Browsing: AfDB

The African Development Bank (AfDB) has initiated a five-year plan to stimulate growth in South Africa, the continent’s most advanced economy. Dubbed the Country Strategy Paper (CSP) 2023-2028, AfDB has outlined two main lines of action. The Bank aims to enhance governance while deploying strategies to revamp the private sector.
Concerning governance, CSP 2023-2028 will support the South African government in its efforts to address persistent structural challenges. This approach aims to promote industrialisation and establish a faster, more inclusive growth trajectory to combat poverty.…

Investors from Ireland and Nordic countries are encouraged to consider Africa a promising destination for their investments, as the continent holds significant growth potential.
This call comes after an official visit by Prof. Kevin Chika Urama, the Chief Economist of the African Development Bank Group, to Denmark, Finland, Ireland, Norway, and Sweden.…

• The 1,028km highway will connect economic capitals of five West African countries, part of Ecowas economic block.
• Estimates show the project will cost $15.1 billion and is part of the Trans-African Highway Network.
• ECOWAS Heads of State want to speed up the construction of the highway..

The African Development Bank and the Economic Community of West African States (ECOWAS) Heads of State now want to speed up the construction of the highway between Abidjan and Lagos.

This was realized after the 1st round table of development partners and major regional and international DFIs on the financing of the Construction of the Abidjan–Lagos Corridor Highway, in Abidjan, Côte d’Ivoire.

The round table aimed at providing the main regional and international development finance institutions with the latest information on this major regional project.

Abidjan-Lagos road design

The meeting also served as an awareness-raising platform and “soft market test” for the project, …

• 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, …

• 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 …