the Guinea highlands and…

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IFC, African and European Partners launch Alliance to support private sector growth in Africa

AFRICA  – International Finance Corporation (IFC), African and European partners have launched Alliance for Entrepreneurship in Africa to support private sector growth in Africa. The Alliance will combine and focus the technical and financial strengths of its members to improve Africa’s business environment and support the growth and success of small and medium-sized enterprises (SMEs), women in business, and young…

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AfDB approves US$127M package to open up eastern agricultural areas in Niger

NIGER – African Development Bank Group has approved funding of US$127.8 million to open up eastern agricultural areas in Niger. The funds have been approved by the Board of Directors of the African Development Fund, the Group’s concessional arm.  The approved package comprises a loan of US$71 million and a grant of US$56.8 million will be used to open up…

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