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- African Heads of State call for tripling of World Bank’s concessional financing
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- 19 African Heads of State seek to triple IDA’s financing capacity to $279 billion by 2030.
- IDA remains [Africa’s] most dependable source of capital, with every dollar of donor financing enabling an additional $3.5 in capital market leverage to amplify development impacts: President Ruto
- We are united by a shared vision for the future of Africa—a continent rich in diversity, culture, and potential, thanks to its young people and natural resources: The World Bank Group President Ajay Banga.
In a historic gathering of 19 African Heads of State and government in Nairobi, Kenya’s President William Ruto has ramped up calls for increased concessional financing from the World Bank’s International Development Association (IDA).
The rallying call, which was made during the International Development Association (IDA21) for Africa Heads of State Summit held at the Kenyatta International Convention Centre (KICC) in Nairobi, reverberated with urgency and determination.
President Ruto’s plea sought …
- AfDB asks policymakers to put in place an orderly and predictable way of dealing with Africa’s $824Bn debt pile.
- According to AfDB, Africa’s ballooning external debt reached $824 billion in 2021.
- AfDB president says there is urgent need for increased concessional financing, particularly for low-income countries.
Africa’s immense economic potential is being undermined by non-transparent resource-backed loans that complicate debt resolution and compromise countries’ future growth, African Development Bank (AfDB) President Dr Akinwumi Adesina has said.
Adesina at the Semafor Africa Summit taking place on the sidelines of the International Monetary Fund and World Bank 2024 Spring Meetings, highlighted the challenges posed by Africa’s ballooning external debt, which reached $824 billion in 2021, with countries dedicating 65 per cent of their GDP to servicing these obligations.
He said the continent would pay $74 billion in debt service payments this year alone, a sharp increase from $17 billion in 2010. “I …
- Remittance inflows for March grew to $407.8 million, up from $385.9 million in February, with the US maintaining its lead as the top source for Kenya’s remittances.
- This was also higher by 14.2 percent compared to the $357.0 million sent in the same month last year (March 2023), according to official data by the Central Bank of Kenya (CBK).
- The cumulative inflows for the 12 months to March 2024 totaled $4.4 billion compared to USD 4 billion in a similar period in 2023, an increase of 10 percent.
Kenyans living and working abroad sent home more money in March, boosting the country’s forex reserves and supporting families and friends.
Remittance inflows for March grew to $407.8 million, up from $385.9 million in February, with the US maintaining its lead as the top source for Kenya’s remittances.
This was also higher by 14.2 per cent compared to the $357.0 million sent …
- AfDB and South Korea have signed two agreements worth $28.6 million.
- The funding will boost growth in Africa. It complements the $600M co-financing deal under the Korea-Africa Energy Investment Framework.
- AfDB-South Korea partnership focuses on energy, agriculture, and capacity-building in multiple African economies.
In a plan to boost Africa’s development agenda, the African Development Bank (AfDB) and the Government of South Korea have inked two agreements, collectively valued at $28.6 million.
This financial support aims to catalyse growth and prosperity across Africa, marking a milestone in the collaboration between Africa and South Korea.
The funding, a testament to the growing partnership between AfDB and South Korea, complements the $600 million co-financing commitment established under the Korea-Africa Energy Investment Framework in 2021.
AfDB and South Korea partnership
This framework plays a pivotal role in supporting African nations in enhancing their human capacity and developing their energy sectors, thereby bolstering sustainable growth.…
- The funding will target young entrepreneurs and micro, small, and medium enterprises with innovative solutions to drive climate change adaptation and resilience throughout Africa.
- YouthAdapt has already disbursed over $1.5 million to 33 young entrepreneurs across 19 African nations.
- Failing to invest in the youth will hurt Africa; failure is not an option – AfDB President Akinwumi Adesina.
The African Development Bank (AfDB) President Akinwumi Adesina has unveiled a $1 billion fund aimed at propelling climate financing for youth-led businesses across Africa. The initiative, known as YouthAdapt, is a partnership between the AfDB and the Global Centre on Adaptation.
YouthAdapt is designed to empower young entrepreneurs and micro, small, and medium enterprises with innovative solutions to drive climate change adaptation and resilience throughout Africa.
Dr Adesina made the announcement during a High-Level Dialogue titled “Africa Driving Climate Adaptation Solutions and Jobs,” held at the Wangari Maathai Institute of …
- AFC and CPF Financial Services will collaborate in identifying, developing, and co-financing infrastructure projects aligned with Kenya’s growth plan.
- Globally, infrastructure development is recognized as a critical pathway to any country’s economic take-off.
- Kenya boasts one of the best infrastructure networks in the South of Sahara.
Kenya’s infrastructure is set for a huge boost following a partnership between the Africa Finance Corporation and CPF Financial Services. The agreement signed during the opening of the ongoing Africa Climate Summit is aimed at increasing infrastructure investments in the East African nation.
Under the new partnership AFC and CPF Financial Services will collaborate in identifying, developing, and co-financing priority infrastructure projects that are aligned with Kenya’s development roadmap. The two organisations will leverage their combined technical expertise and access to domestic and global capital.
“African institutional investors are one of the single largest sources of investable capital and will play a catalytic role …
- UN Resident Coordinator in Kenya, Stephen Jackson, says the Africa Climate Summit goes beyond rhetoric—it’s about financing.
- Financing at scale to bring Africa’s climate solutions to the global marketplace is contingent on private sector participation.
- Currently, access to capital is limited, and when available, it often comes at a prohibitively high cost.
In Nairobi Kenya, a pivotal event is unfolding: the Africa Climate Summit 2023. Co-organized by the African Union (AU) and the Government of Kenya, this summit carries profound significance as it takes center stage in a continent on the frontlines of the climate crisis.
UN Resident Coordinator in Kenya, Stephen Jackson, summarizes the essence of this summit in his remarks, emphasizing that this event goes beyond rhetoric—it’s about financing. According to Jackson, here’s why the Africa Climate Summit’s focus on financing is of paramount importance.
Africa: A Crucible of Challenges and Solutions
Africa’s unique position in the …
- For millions of households in Uganda, remittances play a vital role in safeguarding food security, healthcare, savings and investment opportunities.
- IFAD data shows 75% of money sent to Uganda is used to fight poverty and improve access to nutrition, health, housing and education.
- The remaining 25 percent is used to support small businesses and facilitate access to financial products.
The UN’s International Fund for Agricultural Development (IFAD) has partnered with Stanbic Bank Uganda (SBU) in a plan to reduce the cost incurred by Ugandans sending money back home by half through a digital payment platform dubbed FlexiPay.
The partnership will also provide remittance recipients, especially in rural areas, with digital and financial training to promote the savings culture and foster digital finance uptake among these communities.
Cost of remittances in Uganda
At the moment, the average cost of sending money back home for Uganda’s migrant workers is 11.3 per cent, …
Standard Bank, Africa’s largest lender by assets, reported a remarkable surge in interim profit, demonstrating resilience in the face of adversity. The bank’s prudent approach and high-interest rates acted as countermeasures against escalating bad loans, resulting in a notable boost in profitability.…
