Nigeria, others recorded $95.6b diaspora remittances in 2021, says AfDB

Posted by - December 7, 2022

As Nigeria and other African countries continue to explore alternative sources of revenues to meet developmental challenges, President of the African Development Bank (AfDB) Group, Dr. Akinwumi Adesina says diaspora remittances to the continent should be acknowledged, respected and further explored. Adesina’s observation is based on the fact that the value of remittances from the

AfDB announces new appointment of Directors in regional offices

Posted by - January 7, 2021

The African Development Bank Group has announced the appointment of directors-general for the East, Central and Southern Africa regions and deputy general for the East, Central, Northern, Southern and West Africa regions. Serge N’Guessan, Director General, Central Africa Region As Director-General, Central Africa, Mr N’Guessan will drive and ensure the operational efficiency, effectiveness and overall

AfDB Signs $210 million loan for Nigeria’s Power transmission project

Posted by - December 2, 2019

The African Development Bank (AfDB) has approved a $210 million loan to help Nigeria upgrade its dilapidated electricity transmission and distribution network. The loan to Transmission Company of Nigeria (TCN) will support construction of 330KV double circuit quad transmission lines and sub-stations across the country, the bank said in a statement late on Friday. The

AfDB Signs $400m to Support Mozambique LNG project

Posted by - November 27, 2019

The African Development Bank had recently approved a long-term senior loan of $400 million to support the building of an integrated liquefied natural gas plant, including a liquifaction facility in mozambique, which is expected to become one of the world’s largest LNG exporters. According to a statement, the AfDB said the Mozambique LNG Area 1

AfDB Approves $208bn Capital Boost

Posted by - November 5, 2019

In its bid to boost capital, the African Development Bank’s (AfDB) board recently approved a 125 per cent capital increase to $208 billion, which was disclosed by President Akinwumi Adesina. According to reports, the decision caps two years of negotiations to give the Abidjan-based bank greater scope to meet the continent’s funding needs, the last

AFDB Increases Capital from $93bn to $115bn, Greatest in its history

Posted by - November 1, 2019

The African Development Bank will massively increase the size of its funding programme in the coming years, after approving the largest capital increase in its history. At a meeting recently, the governors of the AfDB, representing shareholders from more than 80 countries, has approved to increase its working capital from $93 billion to $115 billion

AfDB ,Global Firm Partners on Youth Empowerment

Posted by - October 31, 2019

The African Development Bank (AfDB) and Seedstars World, a Swiss-based start-up in emerging markets, have revealed a strategic partnership to implement innovative ‘job creation track’ model to support youth employment and entrepreneurship in Africa. The partnership is in line with the Bank’s entrepreneurship and innovation lab under its Jobs for Youth in Africa (JfYA) strategy.

West African countries choose new ‘ECO’ single trade currency

Posted by - July 2, 2019

As part of its plans to make Africa a more integrated continent, leaders of the Economic Community of West African States (ECOWAS) have adopted the name ‘ECO’ for a planned single currency to be used in the region. The 15 member group announced at the end of an ECOWAS summit in Abuja, Nigeria’s capital on

AFDB, Fidelity Bank secure $15.35bn deal to fund MSMEs

Posted by - May 8, 2019

The African Development Bank and Fidelity Bank Plc, announced recently that it has approved a 70 million dollar loan for a road project in Ebonyi. The bank reported that it would provide $40 million, while its co-financier, the Africa Growing Together Fund (AGTF), would contribute $30 million for the project. The African Development Bank (AfDB)

AFDB endorses US$23m to support agribusinesses in eight African countries

Posted by - April 18, 2019

The Board of Directors of the Agriculture Fast Track Fund (AFT) of the African Development Bank (AFDB) have approved US$23 million grants to support agribusiness Small-and-Medium- sized Enterprises (SMEs) in eight African countries. The multi-donor Trust Fund is being supported by the governments of the United States of America, Denmark and Sweden through their development