Africa relies on remittances but fees remain high

Africa relies on remittances but fees remain high

When it comes to the critical role of remittances, it’s hard to overstate the impact in African nations and the trend only continues to grow. For Gambians, such remittances – money sent home to families from loved ones working abroad – accounted for 15.1 percent of GDP in 2018. That’s…

Nearly $62 million is headed to Africa to support women in business

Nearly USD$62 million for women in business is headed to the African continent, after the Women Entrepreneurs Finance Initiative (We-Fi) announced on Monday its funding allocation for the African Development Bank and its own women-focused programs. The funding through AfDB’s Affirmative Finance Action for Women in Africa (AFAWA) will be…

World Bank commits $22.5 billion more to Africa for climate change

World Bank Group announced Thursday it is providing USD$22.5 billion to Africa for climate mitigation and adaptation across five years beginning with 2021, adding to the $17 billion already committed through the Africa Climate Business Plan. The announcement was made during the One Planet Summit in Nairobi, with President Uhuru…

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,…

World Bank promises $180 million for Kenya’s energy sector

The World Bank has approved USD$180 million in loan guarantees to boost Kenya Electricity Generation Company Limited (KenGen) and the country’s energy sector. The KenGen project, supported by private sector financing, will build on Kenya’s progress in diversifying its energy sources – including geothermal power – while bringing much needed…

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loans to Nigeria, countering widespread media reports that the support for the West African nation’s ailing economy was withdrawn.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…