In a powerful signal of support during COP28, African and global institutions together with governments of Germany, France and Japan and philanthropies have pledged over $175 million to the Alliance for Green Infrastructure in Africa (AGIA). The landmark initial pledge will help to rapidly scale up financing for transformative climate-aligned infrastructure projects across the...

Meeting on 1 December in Abidjan, the Board of Directors of the African Development Bank Group approved a loan of $252.83 million to Uganda, to fund the construction of the Laropi-Moyo-Afoji and Katuna-Muko-Kamuganguzi road. The financial support consists of two loans: $179.68 million from the African Development Bank and $73.15 million from the African Development...

The Board of Directors of the African Development Bank Group granted a loan of EUR 74.5 million to Senegal in Abidjan on 1 December 2023 to support the implementation of the first phase of the Resource Mobilization and Industrial Development Support Programme (PAMRDI-I). The programme has a number of objectives: expanding the tax base, improving the efficiency of tax control and collection,...

The Board of Directors of the African Development Bank Group approved the Country Strategy Paper (CSP) 2023-2028 for Malawi on 16 November 2023. The strategy focuses on two priority areas: improving economic infrastructure to develop the industrial sector by investing in energy, transport, water, sanitation, and hygiene, and supporting economic diversification through investments in agriculture...

“Together, we have opportunities to create youth wealth and eradicate poverty, which is not a tradable commodity.” Akinwumi Adesina  The President of the African Development Bank Group, Dr Akinwumi Adesina and the CEO of the Prince’s Trust International (PTI), Will Straw, have met in London on 29 November 2023 to explore strategic partnerships to scale up youth employment, human...

The African Development Bank (AfDB) has announced commitments of $20 million for Nigerian SMEs with FSDH and $148 million in Egypt with CIB. In both cases, the goal is to boost trade practices among small and medium-sized enterprises in Africa. The AfDB recently engaged in financing to strengthen commercial activities conducted by small and medium-sized enterprises (SMEs) in Nigeria...

The institution noted that the revised real GDP growth forecast for Africa will remain higher than the global average and that of all other regions, except Asia. The African Development Bank (AfDB) announced, in a report published on Wednesday, November 29, a downward revision of its growth forecasts for Africa in 2023 and 2024. This setback came amidst ongoing geopolitical tensions, sluggish...

Meeting in Abidjan on 29 November 2023, the Board of Directors of the African Development Bank approved a loan of €73 million to Kenya to support Phase III of the Competitiveness and Economic Recovery Support Programme. The financing will cover the fiscal year 2023-2024. It is intended to build resilience and support inclusive post-Covid-19 economic recovery, by improving economic...

The Tanzanian Investment Centre attributes the rise in FDIs to increased confidence of investors in the country's economic prospects. Tanzania pulled in $1.05 billion of foreign direct investments (FDIs) in Q3 2023, against $524.4 million in Q3 2022. The figures were released by the Tanzania Investment Centre (TIC) on November 18.  According to the TIC, over the past...

Morocco recently announced a plan to train 22,500 graduates in the digital field, per year, from now to 2027. This is part of the country’s digital transition process. Morocco reached a new milestone in the digitalization of its higher education system. The Cherifian Kingdom has just introduced mandatory AI and digital courses for all university students. "We want the Moroccan youth to be up...