Author: APO Group

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a €39 million (46.3M USD) loan package for the construction of the Kinguélé Aval hydroelectric project in Gabon. The package comprises €20 million (23.7 million USD) from the African Development Bank, €10 million (11.87 million USD)from the Africa Growing Together Fund and €9 million (10.7 M USD) in concessional financing from the Sustainable Energy Fund for Africa, a special multi-donor fund managed by the African Development Bank. Additional financing to meet the project’s €133.8 million (158.9M USD) budget will come from the International Finance Corporation of the…

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a $6 million grant to launch the initial phase of the Desert to Power West Africa Regional Energy Program. Desert to Power, an initiative led by the Bank, is expected to transform the Sahel by harnessing the region’s abundant solar potential. The grant funding, sourced from the African Development Fund’s 15 (ADF-15) Regional Operations Envelope, will go to the West African Power Pool (WAPP) to conduct pre-feasibility studies for the construction of the Sahel Transmission Backbone that will link regional solar parks in all five countries. The…

A recently published African Development Bank (www.AfDB.org) scoping study on implementing NDCs in Africa recommends that development financial institutions and other investors focus on high-impact, high-growth potential start-ups that can drive climate-related innovation. The study, NDC implementation in Africa through green investments by private sector – A Scoping Study, was produced in partnership with the Fund for African Private Sector Assistance and launched during a virtual African Development Bank webinar held on 1 July 2021. Government and development institutions must engage the private sector in efforts to develop the green economy and meet Africa’s commitments under the Nationally Determined Contributions…

The United Bank for Africa (UBA) Plc (www.UBAgroup.com), is set to celebrate this year’s Africa Day in commemoration of African unity with the third edition of its annual UBA Africa Conversations, headlined by Africa’s international leaders that include  the President of Rwanda, H.E Mr Paul Kagame; Mrs Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation(WTO); Dr Tedros Adhanom Ghebreyesus, Director-General of the World Health Organisation(WHO) and Mr. Makhtar Sop Diop, Managing Director, International Finance Corporation(IFC). The conversations will be held online on africaday.UBAgroup.com. At a time of unparalleled African leadership in global organisations, the UBA Africa Conversations provides the opportunity for an…

A global coalition of public development banks today emphasized the urgency of immediate resources for Africa’s recovery post-Covid 19. Together, they committed to deepening cooperation to boost investment opportunities across the continent. Participants in the meeting, hosted by the African Development Bank, brainstormed on joint actions that could help boost a strong and inclusive recovery in Africa. This would be recovery grounded in a dynamic private sector. The African Association of Development Finance Institutions co-organized the meeting in collaboration with the International Development Finance Club, which is hosted by the Agence Française de Développement. The meeting was held virtually and…

The Kuwait Foundation for the Advancement of Sciences (KFAS) (www.KFAS.org) announced the appointment of Dr. Khaled Ali Al-Fadhel as the new Director General of the Foundation in March. In this capacity, he will also serve on the Board of Trustees for the Al-Sumait Prize for African Development (www.AlSumaitPrize.org). Dr. Al-Fadhel succeeds Dr. Adnan Shihab-Eldin, who retired earlier this year, and had served as Director General of KFAS since 2011, as well as a member of AlSumait Prize Board of Trustees since 2015. When asked about his vision for Al-Sumait Prize for African Development, he stated: “It is our goal to…

Perseus Mining Limited (TSX & ASX: PRU) (www.PerseusMining.com) has released its CY20 Sustainable Development Report. The report details the company’s progress over the past 12 months in delivering on its commitment to responsible mining operations in Côte d’Ivoire and Ghana, including an overall economic benefit to host countries totalling about USD$385M. As part of its longstanding commitment to the communities in which it operates, Perseus reported increasing community investment by 71% to around US$1.9M in CY20, funding critical health and education infrastructure projects for local communities. Additionally, Perseus announced it had increased its proportion of local procurement from 66% in…

Sounding a note of optimism at the European Union-Africa Green Investment Forum on Friday, African Development Bank (www.AfDB.org) President Dr. Akinwumi A. Adesina reminded global audiences of the continent’s vast opportunities for green growth. “Africa is a huge market offering incredible opportunities. The recovery pathway offers enormous opportunities. Recovery must be green and build climate resilience. Recovery must boost green investments,” Adesina said in a keynote address. The hybrid forum was convened by Portugal and the European Investment Bank to mobilize private and public capital towards the green transition in Africa. The high-level event brought together leading government and…

The Boards of Directors of the African Development Bank (www.AfDB.org) Group on Friday approved a proposal for the clearance of about $413 million in arrears on loans owed by Sudan to the institution, marking a major milestone in the country’s re-engagement with international financial institutions and the global economy. The proposal enables the Bank to proceed with clearing Sudan’s arrears with the African Development Bank Group, with the support of the United Kingdom and Sweden. The U.K will provide bridge financing to clear Sudan’s arrears to the African Development Fund, while Sweden has committed to providing grant financing of about…

The African Development Bank (www.AfDB.org) hosted its first virtual business opportunities seminar (BOS) of 2021 on 6 and 7 April. The BOS seminars offer a one-stop shop for companies, civil contractors, manufacturers, consultants, and suppliers from the Bank Group’s regional and non-regional members seeking to provide goods and services to projects or to the Bank. Held virtually as a result of the ongoing Covid-19 pandemic, delegates were informed about the Bank’s strategy for supporting economic growth, its priority areas, rules and procedures for project and corporate procurement, and ongoing public and private sector operations. During the sessions staff discussed the…