Browsing: African Development Bank Group

malnutrition crisis in africa
  • The Malnutrition Crisis in Africa has seen 63 million children stunted, 10 million overweight, and three million wasted.
  • Dr. Akinwumi Adesina said poor nutrition keeps school-age children from realising their educational potential.
  • Ministers, development partners and other speakers reviewed the progress toward achieving nutrition targets.

Malnutrition crisis in Africa

Leaders convening for the African Union and African Leaders for Nutrition Champion have revealed that Africa’s children are paying a considerable price as the continent finds itself in a malnutrition crisis among kids. An event held on the sidelines of the 37th Ordinary Session of the Assembly of the African Union in Addis Ababa revealed A staggering 86 million children under the age of five in Africa suffer from malnutrition, with 63 million stunted, 10 million overweight, and three million wasted.

Heads of state, government officials, ministers, and representatives from development and partner organisations expressed deep concern over the developmental challenges …

AFRODAD

The tightening of monetary policies in the US and Europe has had spillover effects on African markets. The challenging economic landscape has impacted interest rates and led to rising costs of debt servicing. As such, the African development bank has warned that Africa’s external debt could rise to $1.13 trillion this year from $1.1 trillion in 2022.…

Mauritian private equity fund Shorecap
  • The acquisition by Shorecap III, LP of 20 percent shareholding in Credit Bank has been approved by Central Bank of Kenya.
  • Credit Bank was licensed by CBK as a non-banking financial institution in 1986 under the name Credit Kenya Limited. It converted to a fully-fledged commercial bank in 1995.
  • Credit Bank specializes in provision of banking services to small corporates and Micro, Small and Medium-sized Enterprises (MSMEs). It has a market share of 0.5 percent as at March this year.

Mauritian private equity fund Shorecap III, LP has received the nod to acquire a 20 percent stake in Kenyan tier three lender, Credit Bank, in the latest mergers and acquisitions in the country.

The industry regulator, Central Bank of Kenya (CBK), announced the acquisition on Monday, with an effective date of June 15, this year.

This follows CBK’s approval on April 24, 2023, under Section 13(4) of the Banking …

martin.mwita How Africas 5 key regions will perfomr. A photo of passanger terminal in Lagos. COURTESY
  • East Africa is anticipated to have the highest performance, surpassing other regions.
  • Central Africa is projected to experience growth of 4.7% in 2022, up from 3.6% in 2021.
  • West Africa's growth fell to 3.6% in 2022, down from 4.4% in 2021. In the medium term, it is anticipated to increase, hitting 4.1% in 2023.
  • In 2022, growth in Southern Africa is projected to continue modest, falling to 2.5% from 4.3% in 2021.

The slowing of Africa's average growth conceals cross-regional variances, which primarily reflect disparities in the structure of economies, commodity dependency, differential impact of global exogenous shocks, and domestic policy responses to buffer the impact of these shocks.

According to the new biannual publication of the African Development Bank Group, Africa's Macroeconomic Performance and Forecast, East Africa is anticipated to have the highest performance, surpassing other regions.

This, as economies in the region continue to implement post-Covid-19 epidemic recovery…

Ghana to host the 2022 African Development Bank Group Annual Meeting. www.theexchange.africa
  • The annual meeting for the African Development Bank Group will be held in Accra, Ghana, from May 23-27, 2022
  • The theme for the AfDB 2022 meeting is Achieving Climate Resilience and a Just Energy Transition for Africa
  • This year marks the 57th AfDB Annual Meeting of the Bank Group’s Board of Governors and the 48th Meeting of the African Development Fund (ADF), the concessional arm of the Bank Group
  • The Bank will launch the 2022 report for the African Development Bank’s African Economic Outlook during the annual meeting

The annual meeting for the African Development Bank Group will be held in Accra, Ghana, from May 23-27, 2022.

This is the first meeting in two years to be held in person since the COVID-19 pandemic hit Africa. The previous two meetings have been held virtually. This year, however, will be both physical, which will take place at the Accra International Conference

African Development Bank Group

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a loan of $4.25 million to the Lesotho Revenue Authority to provide digital tax services, including e-taxation and e-payment, that will broaden the country’s tax base and boost government revenue.

The funds, to be sourced from the African Development Fund, the Group’s concessional lending window, will go to support the Supplemental Financing of the Lesotho Tax Modernization Project. The project follows the Lesotho Tax Modernization Project (LTMP) approved in November 2017, and for which the African Development Bank Group provided $7.09 million, in financing.

Specifically, financing will be used to procure and install e-taxation, e-payment, and e-invoicing software and hardware and to integrate financial institutions and mobile money providers into e-payment systems.

“The project will allow broadening of the tax base through simplifying and streamlining the tax regime and procedures for the small business and …

India-Africa partnership

The Covid-19 pandemic has provided the impetus for a stronger partnership between India and Africa with potential benefits to both as they build back sustainably after the crisis, experts attending the 16th CII-Exim Bank Digital Conclave on India-Africa Project Partnership (https://bit.ly/3rgmnDG) affirmed.

Speaking at the virtual event’s opening, Subrahmanyam Jaishankar, India External Affairs Minister said the two sides must reinforce collaboration in public health, digital delivery, capacity building, and the green economy – “our goals must be to use these new tools and practices for better delivery on the ground.”

“India has always maintained that progress in the world is contingent on the development of the global south, nowhere is that more evident than in Africa, and that is why we adapt as the most priority to the India-Africa partnership,” Jaishankar said.

The three-day virtual conference, with the theme Harnessing the Africa-India Opportunity- Connect, Create, Collaborate, was …

African Development Bank Ethiopia

Urging unity and action to accelerate nutrition targets amid the global Covid-19 pandemic, representatives of the African Development Bank (www.AfDB.org), the Aliko Dangote Foundation and Big Win Philanthropy renewed their commitment to end child stunting and other forms of malnutrition through the Banking on Nutrition Partnership (https://bit.ly/3wEhp4H).

The partners convened during a high-level panel discussion held on 8 July, organized by the African Development Bank. They shared lessons learned, experiences, achievements of the Banking on Nutrition Partnership since its inception five years ago. They also discussed its implementation within the African Development Bank and its Multi-Sectoral Nutrition Action Plan, as well as measures to encourage other organizations and development banks to integrate nutrition into their portfolios.

“The Bank is relentless in pursuing bold targets to unlock Africa’s human and economic potential. It is our aim to inspire other actors to recognize nutrition as central to that …