African Development Bank - The African Mirror

Aug

22

2024

Africa’s off-grid solar sector is electrifying global investors

NEWS

AFRICA’S off-grid solar sector continues to be a magnet for investment, with recent analysis from Africa: the Big Deal emphasizing its growing appeal to investors. Despite a general decline in start-up funding across the continent over the last two years, the industry remains a clear priority for both the social impact and regular investment community. According to Laura Fortes, the senior project manager for access to finance at GOGLA, the surge in funding is vital because off-grid solar “has been positioned by many as the most viable route to electrifying half of the 685 million people that still lack electricity…

Aug

21

2024

By CONRAD ONYANGO, BIRD STORY AGENCY

bird TenX : Africa’s top 10 Investment destinations

BUSINESS

IN 2021, Egypt, Morocco, and South Africa were the top investment destinations in Africa. Fast forward to 2024, the tables have turned for these large economies with substantial populations and economic wealth. Instead, two island nations - Seychelles and Mauritius - have emerged as the new investor favourites, as the focus shifts beyond population size and overall wealth to a consideration of personal freedom and human development. However, despite these shifting investor preferences, the major economies in North, South, and West Africa still dominate the list of Africa's most attractive countries for investors. A report compiled by Rand Merchant Bank…

May

30

2024

By The African Mirror

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…

May

01

2024

By BIRD STORY AGENCY

bird TenX: 10 major road networks connecting Africa

NEWS

MAJOR road networks are not merely stretches of asphalt; but vital arteries that boost trade, connect communities, and foster economic growth across the African continent. They represent a commitment to progress and the betterment of interconnectivity within Africa. The Trans-African Highway Network is an ambitious, pan-African road network of major roads aiming to cover 56,683 kilometres by merging 9 highways. The mega project is a collaborative initiative by the African Union, the African Development Bank (AfDB) and the United Nations Economic Commission for Africa (UNECA) in collaboration with individual countries. The following is a selected list of 10 of the…

Feb

22

2024

By SETH ONYANGO, BIRD STORY AGENCY

Africa’s growth trend signals return to faster expansion

BUSINESS

ELEVEN of the world's 20 fastest-growing economies will be in Africa in 2024, according to new forecasts from the African Development Bank (AfDB), despite recent shocks like inflation, increased debt and higher interest rates. The 2024 outlook adds some zing to a solid if patchy performance in 2023, when 15 African states posted growth rates of over 5%. Growth in 2024 will push the combined continental GDP to around US$3.5 trillion, according to German data research firm, Statista. Economic acceleration across the continent stems from structural shifts, enhanced infrastructure, and investment-driven productivity, signalling a robust continental revival. “Growth in Africa’s…

Feb

17

2024

By RACHEL SAVAGE

Africa’s economic growth fell to 3.2% in 2023, says African Devt Bank

BUSINESS

AFRICA'S economic growth fell to 3.2% last year from 4.1% in 2022, the African Development Bank said, but it projected higher growth this year for all regions except central Africa. The AfDB said political instability and China's economic slowdown were compounding the shocks of COVID-19 and Russia's war in Ukraine. The final figure for 2023 was below the 3.4% growth the AfDB had forecast in November. It also cut its regional growth estimates for central and north Africa, amid a recession in oil producer Equatorial Guinea and the aftermath of devastating flooding in Libya. "The shocks buffeting African economies since 2020…

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…

Jan

21

2024

By The African Mirror

AfDB to resume Ethiopia work after assurance on security, probe into funds

NEWS

The African Development Bank (AfDB) said that all its international staff would return to Ethiopia a month after it withdrew the employees following an assault on staff members by government security forces. The bank will resume normal operations in the country after receiving an assurance of security from the authorities, an AfDB statement said. In a meeting between AfDB President Akinwumi Adesina and Prime Minister Abiy Ahmed late last month Abiy issued an apology to AfDB and assured the bank and its staff of safety and security, the statement said. It added that the Ethiopian government had committed to cooperate on investigations…

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

14

2023

By The African Mirror

AfDB approves $696 mln finance for Tanzania-Burundi-Congo rail project

BUSINESS

THE African Development Bank has approved over $696 million in financing for a rail project to link Tanzania, Burundi and the Democratic Republic of Congo, the bank said. The project will connect to the existing rail network of Tanzania, providing access to the port of Dar es Salaam to neighbouring countries. Tanzania President Samia Suluhu Hassan is pushing to complete big-ticket infrastructure projects started under her predecessor John Magufuli to boost trade with neighbouring east and central African countries. The AfDB said in a statement that it would provide roughly $99 million to Burundi in grants and $598 million to…