AfDB - The African Mirror

May

30

2024

AfDB aims to boost infrastructure funding as African growth accelerates

BUSINESS

AFRICA'S economic growth is set to accelerate to 3.7% this year and 4.3% next from 3.1% in 2023, African Development Bank (AfDB) President Akinwumi Adesina said, expressing hope that the bank can boost infrastructure investment with IMF help. "African economies are experiencing great resilience despite the challenges posed by climate change, geopolitical tensions, global inflation, rising debt, among others," Adesina told the annual meeting of the bank. In the past nine years the bank has invested over $50 billion in infrastructure projects on the continent, he said. Adesina said two weeks ago that the International Monetary Fund had approved multilateral…

Feb

01

2024

By KARIN STROHECKER and RACHEL SAVAGE

African Development Bank sells hybrid note in development finance first

BUSINESS

THE African Development Bank (AfDB) has sold its long-awaited hybrid capital note, the first financing of its kind for multilateral development banks, which are under increasing pressure to find ways to boost their lending. The G20 group of major economies has urged multilateral lenders to explore hybrid financing structures, to try to maximise balance sheets and increase funding to help developing economies with crises including climate change. The $750 million perpetual hybrid note has a 5.75% coupon, tighter than the 6.375% guidance. The deeply subordinated, debt-like equity instrument has a lower credit rating than the lender's AAA-rated bonds and can be redeemed…

Dec

21

2023

By JOE BAVIER

AfDB to withdraw international staff from Ethiopia after assault

NEWS

THE African Development Bank (AfDB) will "immediately" withdraw all its international employees from Ethiopia following an assault on its staff members by government security forces, the institution said. The AfDB lodged a formal complaint with Ethiopian authorities last month, calling the physical assault and hours-long detention of two of its employees on October 31 a "very serious diplomatic incident". The bank sent a high-level delegation to the Ethiopian capital Addis Ababa on November 22 to meet with the Ethiopian government and bank staff, Wednesday's statement said. The delegation assessed that the situation had not been resolved, AfDB President Akinwumi Adesina said in…

Dec

05

2023

By WENDELL ROELF

Africa’s hydropower plants set for upgrades to boost generation

NEWS

THE African Development Bank (AfDB) is drawing up plans for $1 billion of upgrades to a dozen hydropower plants in Africa, bank officials said on Monday, boosting capacity that is often unable to meet the continent's surging power needs. Ranging from Nigeria's largest 760 megawatt (MW) Kainji plant to South Africa's 2.7 MW Sol Plaatje, the refurbishments are expected to yield an extra 570 MW across the 12 projects. Work on the first plants is expected to start by June next year. Plants in Sudan, Zambia, Angola and the Democratic Republic of Congo will benefit. The upgrades would "accelerate the…

Nov

17

2023

By The African Mirror

AfDB says it filed complaint after Ethiopia staff arrested, assaulted

NEWS

THE African Development Bank (AfDB) said it has lodged a formal complaint with the Ethiopian authorities after two of its staff members were arrested, assaulted and detained by the country's security forces. Calling it a "very serious diplomatic incident", the AfDB said two staff members on October 31 were "unlawfully arrested, physically assaulted, and detained for many hours by elements of the security forces without any official explanation." An AfDB statement said the Ethiopian government had extended its support to the bank and has promised a speedy investigation into the incident. The bank's operations in the east African country have…

May

16

2023

By The African Mirror

African Devt Bank proposes ‘fast track’ compensation for Zimbabwe white ex-farmers

NEWS

NYASHA CHINGONO THE African Development Bank (AFDB) has developed financial instruments to "fast track and front load" $3.5 billion in compensation to white farmers whose land was taken from them by Zimbabwe's government, the bank's president said. Akinwumi Adesina's announcement, which did not include details of the proposed instruments, comes after former farmers turned down an initial deal to receive a payment within 10 years via treasury bills, according to an email seen by Reuters that the Commercial Farmers Union director sent to members last week. Zimbabwe agreed in 2020 to compensate local white farmers whose land was taken by the…

Apr

20

2023

By The African Mirror

Africa’s solar mini-grid explosion

NEWS

CONRAD ONYANGO, BIRD STORY AGENCY FOR the past two decades, many rural homes in Africa have relied on solar home systems to meet their basic power needs, like lighting a few bulbs, charging the family's mobile phones and powering small appliances like radios and televisions. Now, larger off-grid systems known as mini-grids (MG's) capable of powering bigger appliances - like fridges, flour and maize mills and even welding equipment - are increasingly being installed in rural communities. “The mini-grid space continues to attract a lot of attention from development partners… There are already many MGs in operation and many more…

Feb

18

2021

By The African Mirror

Japan agrees $668 mln loan to African Development Bank fund

BUSINESS

THE African Development Bank (AfDB) and Japan had signed a 73.6 billion yen ($668 million) loan agreement to help replenish the African lender's main development fund. The contribution from government development bank the Japan International Cooperation Agency will support efforts to improve African countries' economic resilience at a time when many are struggling with the coronavirus pandemic, the AfDB said in a statement. It said by 2022 the loan and contributions from elsewhere are expected to fund the installation of up to 28,000 km (174,00 miles) of power distribution lines, to improve water access for 9 million people, and to…