Browsing: AfDB

• ECOWAS, AfDB Group hold consultations on West Africa Regional Integration Strategy Paper (RISP) 2020-2025.
• Consultations focused on current issues around West African integration, including challenges, opportunities, and prospects.
• Other pertinent issues such as economic affairs, human development, infrastructure, and politics were also discussed.

The Economic Community of West African States (ECOWAS) and the African Development Bank Group have successfully concluded discussions regarding the mid-term evaluation of the West Africa Regional Integration Strategy Paper (RISP) for 2020-2025.

This strategic plan, approved by the Bank Group in May 2020, was designed to bolster regional integration efforts in West Africa.

With an initial investment plan totaling $4.52 billion, the West African RISP primarily focuses on enhancing resilient infrastructure and fostering the growth of regional businesses.

The meetings, spanning from September 5th to 15th, 2023, were held at the ECOWAS Commission headquarters in Abuja, Nigeria.

West African integration

During this period, both parties assessed …

• AfDB’s Africa Climate Risk Insurance Facility for Adaptation will insulate the agricultural sector against losses. 
• The product will boost countries’ preparedness, adaptation, and resilience against flooding, drought, and famine.
• The facility will contribute to building the data needed for robust early warning systems across Africa.

In a world gripped by the urgent need to address climate change, Africa stands out as a continent that emits the least carbon yet bears the brunt of its consequences. The recently concluded Africa Climate Summit shed light on this paradox and ignited a crucial initiative by the African Development Bank: the ‘Africa Climate Risk Insurance Facility for Adaptation (ACRIFA).’

This insurance programme aims to introduce a disaster relief insurance system to shield African nations from the ravages of catastrophic weather-related events.

Insurance armor against climate crisis

Agriculture, the lifeblood of many African economies, finds itself in the crosshairs of climate change. ACRIFA’s mission …

• Youth leaders, entrepreneurs and policymakers presented the Africa Youth Climate Assembly Declaration to Kenya’s President William Ruto, and African Development Bank Group President Akinwumi Adesina.
• The declaration advocates for the accelerated establishment of a Global Green Bank and a New Global Financial Pact, aiming to prioritise young people and their interests in climate financing. 
• During the Africa Youth Climate Assembly, a wide range of issues emerged including youth access to finance, Africa’s energy transition, the plight of millions displaced owing to the impacts of climate change and mobilisation of resources for sustainable development.

As the Africa Climate Summit draws to a close, a key highlight from the three-day summit is that Africa’s youth need to be more involved in the climate change conversation. 

This, as youth leaders, entrepreneurs and policymakers presented the Africa Youth Climate Assembly Declaration to Kenya’s President, William Ruto, and African Development Bank Group President Akinwumi Adesina.…

• Currently, East Africa is reeling from the effects of the worst drought on record; extreme heat is ravaging northern Africa while flash floods remain a constant threat.  
• This is despite the continent contributing the least to global warming and having the lowest carbon emissions on record.
• According to the African Development Bank (AfDB), Africa is the most vulnerable continent to climate change impacts under all climate scenarios above 1.5 degrees Celsius. 

Over the past few years, the frequency and intensity of adverse effects of climate change in different African nations has been on the rise. Rising temperatures, floods, and droughts are as a result of climate change yet the continent contributes the least carbon emissions. 

However, resultant collateral damage is posing systemic risks to the continent’s economies. Infrastructure investments, water and food systems, public health, agriculture, and livelihoods are at risk, threatening to undo Africa’s modest development gains. Left unchecked, …

On the 1st of June 2023, African ministers for trade and industries adopted a protocol that prevents trading second-hand clothes across the continent under the preferences of the AfCFTA. This was during the high-level African Union – East African Community and the private sector forum, the second Ministerial Retreat of the Council of Ministers on the AfCFTA, held in Nairobi, Kenya, to assess the progress and address critical aspects of the agreement’s implementation.…

• Fresh financing will bolster Ethiopia’s progress in achieving wheat self-sufficiency.
• Data shows Ethiopia’s wheat productivity has struggled to match the demands of a rising population, urbanization, and economic expansion over the past decade.
• Statistics show that Ethiopia’s annual wheat imports average roughly $600 million.

Ethiopia, the second-largest wheat producer in sub-Saharan Africa, has received a significant boost from the African Development Bank (AfDB) in the form of an $84.3 million grant aimed at propelling the nation’s wheat production to new heights.

The grant, a collaborative effort between the AfDB, the Government of the Netherlands, agribusiness firm OCP Africa, and the Global Center on Adaptation, holds the promise of not only enhancing wheat production but also bolstering exports.

CREW initiative in Ethiopia’s wheat production

As wheat gains prominence as a major crop cultivated across the vast expanse of African plains, Ethiopia strategically positions itself as a pivotal player in the sub-sector.…

• The Negomano-Roma Road was financed by the African Development Bank.
• President Nyusi finds the road reminiscent of the two nations’ Pan-Africanism aspirations.
• Road will facilitate residents with transportation services for health, education and local economic needs.

Mozambique President Filipe Nyusi has commissioned a critical cross-border link road, Negomano-Roma connection that was financed by the African Development Bank.

The road, which stands to be a key link for intensifying regional integration with Tanzania, stretches from the nation’s northern province. At the moment, the road is facilitating residents with decent transportation services for health, education and local economic needs.

Mozambique-Tanzania Pan-Africanism aspirations

Constructed under 42 months, and with the inclusion of 417 local workers under the framework of promotion and inclusion of local content, President Nyusi finds the road reminiscent of the two nations’ Pan-Africanism aspirations.

“The road is a great gain for the viability and maximization of regional integration. It is …

• AfDB is eyeing $2.3 trillion in sovereign wealth funds, strategic investment funds, pensions, and life insurance assets.
• The AfDB wants to unlock the potential of various wealth funds in Africa.
• Lender is now seeking set up of the African Sovereign Wealth Funds secretariat.

The African Development Bank (AfDB) is calling for unity to drive investments by mobilizing capital in Africa currently held in various funds and estimated at estimated at $2.3 trillion. This massive capital in Africa is in sovereign wealth funds, strategic investment funds, pensions, and life insurance assets.

Speaking at the Second Annual Meeting of the Africa Sovereign Investors Forum (ASIF), AFDB Vice President for Private Sector, Infrastructure, and Industrialisation Solomon Quaynor said the Bank is committed to supporting the establishment and operations of the African Sovereign Wealth Funds secretariat.

ASIF was launched in June 2022 by a group of 10 African sovereign wealth funds with a goal …

The debt-for-nature swaps concept has emerged as a viable solution to address Africa’s ‘poly-crisis’ marked by debt distress, climate change, and biodiversity loss. In light of this, Gabon recently launched an initiative termed Africa’s first debt-for-nature swap.

The Central African nation intends to buy up at least $450 million of its government debt and convert it into an eco-friendly blue bond. This is with a tender offer for its sovereign dollar-denominated bonds maturing in 2025 and 2031, prompting the Eurobonds to rise as much as 2.2 cents on the dollar.…

• Central Africa’s economic performance was powered by the DRC, which grew at a jaw-dropping 8.5% in 2022.
• Central Africa growth rate was higher than the African average, which is estimated at 3.8% in 2022, down from 4.8% in 2021.
• The region id projected to settle at 4.9% in 2023 and 4.6% in 2024.

Central Africa achieved real GDP growth of 5.0 per cent in 2022 compared with 3.4 per cent in 2021, as the region posted the strongest performance compared to other regions in the continent.

This was in terms of growth, inflation and budget deficit, a new report by the African Development Bank (AfDB) indicates.

Central Africa oil, minerals and commodities’ wealth

The rebound in economic activity was driven by favourable prices for raw materials. Increasingly, Central Africa economies are turning out to be a net exporter of crude oil, minerals and other commodities.

In comparison, the region’s …