Cabo Verde: AfDB Group Approves 30 Million Euros Loan to Fight COVID-19

President Fosenca ABIDJAN/Ivory Coast: The Board of Directors of the African Development Bank has extended a loan of €30 million to Cabo Verde to help the West African island nation fight the COVID-19 outbreak and mitigate its economic impacts. The loan, approved on 26 May, will be used to fund the country’s health and social response, support macro-economic stability, and assist the private sector. As of 27 May, Cabo Verde had reported 390 infections, 155 recoveries and four deaths. Only one of the country’s 10 islands has been affected, namely…

OPINION: President Akinwunmi Adesina’s Transition to his Second Term must be Smooth to Deliver his Covid-19

Dr. Akinwunmi Adesina By Patricia Laverley This article is intended to highlight the recent achievements of the African Development Bank under President Akinwunmi Adesina, underscore the need for a smooth Presidential re-election, and highlight the contributions of the Bank to COVID-19 containment efforts across Africa. The current President of the African Development Bank, Dr. Akinwunmi Adesina is set for his re-election in May next month, during the 2020 Annual Meetings of the African Development Bank, while many African countries will be struggling with containing the COVID-19 pandemic. The enormous achievements…

AfDB Grants Sub-Saharan Africa $760,000 to Develop Small-Scale Renewable Energy Projects

ABIDJAN/Ivory Coast: The African Development Bank managed Sustainable Energy Fund for Africa (SEFA) has approved a $760,000 grant to Empower New Energy AS (EmNEW), to develop at least eight small renewable energy projects with capacity ranging from1-10 MW, towards bankability and construction. The grant will support a broad range of project preparation and development activities, including technical feasibility studies, legal due diligence, environmental and social impact assessment, quality assurance and risk management. Through its Empower Invest fund, EmNEW invests in small and medium-scale renewable energy projects in Africa, with a…

African Development Bank Group Approves $10 Million Equity in Razorite Healthcare Fund for Africa

ABIDJAN/Ivory Coast: The Board of Directors of the African Development Bank has approved a $10-million equity investment in Razorite Healthcare Africa Fund 1 (RHAF1) to help improve healthcare infrastructure delivery across the continent. The 10-year deal, approved on 26 February, will resource the Fund to address growing demands for affordable and quality healthcare services in several countries of Sub-Saharan Africa faced lack of access to low cost, first-class healthcare. RHAF1, to be registered in Mauritius, will provide growth capital to operating healthcare infrastructure facilities which show high potential for growth,…

OPINION: The Pandemic Is No Time for Fiscal Distancing

Akinwumi A. Adesina, President of African Development Bank Group By Akinwumi A. Adesina These are very difficult days, as the world faces one of its worst challenges ever: the novel coronavirus pandemic. And it seems almost no nation is spared. As infection rates rise, so does panic across financial markets, as economies drastically slow down and supply chains are severely disrupted. Extraordinary times call for extraordinary measures. As such, it can no longer be business as usual. Each day, the situation evolves and requires constant reviews of precautionary measures and…

COVID-19: AfDB Approves $2 million Emergency Assistance for WHO-led Measures in Africa

Distribution of covid-19 Affected countries in Africa ABIDJAN/Ivory Coast: The Board of Directors of the African Development Bank have approved $2 million in emergency assistance for the World Health Organization (WHO) to reinforce its capacity to help African countries contain the COVID-19 pandemic and mitigate its impacts. The grant, which is in response to an international appeal by the WHO, will be used by the world body to equip Regional Member Countries to prevent, rapidly detect, investigate, contain and manage detected cases of COVID-19. It is one part of several…

African Development Bank’s Digital Skills Training Benefits Women

SHARM EL SHEIKH/Egypt: To improve on the job and employment skills of women in Africa, the African Development Bank, AfDB, had carried out an online digital skills training program, Speaking on the benefit of the training, a graduate from the University of Ibadan in Nigeria with a degree in Communication and Language Arts in 2016, Olashile Odetola could not find a job, said the programme had given her two “gifts”: digital skills and a sense of confidence. Odetola, 31, was one of two thousand students who took part in the…

Akure to Receive AfDB $124.2 Million Loan to Improve Access to Safe Drinking Water And Sanitation

ABIDJAN/Ivory Coast: The Board of Directors of the African Development Bank on Thursday approved a $ 124.2 million loan to finance the Urban Water Sector Reform and Akure Water Supply and Sanitation Project in Nigeria. The amount includes an African Growing Together Fund (AGTF) loan of $20 million. The overall project cost is $222.69 million and will span five years from 2020-2025. The project is set to address bottlenecks in critical water supply services to households in the densely populated project area. It would provide residents of Akure city (Ondo…

Adesina wins All Africa Business Leaders Awards 2019 African of the Year award

JOHANNESBURG/South Africa: African Development Bank President, Dr Akinwumi Adesina received the African of the Year Award from the All Africa Business Leaders Awards (AABLA™), Thursday, in recognition of his bold leadership and the innovation of the Africa Investment Forum which “opened up billions of dollars of investment into the continent.” The ninth edition of the awards, organized by AABLA™ in conjunction with CNBC Africa, seeks to honour leaders who have contributed and shaped the African economy. The Africa Investment Forum, inaugurated in 2018, has been a trailblazer in tilting investments…

AfDB SEFA Converts to Concessional Finance Facility

ABIDJAN/Ivory: The African Development Bank’s Board of Governors has approved the conversion of the Bank-administered multi-donor trust fund SEFA into a “special fund”, to amplify its development impact by allowing it to access a wider range of financial instruments beyond the current scope of technical assistance. Currently, SEFA, the Sustainable Energy Fund for Africa, supports small and medium-scale renewable energy and energy-efficiency projects through early stage interventions that enhance project bankability and access to private sector investments. Under the new dispensation, the fund will focus its interventions on three areas:…