Browsing: AfDB Economic Outlook in Egypt

Africa’s annual trade and investment gap is estimated to be a shocking $200 billion due to lack of Risk mitigation services. AfDB Bank's President Akinwumi Adesina delivers keynote speech at recent event.

GuarantCo is one of the six partners that make up the Africa Co-Guarantee Platform. Others are the African Development Bank, African Trade Insurance Agency (ATI), African Union Development Agency (AUDA-NEPAD), GuarantCo (part of PIDG, the Private Infrastructure Development Group), the Islamic Corporation for the Insurance of Investment and Export Credit Insurance (ICIEC), and Afreximbank.

Speaking recently at the Platform’s Steering Committee Meeting, Afreximbank’s Director of Guarantees and Specialized Finance Kofi Asumadu-Addo, said, “…this is a critical moment, and the CGP is needed more than ever.”

He went on to point out that the Covid-19 pandemic, and the Ukraine crisis have resulted in macroeconomic challenges that require urgent action and it is only by working with large organs like the AfDB that action can be taken.

Over the course of the next six years, LEAF is expected to deploy financing options, credit enhancement instruments and technical assistance in partnership with the private sector; including local banks.

As we approach the 2030 deadline of the SDGs, we must unfortunately acknowledge the disturbing truth, we are far from meeting the goal’s sustainable growth targets. The latest Sustainable Development Goal (SDG) 7 tracking report warns that close to 600 million Africans still lack access to electricity and this reality is only worsened by the Covid-19 crisis.

In his comments about the LEAF program, the Bank’s Vice President in charge of Power, Energy, Climate Change and Green Growth, Dr. Kevin Kariuki, notes: “The African Development Bank is delighted to partner with the Green Climate Fund on the Leveraging Energy Access Finance Framework, which will not only accelerate access to electricity based on decentralized renewable energy solutions, hence reducing the respective countries’ carbon footprints, but will do so with the active participation of a private sector facilitated by local currency financing and commercial capital availed under the program.”

In June, the Voice of America reported that a bomb had gone off at a market in Tigray at about 1 pm, right when the market would be at its busiest time. At least 43 people were killed and dozens of others wounded.

This was June 22, a day after Ethiopia held its sixth national elections and a fortnight from the commencement of the second filling of the GERD.

Will fighting in Tigray deter Ethiopia’s GERD plans?