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AfDB, PowerGen join forces with global investors to expand renewable energy in Africa

DailyTimesNGR DailyTimesNGR 19 January 2025 0

BY MOTOLANI OSENI The African Development Bank (AfDB) and PowerGen Renewable Energy have partnered with global investors to launch a transformative initiative aimed at deploying 120 MW of renewable energy across Africa. The project will integrate advanced battery energy storage systems to

Business

World Bank, AfDB offer Nigeria $40bn energy facility to boost power supply

DailyTimesNGR DailyTimesNGR 19 January 2025 0

BY MOTOLANI OSENI Nigeria is prepared to highlight key energy projects to enable it take advantage of the $40 billion World Bank and African Development Bank (AfDB) power finance initiative. The World Bank Group and the African Development Bank Group are prepared to convene an Africa Energy Summit on January 27-28 to advance an ambitious […]

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AfDB to assist 30 SMEs scale up circular economy initiatives

DailyTimesNGR DailyTimesNGR 24 August 2024 0

By Temitope Adebayo The African Development Bank, AfDB-supported AfriCircular Innovators Programme has selected 30 Small and Medium Enterprises, SMEs, to receive financing and technical assistance to scale up circular economy initiatives. The bank in a statement said that this inaugural cohort, drawn from Cote d’Ivoire, Ghana and Rwanda, participated in its online

Business

AfDB appoints Lamin Barrow as Director General for West Africa Region

DailyTimesNGR DailyTimesNGR 13 June 2024 0

The African Development Bank Group, AFDB has appointed Lamin Barrow, an economist, as the Director General for the West Africa Region, effective June. Barrow, a Gambian national, brings extensive experience and knowledge to his new role, having joined the African Development Bank in 2000. Before this appointment, he served as Director General of the Nigeria […]

Headlines

States to get AfDB’s $540m agro-industrial loan

DailyTimesNGR DailyTimesNGR 6 February 2024 0

By Ukpono Ukpong The African Development Bank (AfDB) is set to commence the disbursement of $540 million loan to states across the country. Three states have so far been slated for disbursement in the first phase of the special Agro-Industrial Processing Zones (SAPZs). The loan is meant to ensure food security in the country through […]

News

AfDB inaugurates macroeconomic model for effective policy management in Africa

DailyTimesNGR DailyTimesNGR 19 November 2023 0

The African Development Bank (AfDB) Group, has inaugurated the Bank’s Maiden report on “Benchmark Macroeconomic Models for Effective Policy Management in Africa”. Prof. Kevin Urama, the Chief Economist and Vice-President of Economic Governance and Knowledge Management, AfDB, inaugurated the report on the sidelines of the African Economic Conference (AEC) in Addis-Ababa,

Headlines

AfDB says African continent most vulnerable to climate risks

Ihesiulo Grace 26 April 2023 0

The African Development Bank (AfDB) Group reiterates that the African continent was one of the world’s most vulnerable to climate risks. In a statement on its website on Tuesday, the bank said Africa was the least among continents that polluted the planet. The statement noted that nations across the continent were grappling with financing constraints. […]

Headlines

AfDB to invest $8m on West African digital banking system

Ihesiulo Grace 10 April 2023 0

BY TEMITOPE ADEBAYO The Board of Directors of the African Development Fund (AFDB) has approved eight million dollars to boost the banking system on the continent. A statement by African Development Bank (AfDB) said the fund was for establishing a digitally interoperable unique bank identification system. It said the fund was also meant to establish […]

Business

AfDB approves $50m, €50m credit for ECOWAS Bank

Ihesiulo Grace 1 February 2023 0

The Board of Directors of the African Development Bank (AfDB) Group, has approved a dual-currency Trade Finance Line of Credit (LoC) for ECOWAS Bank for Investment and Development (EBID). In a statement issued on the website of the AfDB, the LoC comprises 50 million dollars and 50 million euros. An additional co-financing of 30 million […]

Business

AfDB to boost Africa’s food security drive with $10bn

Ihesiulo Grace 26 January 2023 0

By Joy Obakeye The African Development Bank Group AFDB will commit $10 billion over the next five years to boost Africa’s efforts to end hunger and become a primary food provider for itself and the rest of the world. Bank Group President, Dr Akinwumi Adesina, announced Wednesday at the Dakar 2 Africa Food Summit in […]

News

AfDB warns against high rate of unemployment

Ihesiulo Grace 20 January 2023 0

.Says it could worsen Africa’s social, political fragility By Abiodun Taiwo The President, African Development Bank (AfDB), Dr. Akinwunmi Adesina said this on Thursday while delivering a lecture on the role of education in 21st Century Nigeria Development: BBHS Adventure as part of activities marking the centennial anniversary of Baptist Boys High School Abeokuta,

Business

AfDB invests $20m to support renewable energy in sub-Saharan Africa

Ihesiulo Grace 21 November 2022 0

By Joy Obakeye The African Development Bank Group (AfDB) has approved an equity investment of $ 20 million in Evolution Fund III, a pan-African clean and sustainable energy private equity fund that is mobilising about $ 400 million into renewable energy and resource-efficiency assets across sub-Saharan Africa over ten years. Inspired Evolution Investment Management is […]

News

Africa needs annual investment of $40bn on energy for electricity – AfDB

Ihesiulo Grace 27 May 2022 0

.Says Nigeria’s economy to decelerate, average 3.2% by 2023 The African Development Bank (AfDB) says Africa needs an annual investment of $32 billion to $40 billion along the energy value chain to achieve universal access for electricity by 2030. The AfDB’s African Economic Outlook 2022 unveiled at the Bank’s Annual Meetings on Thursday in Accra, […]

Business

COVID-19: 29m Africans expected to suffer extreme poverty – AfDB

Ihesiulo Grace 13 November 2021 0

The African Development Bank Group (AFDBG) says about 29 million Africans, especially in sub-Saharan Africa are expected to suffer extreme poverty due to the impact of COVID-19 pandemic. The bank said studies had shown that COVID-19 had tested the economic capacities of countries and the situation was particularly problematic for most ECOWAS countries. Dr. Akinwumi […]

Business

AfDB fund provides $7.3m for youth empowerment

Ihesiulo Grace 24 August 2021 0

The African Development Bank (AfDB), through its Youth Entrepreneurship and Innovation Multi-Donor Trust Fund, has provided more than 7.3 million dollars for youth empowerment. According to a statement from the bank on Tuesday, the fund provides project preparation and co-financing for bank projects and places emphasis on employability, entrepreneurship and job creation.

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$430m Enugu-Cameroon highway project to be completed this year – AfDB

Ihesiulo Grace 21 June 2021 0

The African Development Bank (AfDB) says the 430 million dollars highway project linking Enugu to Bamenda in Cameroon will be completed this year. The bank, in a statement issued on Monday, said that it was part of its investments in West Africa which currently stood at 16 billion dollars. The statement quoted the President of […]

Business News

AFDB extends ‘Desert to Power’ Program to Nigeria

Ihesiulo Grace 26 January 2021 0

By Doosuur Iwambe The President of African Development Bank (AfDB) Dr. Akinwunmi Adesina, has announced that the bank is set to undertake its ‘Desert to Power’ initiative in Nigeria to meet up the challenge of power failure. Adesina who made this known within the week at the African Investment Conference organized by the UK’s Department […]

News

AfDB tasks African govts on financing nutrition in COVID-19 recovery

Ihesiulo Grace 15 September 2020 0

African Leaders for Nutrition (ALN) has unveiled a position paper calling on African Heads of State and Governments to ensure that financing for nutrition is included in their country’s COVID-19 response and recovery plans. The call was made in a statement from African Development Bank (AfDB) in Abuja. The position paper titled: “Embedding Nutrition within […]

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African economy to decline by $189.7bn

Ihesiulo Grace 8 July 2020 0

African Development Bank (AfDB) has forecasted that Nigeria and the rest of the continent will suffer a Gross Domestic Product (GDP) loss of $189.7 billion in 2020. AfDB, in its African Economic Outlook report released on Tuesday, stated that Africa could suffer GDP losses in 2020 between $145.5 billion (baseline) and $189.7 billion (worst case). […]

Business

AfDB appoints Acting VP for Human, Social Development

Ihesiulo Grace 7 July 2020 0

The African Development Bank Group has appointed Wambui Gichuri as Acting Vice President, Agriculture, Human and Social Development, The bank, in a statement distributed by the African Press Organization (APO), Group, the appointment takes effect from July 5, 2020. Wambui joined the African Development Bank Group in 2018 as Director, Water Development and Sanitation.