Japan commits USD$700 million to African Development Fund

Japan commits USD$700 million to African Development Fund

In a first for Japan, the country’s International Cooperation Agency (JICA) has signed a new loan agreement with the African Development Fund to provide USD$700.9 million to address poverty and support economic growth. “We hope the loans and grants will be used effectively to improve economic and social conditions of…

Namibia tightens up on travel, troops amid economic woes

Namibia tightens up on travel, troops amid economic woes

A budget crisis in Namibia has forced the suspension of all international travel for ministers and elected officials through the end of February. It’s the latest announcement from President Hage Geingob as the southwestern African nation tightens up on government spending. “This directive is specifically in the interest of curtailing…

AfDB touts agriculture, infrastructure in new African Economic Outlook report

Infrastructure investment remains at the core of African economic development, says Akinwumi Adesina, president of African Development Bank (AfDB), as the bank rolls out its 2018 African Economic Outlook. “Infrastructure, when well managed, provides the financial resources to do everything else,” said Adesina, speaking from the bank’s headquarters in Abidjan, Côte…

AfDB denies reports it has cut off $400 million loan to Nigeria

The African Development Bank (AfDB) said Tuesday that it has not decided to call off loans to Nigeria, countering widespread media reports that the support for the West African nation’s ailing economy was withdrawn. “The African Development Bank is highly encouraged by the economic recovery of Nigeria from recession and…

AfDB president Adesina named World Food Prize recipient

This year’s World Food Prize will go to Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), whose name was announced earlier this week in the United States. The prestigious USD$250,000 prize awarded to Adesina honors his leadership in improving the practice and production of food in Africa, and in “galvanizing the…

Modi to open AfDB annual meeting in India

Prime Minister Narendra Modi of India will participate Tuesday alongside Akinwumi Adesina, president of the African Development Bank (AfDB), at the bank’s annual meeting in Ahmedabad in India’s western Gujarat state. The meeting, which runs through Friday, will focus on India’s partnership with African nations in key development areas, with…

WEF: Competitiveness report focuses on youth, jobs, cities

The Africa Competitiveness Report was released Thursday at the World Economic Forum on Africa meeting in Durban, with some muted positive trends despite the overall economic stagnation. Lagging infrastructure improvement, weak financial sector development and low levels of regional trade continue to be key constraints to growth. Yet the report,…

Agribusiness in Africa: Unlocking the business potential of smallholders

Agribusiness and agriculture are primed to be the catalysts of Africa’s economic transformation and development in the coming years. According to the World Bank, they are both expected to form a USD $1 trillion industry by 2030 in Sub-Saharan Africa whilst representing 45 percent of the continent’s GDP. Considering the connection between…

Benjamin K. Musampa

Benjamin Musampa is a research associate at l'Observatoire des Amériques