Author: Kevin Odero

• The complex relationship between struggling African economies and the IMF revolves around the necessity of bailouts and structural reforms to address economic crises while balancing the need for sovereignty and social welfare.
• Conditions imposed by the IMF aim to promote fiscal discipline, enhance economic stability, and ensure sustainable growth.
• The ongoing engagement with the IMF highlights the broader quest for a more equitable global financial system.

The International Monetary Fund (IMF) and its relationship with struggling African economies has been intricate and multifaceted. Often characterized by a mixture of dependence and resistance, this partnership comes to the forefront during periods of economic distress.

African countries, facing challenges such as debt, the aftermath of COVID-19, and external pressures such as the Russia-Ukraine conflict, have found themselves turning to the IMF for bailout assistance.

This dynamic has reignited discussions around the IMF’s role in fostering economic stability and growth through financial support …

• The African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative aims to close the $42 billion financing gap faced by women entrepreneurs, demonstrating that investing in women fosters gender-inclusive economic growth.
• By securing over $1.5 billion in investments for women-led SMEs and providing gender-smart banking training, AFAWA is changing financial institutions’ perceptions and practices, demonstrating the viability and profitability of supporting women entrepreneurs.
• AFAWA’s partnerships and educational programs build a more inclusive financial ecosystem, showcasing the initiative’s commitment to empowering women entrepreneurs and driving sustainable, inclusive economic development across Africa.

The African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) aims to invest in women and close the significant financing gap they face. Women entrepreneurs in Africa confront a daunting $42 billion disparity in financing compared to their male counterparts, largely due to misconceptions about their creditworthiness and a lack of collateral. Despite these challenges, …

• AfDB projects in Egypt and Côte d’Ivoire win at the 2024 Bonds, Loans & ESG Capital Markets Africa Awards.
• These projects showcase innovative financing, like Egypt’s Panda Bond and Côte d’Ivoire’s Sustainable Loan, promoting sustainable development in Africa.
• The awards highlight the significance of ESG criteria, demonstrating the Bank’s role in advancing economic sustainability and growth on the continent.

The African Development Bank has been at the forefront of driving significant financial initiatives across Africa, as demonstrated by its involvement in groundbreaking projects in Egypt and Côte d’Ivoire.  The prestigious 2024 Bonds, Loans, and ESG Capital Markets Africa Awards recently honored these projects, highlighting the innovative approach and impact of the bank’s efforts.

Strategic Achievements Through AfDB Projects

Two African Development Bank-supported ventures have garnered top awards in notable recognition of excellence and innovation. Egypt’s groundbreaking RMB3.5bn ($478.7 million) Sustainability Panda Bond issuance clinched the Sovereign, Supra, and Agency …

• AfDB has okayed $16 million to power The Gambia’s Agriculture and Food Security Project, aimed at enhancing food security and the incomes of vulnerable populations.
• This funding will expand the cultivation of climate-resistant crops, increasing agricultural productivity and benefiting over 18,000 small-scale farmers, especially women and youth.
• Beyond agricultural development, the project incorporates social security, nutrition, and gender equality initiatives, including expanding school nutrition programs for over 203,900 pupils.

A total of $16.08 million is set to enhance production for millions of people employed in Gambia’s agriculture value chain. This follows a move by the African Development Bank Group (AFDB) to approve the fresh funding allocation to enhance the Gambia’s food security initiatives.

The country’s ambitious Agriculture and Food Security Project, initiated in 2021, received the financial support on March 4. With this injection of funds, The Gambia is poised to make significant advancements in its agricultural sector, with a …

• The AfDB and partners in Rabat, Morocco, are organizing the 2024 Africa Investment Forum to catalyze investments in Africa’s agriculture, infrastructure, and renewable energy.
• The forum is a pivotal platform for advancing Africa’s economic integration, promoting policy innovation, and encouraging private-sector engagement and international collaboration.
• By aligning with sustainable development, inclusivity, and green finance goals, the Africa Investment Forum aligns with global sustainability goals, positioning Africa in the transition to a green economy and attracting ethical investments.

Set against the vibrant backdrop of Rabat, Morocco, the 2024 Africa Investment Forum Market Days, scheduled for December 4–6, is yet another cornerstone event for continental and global investors seeking growth opportunities in the continent.

The African Development Bank and seven founding partners will back this forum to drive investment-ready deals to fruition, further highlighting its critical role in Africa’s economic landscape.

Africa Investment Forum a catalyst for investment mobilisation

Since its inception …

• The African Development Bank has donated $20 million to Senegal to enhance food security and support small producers post-COVID through the PRESAN-PC project.
• Infrastructure development, including agricultural boreholes and solar-powered systems, aims to increase farm production and resilience to climate change.
• The project benefits vulnerable women and youth, includes contributions from various sources, and impacts 31,000 households across multiple Senegalese regions.

In an ambitious move to ensure food security and enhance the livelihoods of its small producers, Senegal has received a significant financial boost. On a notable day in March 2024, the African Development Bank Group allocated a $20 million donation to the nation for the Post-Covid Food and Nutrition Security Enhancement Project (PRESAN-PC).

The initiative aims to transform Senegal’s agricultural landscape, benefiting vulnerable women and young people through increased farm production and income.

African Development Bank’s $20 million donation to Senegal 

The African Development Bank’s generous donation comes from …

• The Biden administration has refined US sanctions on Zimbabwe targeting specific leaders linked to human rights abuses and corruption.
• New sanctions leverage the Global Magnitsky Act, and they focus on individuals and entities undermining democracy and involved in graft.
• The strategy supports the objectives of the Zimbabwe Democracy and Economic Recovery Act, emphasizing the need for political and economic reforms in Zimbabwe.

In a policy shift, President Joe Biden has overhauled the United States’ sanctions strategy towards Zimbabwe, introducing a set of measures aimed directly at key figures within President Emmerson Mnangagwa’s administration.

This move marks a departure from a broader sanctions regime that has been in place for over two decades, focusing instead on those at the heart of human rights abuses and corruption within the Zimbabwean government.

This restructuring of sanctions is part of the US’s ongoing commitment to fostering accountability for human rights abuses and corruption in …