Browsing: AfDB President Adesina

• The AfDB has partnered with payments giant Mastercard and committed $300 million to MADE Alliance in a deal aimed at digitalizing farmers in Africa.
• Over three million farmers in East Africa are projected to benefit from the MADE Alliance project.
• Overall, MADE Alliance will provide digital access for 100 million people over the next decade.

A new initiative dubbed MADE Alliance, has set out to mobilizing resources in an effort to digitize farmers and their operations across Africa as the shift towards digital economy gathers pace.

In a deal being powered by the African Development Bank (AfDB) Group in partnership with digital payments giant, Mastercard, MADE Alliance, will see upto 300,000 farmers across East Africa benefit from the programme.

The project was launched on the sidelines of the 79th session of the United Nations General Assembly in September this year by the president of the AfDB, Dr. Akinwumi A. …

• Africa is loosing out on bad minerals for loan deals, AfDB warns.
• AfDB is developing initiatives to  help countries’ address the bad loans.
• China alleged to be the leader in bad minerals for loan deals with Africa.

Africa’s natural resources are being traded for loans from international lenders and that is why the continent is underdeveloped, the Head of the African Development Bank, Dr Akinwumi Adesina, has decried.

In an interview with The Associated Press in Lagos, Nigeria, Dr Adesina called for an end to “loans given in exchange for the continent’s rich supplies of oil or critical minerals used in smartphones and electric car batteries.”

The Head of Africa’s biggest lending bank, AfDB, said some countries have gained control over mineral mining in places such as Congo and have left some African countries in financial crisis owing to such ‘mineral for loans deals.’

“They are just bad, first …

• Tanzania signs 161.47 million US dollars to implement Kakono HPP in Lake Zone
• European Union (EU) to chip in additional 35 million Euro for Kakono HPP 
• Kakono HPP will take five years to complete, feature a primary school, health centre

The government of Tanzania has secured funding for the Kakono Hydropower Project (Kakono HPP). The project is in line with the country’s Third Five-Year Development Plan (FYDP III) and aligns with President Samia Suluhu’s plan to foster a competitive industrial economy.

The Lake Zone, in the north-western part of Tanzania, is one of the country’s highest fossil fuel consuming region due to the low coverage by the national electricity grid. The region uses diesel generators making the region expensive for investors and residents.   

Funding a US$325 million power project in E. Africa

Also Read: French Development Agency provides $30 million for African SMEs

With assistance from the African Development Bank …

• US World Bank President nominee Ajay Banga chooses Africa for his first tour
• AfDB president Dr. Akinwumi Adesina calls for a new measure of economic growth
• AfDB launches Adesina Africa Industrialization Index (AII)

The World Bank is getting a new president and it will be likely US-nominee Ajay Banga who for his first global tour, chose to visit Africa. What does this maiden tour mean for the continent?

Back in February, US President Joe Biden announced Ajay Banga as the United States’ nominee for President of the World Bank Group. Should he be approved, Ajay Banga will be replacing the incumbent president, David Malpass, whose term ends in June.

Among his first moves on his way to the top office in the world’s largest financial institution, Banga, is making a strategic visit to Africa.

For the first stop of his World tour, Mr. Banga flew to Abidjan Côte d’Ivoire on …

There is a shift, a change in the nature and composition of Tanzania’s workforce from labour-intensive to skilled labour. This shift is well received as the report authors describe it as ‘a good sign of economic transformation’ it is a sign Tanzania mechanisation.

The report authors contend that the fact that the proportion of labour employed in agriculture has decreased while that in other sectors, notably manufacturing and services, has increased, then it is a clear sign of an industrializing nation.

Agriculture mechanization in Tanzania is also evident in the fact that even though employment in the sector is decreasing, but the sector’s overall performance is actually increasing.

According to Tanzania’s Commissioner of Financial Sector Development, Dr Charles Mwamwaja, between 2015 and 2019, the agriculture sector grew at an average of 5.2 per cent, while the subsector of agricultural products continued growing at an average of 5.8 per cent.…