ABIDJAN, Reuters) – Former Mauritanian Finance Minister Sidi Ould Tah has been elected president of the African Development Bank (AfDB), the lender said on Thursday, after a poll during the bank’s annual meeting in Ivory Coast. He will replace Akinwumi Adesina, a Nigerian economist who will step down in September after completing the maximum two...
NAIROBI, (Xinhua) — The United Nations-backed Green Climate Fund has approved 151 million U.S. dollars in financing for a major program to address climate resilience in the Horn of Africa, an African lender announced Monday. The program, supported by the African Development Bank (AfDB), will back the bank group’s “Building Climate Resilience for Food and...
By LUKE ANAMI Somalia’s economy is projected to recover to 3.7 percent growth this year and 3.8 percent in 2025 as it reaps the benefits of East African Community (EAC) membership, a new African Development Bank (AfDB) report says. According to the 2024 Country Focus Report on Somalia released by the lender, Somalia’s GDP growth will be...
Premier lender African Development Bank (AfDB) on Wednesday announced that it was pulling out international staff from Ethiopia, after a “serious diplomatic incident” in which its employees were attacked by security officers. The Abidjan-headquartered lender said that existing Ethiopian staff will continue working under its employment contracts and their Ethiopian office manned by an officer-in-charge....
Antony Sguazzin The African Development Bank, the continent’s biggest multilateral lender, said it’s withdrawing its international staff from Ethiopia immediately after two of its employees were arrested, detained and assaulted in the country on Oct. 31. The two staff members were released after Akinwumi Adesina, the bank’s president, contacted Ethiopian Prime Minister Abiy Ahmed. The...
ADDIS ABABA (Reuters) -The African Development Bank (AfDB) said on Thursday 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 Oct. 31 were “unlawfully...
The United Kingdom and the European Union cleared arrears on loans amounting to $122.55 million that Somalia owed the African Development Bank (AfDB), the institution said on Tuesday. The AfDB said the clearance now marked the end of sanctions and the resumption of full re-engagement between itself and the Horn of Africa nation. The process...
The African Development Bank (AfDB) launched an initiative officially on Monday to bridge the 42-billion-U.S.-dollar financing gap facing women entrepreneurs in Africa. The initiative, dubbed Affirmative Finance Action for Women in Africa (AFAWA), was jointly launched by the AfDB and African Guarantee Fund to cover the potential losses of African financial institutions lending money to...
A joint initiative of the African Development Bank (AfDB) and the Islamic Development Bank (IsDB) will boost agriculture value chains and enhance drought resilience in Nigeria, Somalia and Uganda. The initiative is part of a broad coalition to boost collaboration between the two institutions in agriculture, water and sanitation. The combined active portfolio of both...
The African Development Bank Group (AfDB) has approved a framework document for the establishment of the AfDB Multi-Partner Somalia Infrastructure Fund. The political and economic situation in Somalia in the last two decades has severely affected all sectors in the country, including infrastructure. The devastating civil war that lasted for more than 25 years led...