Browsing: AfDB loan

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It further explains that the RCF disbursement will continue to help address Tanzania’s urgent balance of payment needs arising from the Covid-19 pandemic.

The money will also serve to provide Tanzania with concessional resources needed to take measures to mitigate the severe socio-economic impact of the pandemic.

Tanzania’s economy is heavily dependent on the tourism industry and as yet, the IMF cautions that travel services receipts and travel arrivals continue to remain below pre-pandemic levels. …

NAIROBI, Kenya, Jun 17 – The African Development Bank has announced new rounds of funding for Zambia and Egypt.

In Zambia, AfDB has approved a $1.4 million grant from the Global Agriculture and Food Security Program to reduce malnutrition among the Southern African nation’s most vulnerable households.

The grant will be directed into the Mitigating Impacts of Covid-19 on Household Food Security Project and is expected to create about 150 permanent skilled or semi-skilled positions and 40 part-time unskilled jobs in crop, livestock, and fisheries value chains.

AfDB says the project will also supply inputs for crops, livestock, and aquaculture enterprises to promote good agricultural practices and increase food production, as well as a capacity-building component.

Commenting on the Zambian funding, AfDB’s Director of Agriculture and Agro-industry Martin Fregene said increased food supply resulting from additional grant funds will lead to more jobs, improved quality of life, and reduction of …

African Development Bank Group

The Boards of Directors of the African Development Bank ( 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 $4.2 million to meet Sudan’s burden-share for the operation.

Upon full clearance of the arrears to the Bank group, sanctions on Sudan will be lifted and a Policy-Based Operation (PBO) will be provided to the country as part of the Bank’s full re-engagement, to complement on-going Bank operations.

Clearing of …