Browsing: AfDB

• Tanzania has food surplus and is now exporting to neighbours.
• This raises hope that the fight against hunger and malnutrition on the continent is achievable.
• AfDB is now calling for the implementation of Dakar 2 Food Summit commitments.

Tanzania has been recognized for its steady steps to achieve food self-sufficiency attributable to its expanding agricultural industry.

“Tanzania is setting new benchmarks in food self-sufficiency across Africa, raising hope that the fight against hunger and malnutrition on the continent is achievable,” notes the African Development Bank (AfDB) President, Dr. Akinwumi Adesina.

Dr. Adesina made this observation during a high-level session at the World Food Prize Norman E. Borlaug International Dialogue in Iowa, US where he was moderating the talks. He lauded Tanzania President Samia Suluhu Hassan after she announced that her country had reached 128 per cent food security and is now exporting surplus to neighbouring countries.

Speaking during a session …

• AfDB slaps 12-month sanctions on China Railway Construction Engineering Group over scandal involving Tanzania’s Msalato International Airport Project.
• The hit stems from findings by AfDB, which uncovered fraud in the company’s bid for phase one of the airport project.
• However, the firm remains eligible to participate in AfDB-funded projects during the penalty period provided it adheres to strict compliance measures.

The African Development Bank Group (AfDB) has placed China Railway Construction Engineering Group under a 12-month conditional non-debarment following a fraud investigation linked to Tanzania’s Msalato International Airport Project.

This decision, effective from November 7, 2024, stems from findings by AfDB’s Office of Integrity and Anti-Corruption, which uncovered fraudulent practices in the company’s bid for phase one of the project.

The investigation revealed that the Chinese company failed to provide accurate information about its experience during the bidding process, a breach it admitted constituted fraudulent activity.

Despite the sanction, China …

• African countries lag in terms of clean water and sanitation for all investments.
• The World Bank warns that failure to achieve SDG 6 will affect the achievement of most other goals.
• Tanzania was recognized for achievements of the Water Sector Development Program (WSDP) phase three.

Africa is not on track to achieve Sustainable Development Goal Six (SDG 6), which advocates Clean Water and Sanitation for all, yet its achievement would lead to the realization of multiple Sustainable Development Goals (SDGs).

The assertion was made by the African Development Bank Group, Dr. Akinwumi Adesina who noted that failure to achieve SDG 6 will significantly impact the elimination of poverty (SDG 1), zero hunger (SDG 2), good health and well-being (SDG 3), gender equality (SDG 5), clean energy (SDG 7) and decent work and economic growth (SDG 8) as well.

He said that while there are strong relationships between water security and …

• As COP29 starts in Baku, Azerbaijan, African nations are set to drive the climate agenda, focusing on climate finance and redefining economic metrics to recognize the continent’s green assets.
• Africa’s ‘green wealth’ push seeks to quantify Africa’s contributions to global environmental health, valuing its vast carbon sinks, natural resources, and ecosystems.
• This initiative, led by the AfDB in an alliance with the Republic of Congo and Kenya, could reshape Africa’s economic standing.

The annual United Nations climate conference, COP29, opens with a strong emphasis on climate finance, especially for developing nations that bear a disproportionate burden of climate change impacts.

At the forefront, African nations are pushing for increased funding and support, which is essential to advancing their National Adaptation Plans and Nationally Determined Contributions as outlined in the Paris Agreement.

This year, Africa, represented by the African Development Bank (AfDB) and a coalition of governments, is …

• Sudan has stepped forward, increasing its pledge to $3 million in the African Development Fund.
• Sudan’s pledge aligns it with other African nations, which have each committed to raise at least $1 million to the fund by 2025.
• With backing from The Gambia, Liberia, Sierra Leone, and Ghana, Africa’s commitment to funding its key projects is strengthening.

African nations are coming together to secure a $25 billion replenishment for the African Development Fund (ADF), an ambitious target that signals a continent-wide push toward self-driven financing for projects.

In the latest update, Sudan has stepped forward, increasing its pledge to $3 million in this collective movement. With backing from countries including The Gambia, Liberia, Sierra Leone, and Ghana, Africa’s commitment to funding its development projects is strengthening.

As governments, led by the African Development Bank (AfDB), advocate for this replenishment, they set a critical precedent for financial autonomy in achieving Africa’s …

• 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. …

• The African pharmaceuticals market is projected to reach $34 billion by 2027.
• Egypt has been tipped to contribute most to Africa’s pharmaceutical industry’s growth.
• What implication does this change present to global pharmaceutical giants?

Africa pharmaceutical investment is well underway, and for the first time, the continent seeks to produce and distribute medicinal drugs but, what would be the impact on the global industry? “The failures of the global health systems during the COVID-19 pandemic—when export restrictions, lockdowns, and hoarding sent supply chains into frantic disarray—made local manufacturing of pharmaceutical supplies a top priority for African leaders,” notes global health writer Sara Jerving in her report titled New foundation is ready to help African pharmaceutical manufacturers.

Africa pharmaceuticals market reached $25 billion 2022 and is expected to grow at a 6 percent five-year CAGR to reach $34 billion by 2027 reports IQVIA, a global research institute. According to the …

• African Economic Outlook 2024 calls for an overhaul of the global financial architecture to transform African economies.
• Seventeen African economies are projected to grow by more than 5 per cent in 2024, potentially increasing to 24 by 2025.
• Growth in Southern Africa is projected to pick up slightly from an estimated 1.6 per cent in 2023 to 2.2 per cent in 2024

East Africa is projected to lead GDP growth on the continent, amidst global challenges, according to the African Development Bank Group’s African Economic Outlook 2024 report. This region is expected to see the fastest growth, with real GDP growth rising from an estimated 1.5 per cent in 2023 to 4.9 per cent in 2024 and 5.7 per cent in 2025.

However, the economic uncertainties in South Sudan and Sudan due to conflict have led to a downward revision of 0.2 percentage points for 2024 due to larger-than-expected …

• AfDB asks policymakers to put in place an orderly and predictable way of dealing with Africa’s $824Bn debt pile.
• According to AfDB, Africa’s ballooning external debt reached $824 billion in 2021.
• AfDB president says there is urgent need for increased concessional financing, particularly for low-income countries. 

Africa’s immense economic potential is being undermined by non-transparent resource-backed loans that complicate debt resolution and compromise countries’ future growth, African Development Bank (AfDB) President Dr Akinwumi Adesina has said.

Adesina at the Semafor Africa Summit taking place on the sidelines of the International Monetary Fund and World Bank 2024 Spring Meetings, highlighted the challenges posed by Africa’s ballooning external debt, which reached $824 billion in 2021, with countries dedicating 65 per cent of their GDP to servicing these obligations.

He said the continent would pay $74 billion in debt service payments this year alone, a sharp increase from $17 billion in 2010. “I …

• New investment in Tanzania’s railways sector is expected to directly benefit nearly 900,000 people and indirectly impact an estimated 3.5 million.
• Tanzania operates two railway systems, totaling 3,682 km in length.

Tanzania railway sector is poised for immense growth as the World Bank poured significant funding by approving $200 million in financing from the International Development Association (IDA) which is a part of the bank.

According to available information from the World Bank statement made on Friday, the bank said the financing for the second phase of the Tanzania Intermodal and Rail Development Project (TIRP-2) will improve safety, climate resilience, and operational efficiency along this railway segment.

Read also: AfDB approves $696.4M financing for Tanzania-Burundi-DRC railway project

Tanzania railway plan anchored on Dar- Morogoro SGR

The funding comes a few weeks after Tanzania Railways Corporation (TRC) began its inaugural trial journey of the electric Standard Gauge Railway (SGR) train …