ACCRA, Ghana, The African Development Bank (www.AfDB.org) has signed an $830,000 technical assistance grant agreement for Ethiopia. The funds will help mainstream climate risk management, gender and resilience into economic planning and development in the country’s Ziway-Shallah sub-Basin. The signing took place on Thursday 26 May during the African Development Bank Group’s 2022 Annual Meetings,...
November 9, 2026
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East African countries in $8b investment plan
By VINCENT OWINO East African states will jointly benefit from at least $8.77 billion worth of investments in transport, healthcare, energy, and agriculture among other sectors, from deals made at the 2021 African Investment Forum concluded on Thursday. The three-day event was organised by the African Development Bank (AfDB) in partnership with other finance organisations...
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Tapping regional integration to bolster resilience in the Horn of Africa
In 2020, the economies of Djibouti, Ethiopia, Kenya and Somalia together grew by 0.88%, despite the significant downside risks precipitated by the COVID-19 (coronavirus) pandemic and the accompanying economic shakeout. Stark divergence in growth profiles, underlying fragilities and significant risks create a complex context going forward. It is against this backdrop of risk tempered with...
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COVID 19 and Potential Financial and economic Impact on Somalia
By Abdullahi M. Yahie The novel coronavirus COVID-19 has undoubtedly caused havoc in the world in an unprecedented manner. There are, many, however, who may nonchalantly show a feeling of déjà vu. It seems like we’ve been down this road before with SARS, EPOLA, MERS and the swine flu. Based on exiting literature, SARS, MERS and COVID-19...
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African Development Bank Group unveils $10 billion Response Facility to curb COVID-19
ABIDJAN, Ivory Coast, — The African Development Bank Group on Wednesday announced the creation of the COVID-19 Response Facility to assist regional member countries in fighting the pandemic. The Facility is the latest measure taken by the Bank to respond to the pandemic and will be the institution’s primary channel for its efforts to address...
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Somalia’s Journey to Debt Relief Under HIPC Initiative and Review of Empirical Evidence of Debt Relief from Previous Countries Under HIPC Initiative
By Abdighani Hirad I. Summary On March 25, 2020, Somalia has taken the necessary steps and reached the Decision Point and would begin receiving debt relief under the Enhanced Highly Indebted Poor Country (HIPC) Initiative. The Federal Government of Somalia (FGS) received congratulatory notes from the International Monetary Fund (IMF) and the World Bank (WB)....
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Somalia to Receive Debt Relief under the Enhanced HIPC Initiative
Washington, DC The International Monetary Fund (IMF) and the World Bank’s International Development Association have determined that Somalia has taken the necessary steps to begin receiving debt relief under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative. Somalia is the 37th country to reach this milestone, known as the HIPC Decision Point. Debt relief will help Somalia...
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COVID-19: Ethiopia premier seeks debt relief for Africa
Abiy Ahmed urges G20 countries to provide $150B financing package, African finance ministers call for $100B ADDIS ABABA, EthiopEthiopia’s prime minister has put forward a three-point proposal on how G20 countries can help African countries cope with the coronavirus pandemic. The first point of the plan proposed by Abiy Ahmed calls for a $150 billion...
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Somalia: African Development Bank Group approves framework to clear nation’s arrears
ABIDJAN, Ivory Coast- APO Group/ — The African Development Bank (AfDB.org) and African Development Fund today approved a framework for $122.55 million to clear Somalia’s arrears, paving the way for the Bank Group to fully reengage with Somalia and opening opportunities for enhanced financing for the country. The historic Framework for Somalia’s Arrears Clearance and a...
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Horn of Africa countries launch regional initiative as peace dividend beckons, $15 billion investment on the cards
ABIDJAN, Ivory Coast — Five Horn of Africa countries have launched an initiative to forge closer economic ties, building on the improving political climate in the sub-region. The initiative was formalized on 18 October, on the sidelines of the World Bank Group/IMF Annual Meetings in Washington DC. The countries agreed on priority projects and programs...