Browsing: African Development Bank (ADB)

Zimbabwe is ready to host the Sixth Africa Regional Forum on Sustainable Development (ARFSD) Minister said.

The forum will be held in Victoria Falls in February from 24 to 27 under the theme ‘2020-2030: A Decade to Deliver a Transformed and Prosperous Africa through the 2030 Agenda and Agenda 2063.” said Sekai Nzenza, the acting Labour, Public Service and Social Welfare Minister Zimbabwe.

“The Forum gives Zimbabwe an opportunity to showcase itself, especially that the country is really open for business and also what the country can offer in terms of tourism. It is also a great opportunity for the country to establish strategic alliances on Sustainable Development Goals (SDGs) as we continue to reengage with the rest of the world,” said Ms Nzenza.
She said Zimbabwe is fully committed to achieving the sustainable development goals agenda and the 2063 African Union Agenda.

Also Read: Zimbabwe is open for business,

Finland to contribute €68.4 million to the restoration of the African Development Fund (AfDF). Finland’s pledge consists of a grant and a concessional loan to be presented next year

The fund is the concessional window of the African Development Bank Group. Finland is also preparing a loan of  €80 million for the African Development Fund . The fund grants concessional loans to Africa’s poorest countries. The fund is usually restored after every three years.

More than 30 donor countries and representatives of African countries reached an agreement on the restoration of the AfDF for 2019–2022. The donor countries’ development cooperation funding totalled to €5.5 billion of the total financing package of €6. (artandhistory.org) 8 billion.

Also Read: Finland Economic Affairs minister leads trade mission to Kenya

Finland’s pledge means a 45% increase on the €62.8 million contributed in the 2016–2019 replenishment round.
The objectives of the AfDF are …

The Africa Finance Corporation(AFC) has advanced $20 million funding for the construction of Uganda’s crude oil refinery, paving the way for the start of the $4.27 billion projects.

Africa Finance Corporation signed the financing deal on the sidelines of the Africa Oil Week in South Africa mid this month.

Other financiers expected to put money into the multi-billion-dollar project include the African Development Bank, Prosper Africa, a US government Initiative that unlocks opportunities to do business in Africa and Trace and Development Agency another US-based firm.

AFC managing director Ammadou Wadda, representatives from US-based Prosper Africa Initiative, Trace Development Agency and African Development Bank president Akiwumi Adesinia attended the side event.
The investors also agreed to hold a meeting next year to discuss how to raise funds for the refinery. The refinery’s management is also expected to give details about the project and existing investment opportunities to potential investors.…