BOAD secures US$78m equity investment from AfDB to support job creating sectors

WEST AFRICA – The Board of Directors of the African Development Bank (AfDB) has approved a line of credit of €70 million (US$78.68m) and an equity investment of US$24 million for West African Development Bank (BOAD). The line of credit will support businesses in the West African Economic and Monetary Union, particularly in job-creating sectors such as agribusiness, renewable energy,…

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AfDB appoints Kevin Chika Urama as Ag. Chief Economist and Vice President for the Economic Governance and Knowledge Management Complex

AFRICA – The African Development Bank (AfDB), has appointed Professor Kevin Chika Urama as Acting Chief Economist and Vice President for the Economic  Governance and Knowledge Management Complex, effective 1 October 2021. Professor Urama, a British citizen, has over 29 years of African and global experience in economic policy and knowledge management. Prior to this appointment, he has served as…

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African Development Fund backs Ethiopia-Djibouti electricity trade with US$83.6m in grants

DJIBOUTI – The Board of Directors of the African Development Bank Group (AfDB), has approved two grants worth US$83.6 million to boost cross-border trade in electricity between Ethiopia and Djibouti and to deepen integration in the Horn of Africa sub-region. The funds comprise a US$69.65 million grant to Ethiopia and the second grant of US$13.93 million to Djibouti, both sourced…

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Fintech firms M-Kopa, Pula get US$1.3m in grants from AfDB for market research

KENYA – Financial technology firms M-Kopa and Pula Advisors are set to receive grants totalling $1.3 million from a fund backed by the African Development Bank Group (AfDB) to conduct market research on women access to digital financial services. Pula, which offers insurance and digital products to help small-scale farmers, will receive US$1 million while mobile phone-based solar kit reseller…

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AfDB named World’s Best Multilateral Financial Institution 2021 by Global Finance

AFRICA – Prestigious U.S. magazine, Global Finance, specializing in financial markets and investment banking, has named the African Development Bank (AfDB) as the “Best Multilateral Financial Institution in the world for 2021.”  The award is a global recognition for the path breaking efforts of the African Development Bank as it transforms itself into a solutions bank for Africa, through a combination…

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AfDB approves US$1.3m grant for research efforts to enhance women’s digital access to loans and micro-insurance

AFRICA – The African Development Bank (AfDB) has approved two grants for research that will increase African women’s access to a range of digital financial services including loans and micro-insurance. The grants, for US$1 million and US$300,000 respectively, will be disbursed through the Africa Digital Financial Inclusion Facility (ADFI), a blended finance vehicle supported by AfDB, to two financial technology…

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AfDB and JICA sign US$668.1m loan agreement to replenish African Development Fund

AFRICA – The Japan International Cooperation Agency (JICA) and the African Development Fund (ADF), the concessional arm of the African Development Bank Group have signed a loan agreement of US$668.1 million to support the 15th replenishment of the African Development Fund (ADF-15). During a virtual ceremony, African Development Bank Group President Dr. Akinwumi A. Adesina and Japanese Ambassador to Côte d’Ivoire…

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AfDB & EIB ink deal to boost infrastructure investment in Africa

AFRICA – The African Development Bank (AfDB) and European Investment Bank (EIB) have signed a joint partnership action plan highlighting their strengthened cooperation and mutual development priorities and a strong shared emphasis on boosting public and private sector investment in Africa. The Joint Action Plan enables the two financial institutions to grow a shared pipeline of bankable projects around key complementary themes…

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Kenya launches US$13m water project in Bomet County

KENYA – The government of Kenya has launched a US$13 million water and sanitation project in Bomet County in western Kenya which will benefit three towns. The water project is being financed with a loan from the African Development Bank (AfDB) and is being implemented by the Lake Victoria South Water Works Development Agency (LVSWWD), an agency of the Kenyan…

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Equity Bank receives US$50m from FMO for SME lending

KENYA – Equity Bank Kenya has secured US$50 million from the Dutch Development Bank (FMO) for onward lending to small and medium-sized firms hit by the Covid-19 pandemic. Announcing the long-term funding, whose interest rate was not disclosed, FMO said the facility would uplift Equity Bank’s lending to the perceived risky small enterprises, who have been hard hit by the…

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