Browsing: AfDB

The economic disruption caused by the Covid-19 pandemic has slowed the region’s growth projection to 1.2 per cent for 2020.…

Africa’s real GDP is projected to contract by 1.7 per cent in 2020, dropping by 5.6 percentage points from January 2020 pre-COVID–19 projection.…

Most workers in East Africa fall in these primary and secondary sectors with a high risk of automation.…

The African Development Bank (AfDB) ‘2020 African Economic Outlook’ report is very optimistic about East Africa’s economic performance, despite the setbacks of Covid-19. The report shows that on average, the region registered growth of 5 percent throughout all of last year.

Once again, it is the small landlocked Rwanda that booked the highest growth rate reporting an impressive 8.7 per cent. However, worth noting is that Rwanda’s annual economic growth did take a hit from the global pandemic and slowed to 3.6% in the first quarter of 2020.

Second runners up was none other than Ethiopia which brought home 7.4 per cent in economic growth last year says the 2020 report. Next in line is Tanzania which garnered a 6.8 per cent growth, much higher than the rest of world by all standards.

The report say, despite the global pandemic and the economic burdens thereof, Tanzania’s growth is expected to …

The African continent has experienced a bitter reaction from the coronavirus pandemic, whereby as of May 13 almost every nation in the region battled the virus, while—other nations had cases less than 1000, the continent with some of the fast-growing economies could contract by 1.5 per cent and lose $200 b in income, according to International Monetary Fund (IMF) projections.

World Economic Forum brings an interesting perspective to the fold, as it pictures the regional economies in a deterioration hotbed as a result of de-globalization, and underlying factors such as operation shift to digital and debt burdens.

Hence—African Development Bank (AfDB) one of Africa’s vibrant financier has risen and displayed a rather crucial analysis pertaining the fate of the regional economy, the report was released on Tuesday 6 July 2020.

As the rest of the world strives to salvage and bounce back to normalcy, still—there are vital aspects at play …

Governments in the East African region have placed their bets in investing in infrastructure in a bid to increase their competitiveness and reach their full potential. In the last two decades the region has invested heavily in infrastructure including broader connectivity, electricity connection, and airport expansion among other mega projects. 

One of the major investment partners in these projects is the African Development Bank (AfDB). The AfDB has poured in billions of dollars in the form of grants and loans as it seeks to help establish the robust infrastructure needed to realise the region’s economic promise.  

Over the years, the AfDB has intervened to support the region’s development efforts.  As of 2012, total approved national and regional operations amounted to nearly $16.21 billion.  

The Bank’s interventions have consisted of a mix of investment projects, capacity-building, and technical …

Tanzania relays heavily on the tourism sector for its foreign exchange earnings and to save this vital sector, the country has announced plans to have all hotels and other tourist facilities across the country bear Covid-19 certificates that basically declare the facility a Covid-19 free area.

According to the Bank of Tanzania (BoT) the tourism sector is Tanzania’s top foreign exchange earner clocking USD 2.44 billion last year.  It only makes sense that the country would do all in its power to save the sector in the wake of the pandemic.

The move, to have tourism facilities display Covid-19 free zone poster is expected to build the trust of tourists and allow them to regain confidence in the hotels or related facility.

The said ‘posters’ will be the kind that health officers place in the windows of restaurants abroad with the grade of the said hotel in full display. The …

With climate and environmental shocks continually threatening food supplies and locusts still ravaging crops in East Africa, the situation could get worse unless adequate and timely attention is given to it.…

The African Development Bank Group has got a new member, Ireland, bringing its total number of international members to 27. Ireland’s membership goes along way to boosting the banks financial muscle and with it, the ability to fund development projects across the continent.

Ireland officially joined the Group last month after a declaration of its membership was issued in late April, a little less than an year after the country submitted its application to join the Group mid last year.

Following the declaration, Ireland’s top ranking government official the Minister for Finance Mr. Paschal Donohoe explained that its membership will serve to create investment opportunities for Irish businesses.

Short of detailing what business sectors will be targeted, the minister said the membership will help to advance shared development priorities, a view shared by the Bank’s President, Mr. Akinwumi Adesina,

The Bank’s president maintained that joining of its newest international member …

After three decades of austerity measures on Somalia, the otherwise economically embattled East African nation is now, 30 years later, in good standing with the World Bank.

Well, before we start tipping our hats, let’s put ‘good standing’ in perspective, Somalia is now in good enough standing to receive grants but it is yet to get to economic stability that would warrant it WB loans.

To put it in the words of the World Bank, the international lender is now ready to ‘normalize relations’ with Somalia. The bank credited turning the new leaf with Somalia on its reasonably strong record of fiscal and political reforms over the last few years.

As World Bank’s Country Manager for Somalia, Mr. Hugh Riddell was quoted mid this month, good relations means that “…going forward, Somalia will be able to access grants to finance poverty reduction.”

In his media brief, the WB country executive …