- Leveling the Financial Playing Field for Africa
- In Tanzania, smallholder farmers reaping big from Mercantile Exchange
- DP World partners with Standard Bank to establish foothold in Africa
- Kenya amplifies dedollarisation call at Nairobi AfCFTA talks
- With a big herd, Tanzania projects strong meat exports
- All hands on deck to drive up insurance in Tanzania
- Gen Z behavioral traits that brands, media need to know
- Africa CDC, WHO launch joint disaster preparedness unit
Climate change is affecting Africa greatly and it is only contributing 4 per cent of the greenhouses emissions, hence United Nations Economic Commission Agency for Africa (UNECA) highlights that just by early 2030 Africa will start experiencing macroeconomics losses.
On the same mark, the African Development Bank (AfDB) is in assisting the continent’s efforts towards mitigating and adapting climate risks, particularly extreme weather events, and gaining resilience on drought via mobilization of crucial funding for such adaptation and mitigation projects.
AfDB (which is accredited by the international implementing agency since March 2016 by Green Climate Fund- GCF) together with GCF have successfully mobilized over $12 billion of climate finance to support climate resilience and low-carbon emission in the continent.
Despite the efforts are taken by Africa in that manner have not yielded significant results compared to other regions, still—AfDB eyes another opportunity to fuel more resources to African countries via …
The United Nations (UN) Climate Change Conference COP 25, has levitated the climate action landscape in Africa
This has led to the African Development Bank (AfDB) to join forces with 11 other international organizations to assist developing countries to build resilience against the impact of natural disasters caused by extreme weather.
The initiative comes at a rather perfect moment, especially when the region is faced with unprecedented catastrophic weather events affecting the continent’s economy.
According to AfDB, the institutions came together at the COP 25 climate change conference in Madrid on Tuesday to launch the Alliance for Hydromet Development.
Alliance for Hydromet Development
According to the World Meteorological Organization (WMO), the Alliance for Hydromet (hydrological and climate services) Development brings together major international development, humanitarian and climate finance institutions, collectively committed to scale up and unite efforts to close the hydromet capacity gap by 2030. It aims to increase …
The East African Community has for long earmarked the linking of partner countries through roads. One of this link is the link road that connects the coastal towns of Mombasa and Tanga, touching the lives of thousands of commuters and transporting goods and services worth millions.
Recently, the EAC announced that it has increased its funding for key projects from various donors among the Africa Development Bank (AfDB), which has now approved this project.
The Bank’s support for the Mombasa-Lunga Lunga/Horohoro and Tanga-Pangani-Bagamoyo roads Phase I, is in the form of African Development Bank and African Development Fund loans and represents 78.5% of the total €399.7 million project cost. The European Union contributed a grant of €30 million, 7.7% of the total project cost, to the government of Kenya.
The road is a key component of the East African transport corridors network, connecting Kenya and Tanzania. Producers, manufacturers and traders …
The African Development Fund (ADF) the concessional window of the African Development Bank (AfDB) has just got a boost from donor amounting to $7.6 billion which is a 32 per cent raise from the previous replenishment, AfDB press release reads.
The boost which came to fruition on Thursday 5 December 2019, comes as a good sign to the funding landscape in the bank, showing how AfDB commands trust and further the development funding sphere in Africa.
About the ADF
According to AfDB, the ADF which was established 1972 and became operation in 1974, contributes to poverty reduction and economic and social development in the least developed African countries by providing concessional funding for projects and programs, as well as technical assistance for studies and capacity-building activities. The Fund has cumulatively invested up to $45 billion over its 44 years of operationalization on the African continent.
On the same note, the …
The African Development Bank (AfDB) has just breathed life into Burkina Faso—the lease electrified country in the continent and globally, with € 48.42 million ($53 million) fund for the government of the country to implement the Yeleen Solar energy Plant, which is anticipated to boost national power supply, AfDB press release reads.
According to AfDB, the current project is part of Burkina Faso’s broader 2025 Solar Programme, known as “Yeleen” with three components: Development of photovoltaic plants (PV) connected to the interconnected national grid, Increase in the electricity distribution network, and Rural electrification by mini-grids (isolated) and individual solar systems.
Further, the rural electrification “ Yeleen rural electrification project” which aims to increase electricity access in Burkina Faso by connecting 150,000 households to solar mini-grids (50,000 household) and through stand-alone solar kits systems (100,000 households) was approved by AfDB in December 2018 with joint financing with European Union (EU) …
The world top-notch technology firm Microsoft and African Development Bank (AfDB) have launched the digital training platform for African youth, named –Coding for Employment.
The platform is expected to provide digital skills to youth.
According to the a statement from the AfDB, the platform was launched during the 2019 African Economic Conference in Sharm El Sheikh- Egypt, with the sole aim of promoting a continuous learning culture among young people and build their capacity to share the future of the continent.
Africa has nearly 420 million youth, which almost one-third of them are unemployed and 10 to 12 million youth enter the workforce every year to find only 3.1 million jobs created, hence—AfDB data show that, by 2050 youth in Africa will double to 830 million.
The African Development Bank Group is Africa’s premier development finance institution, with a rather strong foothold in supporting African nation’s development initiatives. It …
The fourteenth edition of the 2019 African Economic Conference (AEC) has commenced in Sharm El Sheikh—Egypt, raising serious ideas towards sending a crucial call to African policymakers to gain a rather strong hold in addressing unemployment among youth in Africa.
According to a statement from African Development Bank (AfDB), African governments are expected to eradicate setbacks and high startup costs that African youth face, in order to create decent well-paying jobs.
The AEC is jointly organized every year by the African Development Bank, the Economic Commission for Africa and the United Nations Development Programme (UNDP) to discuss pertinent issues affecting the continent.
This year’s event is running on the theme: “Jobs, entrepreneurship, and capacity development for African youth”.
Egypt’s Minister of Investment and International Cooperation, Sahar Nasr, gave out a rather vital aspect on the matter during his opening plenary, highlighting that, the conference provided a critical platform to …
Johannesburg Stock Exchange (JSE), has partnered with African Development Bank (AfDB), six strong African exchanges and the African Securities Exchange Association (ASEA), to strengthen investments into Africa.
The collaboration comes to foster cross-border trading and settlement of securities across African countries’ exchanges. Further—the initiatives go after unlocking the Pan-African investment potentials, which also leads to the diversification needs of investors and attending to various drawbacks such as the inadequate depth and liquidity in Africa financial markets.
According to a report by Quartz Africa, Foreign Direct Investment (FDI) is expected to have risen by 20 per cent in 2018 to $ 50 billion after tanking in 2017 by 21 per cent to $42 billion.
More importantly, the seven Stock Exchanges participating in the first phase of the AELP represent about 85% of Africa’s securities market capitalization.
READ: Afreximbank plans $3 billion IPO on London Stock Exchange
The JSE is based …
The Global Gender Summit which kicked off on November 25 in Kigali-Rwanda, and first summit of-its-kind to be held in Africa, emerged with rather vital issues in the second-day, whereby top-notch financial leaders rallied their desire to see support to women business across the African business landscape.
The summit is running on a theme “Unpacking constraints to gender equality” has drawn in presidents, high government officials, multilateral development banks, private sector, civil society and top business and finance leaders from across the continent, who have mainstreamed their ideas on how gender issues influence African finance.
READ:Promoting women will boost African economic growth, World Bank says
According to the African Development Bank (AfDB) press release, Dr. Jennifer Blanke the bank’s Vice President for Agriculture, Human and Social Development, aligned her ideas along side other Leaders from multilateral development banks, financial institutions and the private sector called on peers to dispel …
Women mean business in Africa, and available data shows that they tend to execute business operations or manage, compared to their male counterparts, thus—supporting women business with credit, business skills, and conducive operating environment might be the break that Africa has been eyeing.
According to the World Bank Report (Profit from Parity, Unlocking the potential of women business in Africa-2019), there are three factors that are found to limit women potentials in the business sphere, which are social norms, legal discrimination and the risk of gender-based violence ( for instance, the report shows, 14 per cent of women entrepreneurs in Malawi have been subjected to physical or emotional violence from their male counterparts).
All three factors are also buried under various segments such as endowment, which carry: education/skills, confidence or risks, finance and assets, networks and information. Another segment, that is an underlying constraint is the household level environment, which …