Gambian President Adama Barrow and African Development Bank Group head Dr Akinwumi Adesina pledged on Monday to work together to boost rice production and invest in the country’s vibrant youth and women entrepreneurs. “The Russian-Ukrainian war presents an opportunity for us to solve the problem of food security. There’s no reason why Africans shouldn’t feed themselves,” President...

The Bank has already contributed USD 25 million to fund the preparatory phase of the project. Moreover, along with its partners, it mobilized USD 15.6 billion during the Africa Investment Forum (AIF) in 2022.  The highway will link the most economically dynamic cities and ports and the most densely populated urban areas in West Africa. Meeting on 9 July 2023, alongside an ECOWAS summit in...

Despite a promise made by the Russian president at the inaugural Russia-Africa Summit in 2019 to increase trade with the continent to "$40 billion over five years," recent figures for the first nine months of this year indicate that Moscow still has a significant gap to bridge. Trade between Russia and Africa reached $15.5 billion in the first nine months of 2023, marking a significant...

When he came to power on September 30, 2022, following a military coup, Captain Ibrahim Traoré said the deteriorating security situation needed to be addressed. Burkina Faso's transitional President, Captain Ibrahim Traoré, made a resolute declaration in an exclusive interview broadcast on national television, RTB, last September 29. "Elections are not a current priority; security is,” he...

Ahead of the 28th United Nations Conference on Climate Change (COP 28), the African Development Bank Group has launched country-by-country economic reports to guide African policymakers in their discussions at the global event. The new Country Focus Reports (CFRs) provide analysis and policy recommendations to strengthen countries' active participation at COP 28, which takes place in Dubai,...

Since French troops were ousted from Niger, questions have arisen about their potential new location. Earlier this week, a Nigerien media outlet issued a warning that a French military base was being established near Kandi, in the Alibori department to the north of neighboring Benin, with which relations had become tense since the July 26 coup. This information was subsequently reported by the...

Sixty-five startups in Africa have now reached the status of scale-ups, having exceeded a valuation of $50 million, according to a report issued on September 21 by Startup Genome. The report emphasizes that a scale-up is an intermediate level between startups and unicorns, which are companies with a valuation over $1 billion. Usually, a startup achieves this level only after...

The French African Foundation (FAF) kicks off the third edition of its Young Leaders program, from October 2 to 5 in Paris, with young visionaries from a wide range of sectors coming together for a resilient, prosperous and action-oriented Africa. The French African Foundation announces the launch of the third edition of its iconic Young Leaders program. The event will be held in Paris from...

For FY2024, the government of Benin has announced a state budget of CFA3,199.274 billion (about $5.12 billion), marking a 5.5% increase compared to the CFA3,033.337 billion (about $4.8 billion) of this year. The official statement, issued on September 26, reports that the government aims to "accelerate the structural transformation of the economy and, simultaneously, achieve a better...

Since its launch three years ago, P1 Ventures has backed nearly 30 African startups. Now, it wants to expand its financing activity, with a focus on startups that use AI.  On September 26, venture capital firm P1 Ventures announced the first close of its second investment fund at $25 million.  The company said it would invest the funds in various businesses, especially those that...