Browsing: Islamic Development Bank

Saudi Islamic Development Bank Group
  • The funding is designated for the construction of a bridge spanning the River Nile in northwest Uganda and the enhancement of roads stretching over 105 kilometers.
  • Uganda has encountered obstacles in accessing financial support from international institutions like the World Bank, primarily due to policy differences.
  • The loan holds the potential to stimulate job creation, foster entrepreneurship, and spur innovation

Uganda has finalized an agreement with the Saudi Islamic Development Bank (IDB), securing a $295 million loan to bolster infrastructure development, particularly road construction projects across the country. This landmark agreement, signed by Uganda’s Finance Minister, Matia Kasaija, and IDB President Muhammad Al Jassar in Riyadh, underscores Uganda’s strategic shift towards diversifying its sources of external funding amidst ongoing negotiations with traditional lenders such as the World Bank.

The financing agreement, which was formalized during Minister Kasaija’s attendance at the 2024 Islamic Development Bank Group Annual Meetings in Riyadh, marks …

Climate finance by Multilateral Development Banks

Climate finance by Multilateral Development Banks (MDBs) for low-income and middle-income economies hit a new record of $60.7 billion in 2022. The amount was 46 per cent higher than the 2019 levels, a new joint report by the lenders shows.

In terms of usage, $38.0 billion, or 63 per cent, went into projects helping mitigate the rising threat of climate change. Another $22.7 billion, or 37 per cent, went into supporting climate change adaptation initiatives. Overall, the portfolio of private finance mobilised in the period stood at $16.9 billion, the report said.…

  • AfDB estimates that the size of global digital wealth will skyrocket from $217 billion in 2022 to over $1 trillion by 2031. 
  • The Investments in Digital and Creative Enterprises programme launched in Abuja ushering in a new era for the continent.
  • Nigeria accounts for almost 30% of Africa’s funded ventures, with at least 180 startups.

The African Development Bank (AfDB) has launched The Investment in Digital and Creative Enterprises (I-DICE) program in Abuja. This marks one of the latest initiatives to boost Africa’s digital transformation which the AfDB estimates will generate $712 billion by 2050 in Africa and $1 trillion in global value by 2030.

This program comes at a defining moment as Africa expands its exports of digital and creative services beyond the continent spurring the rise of new unicorn startups.

The I-DICE is an initiative that partners with the Federal Government of Nigeria. It aims to promote entrepreneurship

Support towards Africa’s private sector: Africa Investment Forum

Partners of the  Africa Investment Forum said the increased and decisive investment will be the channel for Africa’s economic recovery post-COVID-19.

The partners expressed their confidence in Africa’s potential to recover from the ongoing crises in the economy and health.

“Africa will come out of this pandemic, tough as it is, and will build better and stronger economies. As partners of the Africa Investment Forum, the premier investment platform for Africa, our gaze must be clear; help Africa reboot its economy,” said African Development Bank President Dr Akinwumi Adesina, during a two-day virtual meeting for Africa Investment Forum founding, institutional and knowledge partners.

During the virtual meeting, the Africa Investment Forum revealed 15 projects under its Unified COVID-19 Response identified across five sectors for priority funding consideration. The five sectors include energy, agriculture and agro-processing, health, ICT and telecoms and industrial and trade.

The 15 deals are from the forum’s …