Bolster Africa to resist financial shocks, build climate-resilient economies, say African leaders at African Development Bank’s Annual Meetings  The African Development Bank Group’s 2023 Annual Meetings officially opened on Tuesday, with a clarion call by African leaders, together with the Bank’s President, Dr Akinwumi Adesina, to ramp up financing to meet Africa’s urgent climate...

This is the first close of this fund managed by investment bank Lion's Head and advised by E3 Capital. The funds raised will be invested in companies focused on renewable energy, climate, and digitalization in Sub-Saharan Africa. Luxembourg-domiciled E3 Low Carbon Economy Fund for Africa (E3LCEF), which focuses on financing start-ups and SMEs involved in the renewable energy, climate, and...

In April, Côte d'Ivoire reached a staff-level agreement on a  $3.5 billion EFF/ECF Arrangement. The agreement has now been validated by the IMF executive board after a meeting.  Last Wednesday, the IMF executive board approved the $3.5 billion reform program negotiated by Côte d’Ivoire weeks earlier. The 40-month program includes an Extended Fund Facility (EFF) and an...

South Africa, like most African countries, faces growing demand for high-speed connectivity amidst accelerated digital transformation. Data service providers need more capacity to meet this demand.  The Independent Communications Authority of South Africa (ICASA) announced, Tuesday (May 23) it has released the lower 6GHz frequency band (5925-6425 MHz) to allow the provision of high-speed...

The Bank proved agile and responsive to Africa’s needs by making transformative investments in the High 5s totalling $8.2 billion in 2022  In its latest annual report released on 25 May 2023, the African Development Bank Group highlights its critical contributions to the continent’s development and the wellbeing of its people in 2022. The Annual Development Effectiveness Review...

In early May, Fitch downgraded Egypt’s sovereign rating to "B" with a negative outlook. Three of the four banks, whose ratings it downgraded, are public banks exposed to the state.  Rating agency Fitch downgraded on May 17 the credit ratings of four major Egyptian banks, namely The National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and Commercial International Bank.  NBE...

Nigeria is Africa's largest telecommunications market with over 220 million mobile subscribers. Other countries on the continent want to emulate its success in a context marked by accelerated digital transformation.  On May 23, Nigerian Digital Minister Isa Ali Pantami (photo, left), and his Gambian counterpart, Ousman Bah (photo, right), signed a memorandum of understanding to strengthen...

According to AfDB president Akinwumi Adesina, an ideal global financial architecture should be more responsive, inclusive, accountable, and redesigned to support the acceleration of global development, especially in Africa.  "The African Development Bank (AfDB) is positioning itself as a leader in implementing innovative approaches to optimize its balance sheet. The majority of the...

Adesina calls out developed nations for not honoring $100 billion-a-year pledge A lack of adequate financing for tackling climate change in Africa has become dire and is “choking” the continent, African Development Bank Group President Dr. Akinwumi Adesina said on Monday. He was addressing scores of journalists from Africa and around the world at a media lunch organized to kick off its...

Africa Investment Forum’s current pipeline, comprises 90 deals valued at $62.9 billion The curated projects, which are drawn from all of Africa’s regions, are sourced from the Africa Investment Forum’s pipeline.  They reflect gathering urgency in Africa, the world’s most vulnerable region to climate change, to accelerate climate action, including closing financing gaps by...