Browsing: African Development Bank

Young farmers in Uganda, DRC and Nigeria to receive support from AfDB
  • Uganda, Nigeria and DRC are the latest beneficiaries of a multinational project initiated by the African Development Bank
  • The Creating Sustainable Youth MSMEs Through Urban Farming (SYMUF) project is intended to create jobs and improve livelihoods for the youth in the three African countries 
  • The initiative will support young farmers who are attracted to urban farming

The African Development Bank (AfDB) has launched a multinational project to create jobs and improve livelihoods for youth in three African countries.

The Creating Sustainable Youth MSMEs Through Urban Farming (SYMUF) initiative will support young farmers in Nigeria, the Democratic Republic of the Congo (DRC) and Uganda who are attracted to urban farming.

AfDB is partnering with a consortium of incubation centres in participating countries to implement the project.

They are the Africa Projects Development Centre (APDC) in Nigeria, the International Institute of Tropical Agriculture (IITA-Bukavu) in the DRC, and the African Agribusiness Incubation …

Microsoft, African Development Bank Partner To Promote Youth Entrepreneurship www.theexchange.africa

The project emphasises that young people are starting businesses, which is essential to meeting our lofty employment goals.

Through a public-private partnership model, the alliance aims to assist the creation of national institutions that will scale up financial and technical support for young entrepreneurs and increase their capabilities.

The African Development Bank created the Youth Entrepreneurship Investment Bank as a unique value proposition that integrates and anchors work to create African entrepreneurship ecosystems.

The bank will coordinate the necessary financial and non-financial parties and partners through this project to fulfil their responsibilities for supporting young entrepreneurs through mentoring, training, experience and knowledge exchange, and other means.…

A new assessment carried out by the World Bank has forecast that the African Continental Free Trade Area (AfCFTA) stands to boost Africa's income by US$450 billion by 2035, representing a gain of 7 per cent to the continent's revenue while adding US$76 billion to the income of the rest of the world. www.theexchange.africa

If fully implemented, AfCFTA could speed up wage growth for women and lift 30 million people out of extreme poverty by 2035, the World Bank report has found.

An article by Namibia Economist, dated July 29, 2022, suggests that achieving these gains will be particularly important given the economic damage caused by the COVID-19 pandemic, which is expected to cause up to US$79 billion in output losses in Africa from 2020.

  • Real income gains from full implementation of the AfCFTA agreement could increase by 7 per cent, or nearly US$450 billion by 2035.
  • AfCFTA would significantly boost African trade, particularly intra-regional trade in manufacturing.
  • Manufacturing exports would gain the most, 62 per cent overall, with intra-Africa trade increasing by 110 per cent and exports to the rest of the world rising by 46 per cent.

COVID-19 has caused major disruptions to trade across the continent, including critical goods such as…

AfDB President Dr. Akinwumi Adesina when he met with Hayashi Nobumitsu, Governor of the Japan Bank for International Cooperation. They discussed common interests including support for agriculture and fertilizers, quality health infrastructure and solar energy development. www.theexchange.africa

Senegal’s President Macky Sall claimed Japanese firms have the technical and financial capacity to establish up partnerships in Africa while Moussa Faki Mahamat, who is the African Union Commission chair praised Japan’s education and training achievements. He lauded a Japanese effort that taught nutrition to 1,000 young Africans.

African countries would need major financial resources to deal with Covid-19, climate change, and Russia’s war in Ukraine said the African Development Bank chief.

“Now is the time to assist the African Adaptation Acceleration Program to mobilize $25 billion for climate adaptation in Africa,” Adesina added.

AfDB’s African Emergency Food Production Facility, started in May 2022, is providing US$1.13 billion to 24 nations for emergency food production. The Bank approved the facility early in 2022 to prevent the Ukraine war’s food and fertilizer disaster.…

East Africa trade
  • AfCFTA testing new tool to measure ease of trade among African countries
  • Early test results indicate major gender parity issues
  • AfCFTA secretariat to seek national policy change to ease cross border trade

 

So you wish to invest in Africa, with 51 countries to choose from, what factors are going to guide your decision? Once you have overcome that huddle, comes another matter to address and that is ‘how easy is it to do businesses between said African countries?’

The second part of the question is what we will focus on here, how easy is it to do business between and among various African countries.’ There already exist several trading blocs and free trade zones etc and finally the largest of them all the African Continental Free Trade Area (AfCFTA) has finally been passed and is in action.

So what does this mean for investors, for businesses seeking to trade between …

African governments are looking for the most feasible ways for their nations to flourish in the global economy. www.theexchange.africa

The practical implementation of the AfCFTA, the expanding middle class, the evolving consumer market, enhanced use of financial technology and services, and the efficiency of the vibrant private sector will all be enablers of African export diversification and long-term economic growth.…

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Zimbabwe’s Central Bank said the increase in its policy rate to 200 per cent from 80 per cent will take effect from July 1 after annual inflation hit almost 192 per cent this month.

The benchmark interest rate was last raised to 80 per cent in April from a previous 60 per cent.

“The committee noted that the increase in inflation was undermining consumer demand and confidence and that, if not controlled, it would reverse the significant economic gains achieved over the past two years,” central bank governor Dr. John Mangudya said.

The latest figures from the Zimbabwe National Statistics Agency (ZIMSTATS) showed Saturday that the country’s annual inflation rate reached 191 per cent in June. A new blow to the purchasing power of Zimbabweans, stoking fears of a return to the 2008 hyperinflation period where savings were wiped out.…

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Last year, the Board of Directors of the African Development Fund (AfDB) approved another loan of around $116 million to Tanzania for the upgrade of a 160-km road corridor in the southern part of the country.

This enormous funding by the Bank actually served to cover 98.71% of the project cost; while the remaining 1.29% was met by the government of Tanzania. It is expected that the AfDB will continue funding Tanzania’s road works and other transport infrastructure especially given the country’s strategic geographical location.

Tanzania is the gateway into Africa’s interior and it is also the way out to the rest of the world via the Indian Ocean.

In Tanzania, it is the Tanzania National Roads Agency (TANROADS) is responsible for the improvement of road maintenance and development. The Agency is responsible for the management of 35,000 Km of roads made up of 12,786 Km of trunk roads and …

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  • Tanzania’s Government is scheduled to open the 2022 Tanzania Energy Congress (TEC) this August in the country’s commercial port city of Dar es Salaam
  • TEC will highlight the plans and priorities of the Ministry of Energy with regard to the next strategic steps in both the energy and hydrocarbons sectors in Tanzania
  • This annual event premiered four years ago under the steward strategic partnership of Ocean Business Partners Tanzania

Tanzania’s Government is scheduled to open the 2022 Tanzania Energy Congress (TEC) this August in the country’s commercial port city of Dar es Salaam.

Hosted under the flagship of the Energy Ministry, under the patronage of His Excellency January Makamba, Minister for Energy, TEC will highlight the plans and priorities of the Ministry of Energy with regard to the next strategic steps in both the energy and hydrocarbons sectors in Tanzania.

The two-day conference (3 – 4 August 2022) will feature …