AfDB investment forum highlights Africa-2-Africa investment

AfDB investment forum highlights Africa-2-Africa investment

The Africa Investment Forum ended Friday with some 45 deals worth over US$32 billion set in motion with secured investment interest, and a promising emphasis in the continent’s Lusaphone nations. More than 1,000 delegates attended the three-day event in Johannesburg, according to the African Development Bank (AfDB). South Africa, Germany…

Ramaphosa addresses G20 Africa summit hosted by Merkel

Ramaphosa addresses G20 Africa summit hosted by Merkel

President Cyril Ramaphosa of South Africa was among leaders, including host German Chancellor Angela Merkel, who delivered keynote addresses to the G20 Investment Summit in Berlin on Tuesday. Ramaphosa praised the success to date of the G20’s Compact with Africa program, which was launched last year in Hamburg. Since then,…

Green Climate Fund boosts 3 new projects in Africa

The Green Climate Fund (GCF) has approved USD$110 million in funding for three proposals from the African Development Bank (AfDB), including a mini-grid project for Democratic Republic of Congo. The AfDB will match $21 million in GCF loan and grant funding to build three pilot solar PV plants and the battery…

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

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,…