Browsing: Africa post-pandemic economic recovery

The challenge facing the EAC is not the lack of natural resources but the lack of high-tech industries. China is a perfect example of a country that transformed from an agricultural civilisation to an industrial one. More than 850 million individuals have been lifted out of poverty due to recent economic growth brought about by China’s industrialisation.

Without involvement in the fourth industrial revolution, the East African Community would never be able to escape its state of backwardness. Therefore, the DRC will catalyse industrial transformation inside the East African Community, Africa and the world.…

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a $137 million loan to support Botswana’s economic recovery from the Covid-19 pandemic.

The funds, extended under the Bank Group’s Botswana Economic Recovery Support Program, will be used to enact multi-sector reforms that will increase spending efficiency, create jobs and drive inclusive growth.

The project has three components: enhancing domestic resource mobilization and mitigating fiscal risks to enhance macroeconomic performance and create fiscal space for spending on social safety nets; supporting private sector-led agriculture and industry to bolster productivity and value addition, and increase job opportunities; and offering business development services to micro and small enterprises to advance social protection and gender equity. The three components are expected to reinforce one another.

“The African Development Bank is providing support for reforms to enhance private sector-led agriculture, and transformation of the industrial sector,” said Leila Mokadem, …