Inspiring Africa's Sustainable Business Growth
NIGERIA – The African Development Bank has signed an agreement with First City Monument Bank (FCMB) for a US$50 million line of credit to support access to finance for small and medium-sized and women-empowered enterprises. FCMB will use the line of credit to expand lending activities that will boost the country’s post-pandemic economic recovery and drive more inclusive and climate-resilient…
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SENEGAL – The Board of Directors of the African Development Bank Group has approved a loan of €63.6 million (US$63.91m) to Senegal to implement the Agropole-Centre agro-industrial processing zone project. The Ministry of Industrial Development and Small and Medium Industries will implement the project in four regions in central Senegal: Kaolack, Kaffrine, Fatick, and Diourbel. Its implementation will help increase…
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NIGERIA – The African Development Bank (AfDB), the Islamic Development Bank (IsDB), and the French Development Agency (FDA) are investing US$618 million in the Digital and Creative Enterprises Programme (I-DICE) in Nigeria. President of the AfDB, Akinwumi Adesina, announced this at the Nigeria International Economic Partnership Forum on the sideline of the 77th United Nations General Assembly, New York. Mr…
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AFRICA – Global tech giant Microsoft has announced an expanded partnership with the African Development Bank’s Youth Entrepreneurship Investment Bank (YEIB) Initiative to support young African entrepreneurs. Microsoft’s Africa Transformation Office has pledged to work with the bank to ensure growth in entrepreneurship ecosystems, creating jobs and scaling impact in Africa through digital inclusion. “We believe much can be done…
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AFRICA – The African Development Bank (AfDB) has issued a R200 million (US$11.59m) 1-year Green Bond due September 2023, the first AfDB Green Bond denominated in ZAR. The bond, which pays a coupon of 6.90%, was arranged by Daiwa Capital Markets Europe and sold in a Private Placement format to a single Japanese institutional investor, Sony Bank, in support for…
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AFRICA – The African Development Bank (AfDB) and the African Continental Free Trade Area (AfCFTA) Secretariat have signed a US$11.24 million institutional support grant agreement. The Protocol of Agreement is an US$11.24 million support package meant to enhance the Secretariat’s effective implementation. The AfCFTA Secretariat, currently in phase II of its implementation phase, will benefit from this support package, which…
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AFRICA – The African Development Bank (AfDB) has approved a US$175 million Trade Finance Funded Risk Participation Agreement facility between the African Development Bank and Trade & Development Bank (TDB). The agreement is expected to boost intra-Africa trade, promote regional integration, and reduce the trade finance gap in Africa. The Bank will provide liquidity of up to 50% (the other…
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CAMEROON – The Board of Directors of the African Development Bank (AfDB) has approved a €39.62 million (US$41.73m) loan to Cameroon to improve road access to the industrial and port areas of Kribi, in the south of the country. Designed for implementation of the second phase of the Kribi Industrial and Port Area Access Roads Development Project, the funds will…
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AFRICA – The African Development Bank (AfDB) has appointed Mr. Simon Mizrahi and Mr. Jacques Edjangue new Vice presidents. Mr. Simon Mizrahi has been appointed as Acting Vice President, Technology and Corporate Services Complex, effective 20 June 2022 and Mr. Jacques Edjangue as Acting Vice President, People and Talent Management Complex. Mizrahi, a British national, is currently the Director for…
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KENYA – The African Development Bank and United Cities and Local Governments, a global umbrella group for local and metropolitan governments, have announced the launch of a new program to build the capacity of municipal chief financial officers (CFO) across the continent. The new initiative will enable cities to tap financial markets more effectively in order to fund their local…
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