AfDB appoints Atsuko TODA the acting Vice President for Agriculture, Human and Social Development

AFRICA – The African Development Bank Group (AfDB) has announced the appointment of  Ms. Atsuko TODA as Acting Vice President for Agriculture, Human and Social Development, effective 16 March 2021. Atsuko, a Japanese citizen, is a seasoned professional with over 20 years of experience with international institutions. Atsuko joined the Bank in December 2016 as Director of the Agriculture, Finance and Rural Infrastructure Development Department. In her current function, she is responsible for the bank’s investments in private sector agribusiness companies, mainstreaming disaster risk finance, and development of Special Agro-Industrial…

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AfDB named World’s Best Multilateral Financial Institution 2021 by Global Finance

AFRICA – Prestigious U.S. magazine, Global Finance, specializing in financial markets and investment banking, has named the African Development Bank (AfDB) as the “Best Multilateral Financial Institution in the world for 2021.”  The award is a global recognition for the path breaking efforts of the African Development Bank as it transforms itself into a solutions bank for Africa, through a combination of its operations, knowledge services and investment positioning, which continue to help accelerate Africa’s development. The award is an affirmation of the success of the operational strategy being pursued by…

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AfDB and JICA sign US$668.1m loan agreement to replenish African Development Fund

AFRICA – The Japan International Cooperation Agency (JICA) and the African Development Fund (ADF), the concessional arm of the African Development Bank Group have signed a loan agreement of US$668.1 million to support the 15th replenishment of the African Development Fund (ADF-15). During a virtual ceremony, African Development Bank Group President Dr. Akinwumi A. Adesina and Japanese Ambassador to Côte d’Ivoire Kuramitsu Hideaki signed an Exchange of Notes, while the loan agreement was signed by the JICA Chief Representative in Côte d’Ivoire, Fujino Kojiro, and Acting African Development Bank Group Senior…

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Mozambique LNG Area 1 Project and AfDB win Multilateral Deal of the Year Award

MOZAMBIQUE – The Mozambique Liquefied Natural Gas (LNG) Area 1 Project and the African Development Bank (AfDB) have jointly received the prestigious Global Multilateral Deal of the Year 2020 award by the print and online publication Project Finance International (PFI). The project, the single largest foreign direct investment in Africa to date with a value of more than US$24 billion, will exploit Mozambique’s immense offshore natural gas reserves, which can potentially transform global energy markets. The AfDB signed an agreement for a US$400 million senior loan to finance the project in July 2020. In…

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AfDB pledges to mobilise US$6.5b in support of the Sahel’s Great Green Wall initiative

AFRICA – The Sahel region’s Great Green Wall Initiative received a major boost from the African Development Bank this week when the bank pledged to assist in mobilising up to US$6.5 billion over five years, to advance the landmark initiative. The resources will be made available through a range of programmes in support of the Great Green Wall by drawing on internal as well as external sources of funding, such as the Sustainable Energy Fund for Africa (SEFA) and the Green Climate Fund (GCF), among others. Multilateral development partners joined…

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AfDB president Akinwumi Adesina gets cleared of ethical charges

AFRICA – Akinwumi Adesina, president of the Africa Development Bank (AfDB), has been exonerated of all whistleblower allegations by the independent review panel led by Mary Robinson, former president of Ireland. Akinwumi Adesina, 60, a charismatic speaker known for his elegant suits and bow ties, became the first Nigerian to helm the AfDB in 2015. A 15-page report earlier this year claimed that under his watch, the bank had been tarred by poor governance, impunity, personal enrichment and favouritism. The panel of three experts, led by Robinson alongside Gambia’s Chief…

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African Union Executive Council endorses AfDB President for second term

AFRICA – The Executive Council of the African Union has supported Dr. Akinwumi Adesina’s candidacy for a second term as President of the African Development Bank. The decision was taken during the thirty-sixth Ordinary Session of the AU Executive Council, held during the AU Summit in Addis Ababa, Ethiopia. Dr Adesina was elected to his first term as President by the Bank’s Board of Governors at its Annual Meetings in Abidjan on May 2015. He is the eighth President of the African Development Bank Group and the first Nigerian in…

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