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…

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:…

AfDB, Portugal and Cabo Verde Sign Compact To Accelerate Diversification, Private Sector Development

ABIDJAN/Ivory Coast: The African Development Bank, the governments of Cabo Verde and Portugal have signed a country specific memorandum of understanding for the implementation of the Lusophone Compact, which aims to accelerate private sector development in Portuguese-speaking countries of Africa. The signing took place on Sal Island on 1 July, between Olavo Correia, Vice Prime Minister and Minister of Finance of Cabo Verde, Helena de Paiva, Portugal’s Ambassador to Cabo Verde; and Moono Mupotola, the Bank’s Director for Regional Integration. It was witnessed by over 200 Cabo Verdean and international…

African Development Bank Hosts Masterclass On Women’s Skills In Business Development

PRETORIA/South Africa: The fourth Affirmative Finance Action for Women in Africa (AFAWA)/Entreprenarium masterclass began Monday in Pretoria, South Africa, aimed at improving women’s skills in business development and financial management. 40 business women, who came through an online application process, will attend the two-day masterclass, which will cover financial planning, lean start-up methodology and business model canvassing. A mentoring and coaching session will help participants to broaden their skills. The masterclasses are jointly conducted by the African Development Bank Group (www.AfDB.org) and Entreprenarium, a pan-African foundation that invests philanthropic capital…

AFDB Gets EUR 40 Million Investments From EU for the Facility for Energy Inclusion (FEI)

LISBON/Portugal: The African Development Bank announced a EUR 40 million investment from the European Commission for the Facility for Energy Inclusion (FEI), a new platform for financing small-scale renewables in Africa. The announcement was made to energy sector stakeholders at a sideline event held during the Africa Energy Forum, which took place in Lisbon, Portugal from 11-14 June. The Bank, the European Commission, in partnership with Lion’s Head Global Partners and Fieldstone and the Lusophone Renewable Energy Association, presented the Facility to participants at the Forum. FEI is a $500…

Ecobank Hosted by London Stock Exchange After Successful $500 million Eurobond Issuance

Ecobank Chairman Emmanuel Ikazoboh (2nd from left) opens the London Stock Exchange with Group CEO Ade Ayeyemi (3rd from left) (Source: Ecobank) LONDON/United Kingdom:  Following its successful $500 million Eurobond issuance, Ecobank Transnational Incorporated (‘ETI’) the Lomé-based parent company of the Ecobank Group, was hosted by the London Stock Exchange to a market opening ceremony to celebrate the successful listing of the Eurobond on the London Stock Exchange (LSE) main market. The bond was oversubscribed with strong demand from international investors in the United Kingdom, United States, Europe, Middle East,…

All set for the African Development Bank’s 54th Annual Meeting

ABIDJAN/Ivory Coast: “When you put your forces together, you can achieve the critical mass to be solid player on the global scene,” African Development Bank ‘s  Chief Economist and Vice President of Economic Governance & Knowledge Management, Celestin Monga told journalists at a press conference ahead of the Bank’s Annual Meetings. Equatorial Guinea will host the Bank’s 54th Annual Meeting, from 11-14 June 2019, under the theme ‘Regional integration for Africa’s economic prosperity.’ The Meetings will bring together about 2000 delegates. They provide a unique forum for governments, businesses, civil…

Angola is Next in Line for South African Energy Companies’ Regional Expansion

JOHANNESBURG/South Africa: As Angola works in attracting foreign investors from the Americas, Europe, the Middle East and Asia, its closest African neighbours are also entering the race to tap into vast investment opportunities in Africa’s second biggest oil producing market. Beyond the traditional African oil players, most of them coming from Nigeria, South African companies have increasingly showed interest in regionalizing and expanding their businesses beyond their home country. President João Lourenço chose South Africa as his first state visit destination as President, which was followed in 2018 by a…

AFDB Organises Roundtable to Strengthen Collaboration on Donor Relations and Fund Management

African Development Bank welcomes partners to MDB roundtable to strengthen collaboration on donor relations and fund management (Source: African Development Bank Group (AfDB). ABIDJAN/Ivory Coast: The African Development Bank Group has hosted 11 sister institutions for the annual multilateral development bank (MDB) roundtable on trust funds and co-financing, held on 28-29 March, 2019. The aim of the roundtable was to enhance benchmarking across the development finance institutions (DFIs), raise awareness of emerging innovative approaches to resource mobilisation and of new tools for cooperation, and to share institutional knowledge and best…

The African Development Bank Pledges US$ 25 Billion to Climate Finance for 2020-2025, Doubling its Commitments

NAIROBI/Kenya: Bank to launch ‘Green Baseload’ Facility to provide concessional finance to support reliable and affordable renewable energy baseload; “Desert to Power” initiative enters implementation stage with Yeleen Project in Burkina Faso. The African Development Bank will double its climate finance commitments for the period 2020-2025, the Bank’s President announced today at the One Planet Summit taking place in Nairobi. Akinwumi A. Adesina said that the Bank would commit at least US$25 billion towards climate finance. Speaking at a plenary in the presence of Heads of State, including President Uhuru…