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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AfDB appoints Cesar Augusto Mba Abogo as Country Manager for Mozambique

MOZAMBIQUE – The African Development Bank Group (AfDB), has announced the appointment of Mr. Cesar Augusto Mba Abogo as Country Manager, designated for Mozambique Country Office, effective 16 August 2021. Mr. Cesar Augusto Mba Abogo, a citizen of Equatorial Guinea, is an Economist and a writer with more than 15 years of experience in natural resource economics, development economics, public policy and international negotiations. From April 2019 to October 2020, he served as Minister of Finance, Economy and Planning for the Republic of Equatorial Guinea. He was appointed during challenging…

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SEFA reports record number of transactions in 2020, secures US$90m in new funding

AFRICA – The Sustainable Energy Fund for Africa (SEFA) approved seven high-impact projects worth US$54 million in 2020, its best year in spite of challenging Covid-19 conditions, according to its recently released 2020 Annual Report. SEFA, managed by the African Development Bank (AfDB), focuses on green baseload, green mini-grid, and energy efficiency investments. The Fund, founded in 2011, transformed into a Special Fund on 31 October 2019. The report, titled Building Foundations for Success, also details the Fund’s success in attracting increased donor funding. SEFA secured commitments worth US$90 million from…

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FCMB secures US$50m loan from AfDB for local enterprises and women-empowered businesses

NIGERIA – First City Monument Bank (FCMB) has secured US$50 million loan from the African Development Bank (AfDB) to channel to local enterprises and women-empowered businesses in the agribusiness, manufacturing, healthcare and renewable energy sectors.  Thirty percent of the funds, which are intended to mitigate effects of the challenging Covid-19 environment, are earmarked for underserved women-empowered businesses. In addition, the Bank will provide a technical assistance grant of US$200,000 through its Affirmative Finance Action for Women in Africa (AFAWA) initiative supported by the Women Entrepreneurship Finance Initiative. The grant will…

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Green Climate Fund approves US$170.9m in co-financing for AfDB’s Leveraging Energy Access Finance Framework program

AFRICA – The Board of the Green Climate Fund (GCF) has approved US$170.9 million in financing for the African Development Bank’s Leveraging Energy Access Finance Framework (LEAF) program which aims to unlock commercial and local-currency financing for decentralized renewable energy (DRE)  projects in six program countries: Ghana, Guinea, Ethiopia, Kenya, Nigeria, and Tunisia. The Green Climate Fund’s financing is part of an overall US$900 million program budget whose objective is to scale up the roll-out of mini-grids, solar home systems, and commercial and industrial solar solutions in the program countries. Tony Clamp,…

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AfDB grants US$46.27m loan to Gabon for hydroelectric power project

GABON – The Board of Directors of the African Development Bank has granted €39 million (US$46.27m) loan for the implementation of the first independent producer of hydroelectric power project in Gabon. This is a loan of €20 million (US$23.73m) from the African Development Bank, €10 million (US$11.86m) from the Africa Growing Together Fund (AGTF) and concessional financing of €9 million (US$10.68m) from the Fund for Sustainable Energy in Africa (SEFA), a special multi-donor fund managed by the African Development Bank. Other donors, including the International Finance Corporation (IFC, the private…

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South Korea and AfDB to provide US$600m on energy projects in Africa

AFRICA – The African Development Bank (AfDB) has signed an agreement with the Korean Ministry of Economy and Finance and the Export-Import Bank of Korea, under which Korea will provide US$600 million in co-financing for energy projects alongside the Bank. The Korea-Africa Energy Investment Framework (KAEIF) pact follows the signing on 28 May 2021 of a General Cooperation Agreement between the Bank and the South Korean government. The KAEIF has a particular focus on renewable energy solutions in Africa, including generation, transmission, distribution, off-grid- and mini-grid, policy and regulatory reform,…

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AfDB set to invest US$2bn that will boost the African Continental Free Trade Area

AFRICA – The African Development Bank (AfDB) is set to spend a sum of US$2 billion in the next 3 years to support infrastructure development which will boost the African Continental Free Trade Area (AfCFTA). “For the potential to be realised fully, it is very important for the private sector to play a big role and the AfDB is supporting the AfCFTA to do that,” AfDB President, Dr Akinwumi Adesina, said. “You cannot trade if there is no infrastructure to trade; roads, rails, ports, highways. Those are the things the…

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AfDB and Italian Technical Cooperation Fund extend US$1.18m grant to boost agriculture value chains in Mozambique

MOZAMBIQUE – The African Development Bank (AfDB), with financing from the Italian Technical Cooperation Fund, has provided a €990,000 (US$1.18 million) grant to help smaller agro-processing enterprises in Mozambique boost production and quality control. The project will enable the businesses to better tap into national and regional markets and capitalize on the opportunities created by the African Continental Free Trade Area (AfCFTA). The Confederation of Business Associations of Mozambique is the implementing agency. “We are pleased to receive this grant from the African Development Bank and the Italian Technical Cooperation Fund,…

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