Seychelles gets US$20m loan from AfDB to support Covid-19 recovery

SEYCHELLES – The Board of Directors of the African Development Bank Group (AfDB) has approved a US$20 million flexible loan to finance Seychelles’ Governance and Economic Reforms Support Program, expected to help drive the island nation’s macroeconomic stability and recovery from Covid-19 in the medium-term. The government program aims to deepen reforms introduced through the Bank’s Covid-19 Crisis Response Budget Support Program, approved in June 2020 for US$10 million. The reforms are expected to advance fiscal sustainability, improve the business environment and Seychelles’ climate change and environmental resilience. The Bank’s…

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AfDB, Ethiopia, sign US$118m grant agreements to support agro-industrial park, youth employment and Ethiopia-Djibouti power interconnection

ETHIOPIA – The African Development Bank Group (AfDB) and the Government of Ethiopia have signed two separate grant agreements for new projects to boost youth employment and electricity trade between Ethiopia and Djibouti. The grants fall under the Bank Group’s concessional lending window, the African Development Fund, and will go towards the Productivity Enhancement to Support Agro-Industrial Parks and Youth Employment Project worth US$47 million, and the US$71 million Ethiopia-Djibouti Second Power Interconnection Project, which aims to boost electricity trade between Ethiopia and neighboring Djibouti. The industrial parks and youth…

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Afreximbank and Portugal’s ANJE join hands to promote textile and manufacturing sector in Africa

AFRICA – The African Export-Import Bank (Afreximbank) has announced a three-year partnership with Portugal’s National Association of Young Entrepreneurs (ANJE – Associação Nacional de Jovens Empresários) to support Africa’s fashion apparel and textile manufacturing sector. The partnership is in line with Afreximbank’s Creative Africa Nexus (CANEX) program launched in 2020 to organize a series of events in the run-up to the Intra-African Trade Fair 2021, which will take place in Kigali, Rwanda. “We believe that the vast creative talent pool on the continent is an opportunity to accelerate Africa’s economic…

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UNDP-Togo, FAIEJ launch US$476,000 per year fund for young entrepreneurs

TOGO – The Support Fund for Economic Initiatives for Young People (FAIEJ) and the United Nations Development Program (UNDP-Togo) has launched a new fund for the benefit of young Togolese entrepreneurs. The 265 million FCFA per year (US$476k) Togolese Facility for the Acceleration and ‘Innovation (FTAI), will help companies who are innovative and ambitious. The fund will also provide financial assistance to startups and incubators, with the goal of assisting in the formation of new enterprises and jobs for young people. “It is a fund that functions as a catalyst…

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ATI closes US$238m financing agreement for health and transportation projects in Ghana

GHANA – The African Trade Insurance (ATI), a pan-African financial institution providing credit and political risk Insurance Products to support African investments, has announced the closing of two €203 million (US$238.8m) financing agreements social loans, to fund four health and two transportation projects in Ghana. The first transaction, a €55 million (US$64.7m) financing package, relates to the construction of two new Trauma hospitals in Obuasi and Anyinam districts, a new Accident and Emergency center at Enyiresi Hospital and the rehabilitation of Obuasi’s current outdated Health Center. Once completed, the four…

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Tysilio set to install containerised solar system with battery storage in Senegal

SENEGAL – Tysilio, a French company, is set to install its containerised solar system with battery storage in a community agricultural estate (DAC) in Sédhiou, southern Senegal. This is after Tysilio signed a partnership agreement with Senegal’s National Programme for Community Agricultural Estates (Prodac). This solution, called the Tysilio Solar Station (TSS), will reduce farmers’ dependence on highly polluting generators. The installation will consist of a small 32 kWp solar plant connected to inverters and batteries installed in a container. The storage system will be capable of accumulating 60 kWh…

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Guinea, Togo join the leading infrastructure solutions provider AFC

WEST AFRICA – Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, has onboarded the Central Bank of Guinea and the Togolese Republic as its newest shareholders, cementing AFC’s pan-African representation. One of AFC’s first Member States in 2008, the Corporation has invested approximately US$300 million to spur employment opportunities and sustainable economic development from Guinea’s vast mineral resources. Developments co-financed by AFC include the high-grade bauxite Alufer Mine in 2017, which marked one of the largest foreign investments in the west African country since the 2014 Ebola…

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IFC appoints Kalim M. Shah as its Senior Country Manager for Nigeria

NIGERIA – The International Finance Corporation (IFC), an international financial institution, has appointed Kalim M. Shah as its Senior Country Manager for Nigeria in its support for the long-term, inclusive growth of Nigeria’s private sector. In his new role, Shah will lead IFC’s efforts to help strengthen Nigeria’s economy, create jobs and opportunities, and support the country’s private sector as it recovers from the effects of COVID-19. A national of Trinidad and Tobago, Shah joined IFC in 1998 after building a career in commercial banking in his home country and…

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Rwanda selected to host continental headquarters of the AeTrade group

RWANDA – The African Electronic Trade Group (the A-eTrade Group) which also includes the African e-Commerce Development International, has announced that it has accepted the offer of the Government of Rwanda to host the continental headquarters. The announcement is one of the significant events of the Second Africa Integration Day and this follows the last announcement exactly two years ago in Niger, Niamey when the Kingdom of Eswatini and the Republic of Guinea were awarded the regional headquarters for Southern Africa and West Africa respectively bringing the total number of…

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African Development Fund backs Ethiopia-Djibouti electricity trade with US$83.6m in grants

DJIBOUTI – The Board of Directors of the African Development Bank Group (AfDB), has approved two grants worth US$83.6 million to boost cross-border trade in electricity between Ethiopia and Djibouti and to deepen integration in the Horn of Africa sub-region. The funds comprise a US$69.65 million grant to Ethiopia and the second grant of US$13.93 million to Djibouti, both sourced from the African Development Fund, the African Development Bank’s concessional financing window. The Ethiopia-Djibouti Second Power Interconnection project will entail the construction of nearly 300 km of interconnector line, 170…

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