Browsing: AfDB

Burundi's agricultural sector
  • AfDB grant aims to enhance Burundi’s productivity by four to five times and bolster agro-processing for increased domestic and export food availability.
  • It also promises significant economic diversification, creating jobs, improving food security and nutrition, and strengthening regional trade.
  • This investment can help safeguard the livelihoods of countless farmers against the increasing unpredictability of weather patterns due to climate change.

The African Development Bank (AfDB) has announced $80 million grant to bolster Burundi’s agricultural sector and transform the nation’s agricultural industry.

AfDB’s Director General for East Africa, Nnenna Nwabufo, revealed this financial pledge after meeting with Burundian Prime Minister Gervais Ndirakobuca in Bujumbura. This funding is poised to multiply the sector’s productivity by four to five times, with a keen focus on enhancing agro-processing capabilities to not only increase the availability of food within Burundi but also boost its export potential.

The collaboration between the AfDB and the Burundian government …

  • 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

  • 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 …

  • AfDB signs a risk facility worth over $150 million to boost financial inclusion.
  • Survey shows risk-supported Commercial Banks in Africa can play a key role in poverty eradication.
  • Increased access to capital loans will help lower-income families increase their household earnings

To boost intra-Africa trade in line with the aspirations of the African Continental Free Trade Area (AfCFTA), the African Development Bank Group has approved a $150 million risk facility.

The funding will be through the Trade Finance Unfunded Risk Participation Agreement, a deal which has been entered between the African Development Bank (AfDB) and the Trade & Development Bank (TDB).

Under this agreement, “the AfDB will provide guarantee cover of 50 per cent and up to 75 per cent for transactions in low-income countries and transition states on a risk share basis with TDB to a number of qualifying local and regional banks,” the bank states.

In this first …

  • Borana region is home to an estimated 1.2 million people, half of whom are women.
  • These communities rely heavily on pastoralism for their livelihoods, making them particularly vulnerable to the impacts of climate change.
  • In March 2023, over 3.3 million livestock perished due to lack of water, leaving more than 67,000 households without means of economic support.

For decades, millions of people in Ethiopia’s Borana region have borne the brunt of the loss of livelihoods as climate change-induced disasters cause the death of their livestock, leaving them vulnerable to economic difficulties.

This story is, however, set to change following the African Development Fund’s $46.02 million grant to the Borana region to improve water access and sanitation in the area.

This funding, designated for Phase 2 of the Borana Resilient Water Development for Improved Livelihoods Program, is a vital investment in the well-being and future of the region’s pastoral communities.…

  • With 65% of the global uncultivated arable land located in Africa, AfDB says there is potential for the continent to feed itself and the rest of the world.
  • The lender is now committing to focus on securing long-term financing for research activities and enhancing researcher CGIAR’s effectiveness across the continent.
  • AfDB and CGIAR also anticipate engaging in capacity building for country-based national agricultural research services partners, young scientists, extension workers, and private-sector seed growers to produce certified seeds.

The African Development Bank Group (AfDB) and the Consortium of International Agricultural Research Centres (CGIAR) have committed to enhancing food security through improved production to offer better nutrition for Africa’s growing population.

This commitment involves strengthened collaboration between the parties, leveraging the robust arable land the continent possesses. “With 65 percent of the global uncultivated arable land, we believe that the continent can feed itself and the rest of the world,” AfDB …

  • The AfDB’s mandate for a three-year social bond was announced on Wednesday, 17th January 2024.
  • This issuance is a significant highlight amid a dynamic week in the USD SSA markets, witnessing the launch of eight benchmarks totaling US$17.25 billion within a span of two days.
  • This new three-year Social Benchmark is the Bank’s first global benchmark of the year.

The African Development Bank has issued its first ever three-year social bond targeting to raise US$2 billion under its recently established Sustainable Bond Framework, which was launched in September 2023.

Set to mature on February 25, 2027, the Sustainable Bond Program seamlessly integrates and strengthens the African Development Bank’s existing Green and Social Bond initiatives, streamlining the issuance of green bonds, social bonds, and sustainability bonds.

This new three-year Social Benchmark is the Bank’s first global benchmark of the year, strategically aligning with the robust reopening of primary markets in January …

  • An ongoing diplomatic row in Addis Ababa has prompted the AfDB to withdraw its international expatriates from Ethiopia.
  • At the same time, fears of a possible shift of the African Union’s (AU) headquarters from Addis Ababa to Nairobi have been voiced in response to the worsening political situation and growing violence in Ethiopia.
  • The current scenario in Ethiopia presents significant obstacles for international organizations that operate within the country. 

Circumstances surrounding the AfDB’s withdrawal from Ethiopia

A roiling diplomatic crisis pitting the African Development Bank (AfDB) against authorities in Addis Ababa—the seat of the African Union—has prompted the pan-African lender to relocate its international personnel from Ethiopia in a huff. This hasty decision announced on Wednesday comes months after Ethiopian security forces reportedly mistreated two AfDB staff members in Addis Ababa on October 31, 2023.

Under the direction of a newly designated Officer-in-Charge, the Bank’s Ethiopian office will continue to …

  • Africa stands to lose up to $25 billion annually due to the direct impact of the EU Carbon Border Tax Adjustment Mechanism.
  • With Africa’s energy deficit and reliance mainly on fossil fuels, especially diesel, the implication is that Africa will be forced to export raw commodities again into Europe.
  • New carbon tax could severely impede Africa’s progress by penalizing value-added exports in industries such as steel, cement, iron, aluminum, and fertilizers.

In a stark warning, African Development Bank (AfDB) Group President, Dr Akinwumi Adesina, has raised concerns about the potential ramifications of the new EU carbon border tax on Africa’s trade and industrialization efforts.

Dr Adesina says that this tax could severely impede Africa’s progress by penalizing value-added exports, specifically targeting crucial industries such as steel, cement, iron, aluminum, and fertilizers.

The imposition of carbon tax would have a profound impact on the continent’s ability to compete in the global …

  • They will also receive comprehensive mentorship and coaching as part of a 12-month accelerator program.
  • This year’s focus was on female-owned enterprises pioneering Fourth Industrial Revolution (4IR) technologies such as artificial intelligence, big data analytics, virtual reality, robotics, IoT among others.
  • The winning ventures, led by women from across Africa, focus on sectors affected by climate change.

African enterprises have triumphed in the 2023 YouthAdapt challenge, with eight dynamic women-led businesses securing victory. Each of these enterprises is set to receive grant funding of up to $100,000.

They will also receive a comprehensive mentorship and coaching as part of a 12-month accelerator program. Since its launch in 2021, the YouthADAPT initiative has provided more than $5 million to 33 young entrepreneurs from 19 African nations.

Jointly organised by the African Development Bank Group (AfDB) and the Global Center on Adaptation, supported by the Africa Climate Change Fund, YouthADAPT is …