On behalf of the African Development Bank Group, I extend our deepest sympathies to the communities impacted by Mediterranean storm Daniel in Libya. This storm has resulted in a significant loss of life and widespread devastation, most notably in the worst hit city of Derna. Libya is a nation already facing many challenges. Sadly, the escalating number of deaths, reportedly now close to 5,300,...

The cybersecurity awareness platform KnowBe4 looked into the issue of online fraud in Africa and published a statistics report on September 11. The document, which presented the results of a survey carried out in June 2023 among a sample of 800 people aged over 18 in eight African countries (Morocco, South Africa, Kenya, Botswana, Nigeria, Ghana, Egypt, and Mauritius), found that almost 40% of...

Africa will soon have its credit rating agency. The AU is currently studying this project, as many of the continent's leaders believe the existing agencies exaggerate the risk of investing in Africa and increase the cost of lending. “The agency, which would craft its assessment of the risks in lending to African countries, would be based on the continent and will also add context to the...

The 7th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference opened in Korea’s second-largest city, Busan, on Wednesday with a strong call for additional resources to help African countries achieve universal access to energy and transform the continent into the breadbasket of the world. The conference is taking place at a time when Africa is facing a plethora of challenges. Nearly...

The African Development Bank today announces upcoming investor calls and meetings in New York, London and Paris, ahead of an inaugural USD Global Benchmark Sustainable Hybrid Capital transaction. In July, S&P Global Ratings assigned an AA- rating to the proposed instrument - the highest rating for hybrid capital. The transaction will be issued in a Sustainable Bond format, under the Bank’s...

Trade between Algeria and Turkey now exceeds $5 billion, according to the Algerian government. Both countries hope to increase the figure in the future, leveraging new agreements in new sectors.  Algeria wanted to double its trade with Turkey, bringing it to $10 billion in the medium term. The goal was disclosed by the Algérie Presse Service (APS), quoting Algeria’s Ministry of...

Ethio Telecom launched pre-commercial 5G last year, in May. The State company, in this framework, was supported by Huawei technically, and the Ethiopian Communication Authority (ECA). Ethio Telecom launched commercial 5G last Saturday, September 9. The technology is currently available in 145 sites throughout Addis Ababa, the capital city. It will extend to other parts of the country in the...

The African Development Bank (AfDB) believes that getting SDRs from developed countries would allow it to raise more money on financial markets at costs well below those of sovereign issuers. The African Development Bank (AfDB) wants some of the Special Drawing Rights (SDRs) of wealthy countries. According to Bloomberg, which cited a senior executive of the AfDB, the pan-African lender will use...

This pilot project aims to reduce the financing deficit of importing and exporting companies, in emerging countries, including African nations. It has a dedicated budget of $300 million. The International Finance Corporation (IFC) and Citibank have launched, together, a project to finance the supply chain in emerging markets. Announced yesterday, September 11, the project will allow both...

Graduating executive MBA students of Oxford University’s Saïd Business School received wise counsel from African Development Bank President Dr Akinwumi Adesina on Friday. Delivering the business school’s 2023 commencement address, Adesina called on the graduates to use the skills and knowledge they had acquired to address some of today’s most pressing global challenges, including...