Following a serious diplomatic incident in which two international staff of the African Development Bank Group based in the Bank’s Country Office in Ethiopia were severely assaulted by security agents of the Government of Ethiopia, the African Development Bank lodged a formal complaint with the Government of Ethiopia over the incident. While a high-level mission dispatched by the Bank visited...

The United Nations Development Program (UNDP) has joined forces with African nations to develop an innovative fund named "Timbuktoo". This tool is aimed at bolstering the African startup ecosystem and supporting the growth of high-potential enterprises across the continent. According to an official UNDP statement, the $1 billion fund will raise both catalytic and commercial capital from...

Burundian farmers told visiting government officials and African Development representatives that they are delighted with the year’s great yields thanks to the hybrid, climate-resilient seeds and multi -strand support that has been provided by the Bank. Several cooperative members expressed their satisfaction. Marie-Thérèse Nahabaganwa, chair of the Tsindinzara (Combating Hunger in Kirundi)...

In a strategic move to support green small and medium-sized enterprises (SMEs), young entrepreneurs, and female-led firms in Burkina Faso, Guinea, Gambia, and Sierra Leone, the financial holding company Vista has inked a guarantee agreement with the African Guarantee Fund (AGF) for a credit portfolio exceeding CFA60 billion. The AGF announced this groundbreaking partnership on Tuesday, January...

Morocco is grappling with heightened water stress exacerbated by rising temperatures attributed to climate change. In response to this alarming situation, King Mohammed VI emphasizes the urgent need for an accelerated medium-term strategy to ensure long-term water security in the country. The Moroccan government has unveiled an emergency plan to address the water crisis currently gripping the...

A recent report by the International Monetary Fund (IMF) reveals that nearly 40% of jobs worldwide will be affected by the effects of Artificial Intelligence (AI). The study emphasizes that while Africa may experience a comparatively lower impact than other regions, it could exacerbate inequalities between countries. Published on January 14, the report indicates that the impact of AI will be...

In a significant development for the operationalization of the African Continental Free Trade Area (AfCFTA), 24 new countries are set to join the Guided Trade Initiative in 2024. Wamkele Mene, the Secretary-General of AfCFTA, announced this expansion during a roundtable discussion on January 16, 2024, at the 54th World Economic Forum in Davos. The Guided Trade Initiative, launched in October...

In a joint statement from the Ministry of Agriculture, Rural Development, and Staple Food Production, the Ministry of Finance and Budget, and the Ministry of Commerce and Industry, the Ivorian government has initiated a six-month suspension on staple food exports effective since January 15. The decision aims to ensure a steady supply of staple foods to the local market, prioritizing food...

The Board of Directors of the African Development Bank (AfDB) agreed on Wednesday that the Bank should take a stake of USD 10.50 million in the capital of Seedstars Africa Ventures S.L.P. venture capital fund to enable it to invest in innovative African businesses with strong growth potential. The Bank agreed to invest USD 7 million from its ordinary resources and USD 3.5 million from the...

The 59th Annual Meeting of the Board of Governors of the African Development Bank and the 50th Meeting of the Board of Governors of the African Development Fund will take place at the Kenyatta International Conference Center in Nairobi, Kenya from 27–31 May 2023. The theme of the 2024 Annual Meetings is Africa’s Transformation, African Development Bank Group, and Reforms of the Global...