Africa’s economic growth witnessed a decline to 3.2% last year from 4.1% in 2022, as reported by the African Development Bank (AfDB) on Friday. Despite this setback, the bank projected higher growth rates this year for all regions except central Africa. According to the AfDB, factors such as political instability and China’s economic slowdown, compounded Read More…
Tag: African Development Bank
$90 Billion Illicit Outflow: AfDB Academy’s Masterstroke
Like many other development enthusiasts on the African continent, I was shocked by the recent disclosure made by Prof. Kevin Chika Urama, Vice President of the African Development Bank Group (AfDB), that African countries lose almost $90 billion in illicit financial flows annually and much more in illicit resource flows and resource theft, poorly implemented Read More…
AfDB’s PFMA graduates emerge as torchbearers in Africa’s fiscal management
Public Finance Management Academy sees inaugural cohort’s graduation ceremony with a focus on accountability, transparency, and economic governance. Prof. Kevin Chika Urama, Chief Economist and Vice President of the African Development Bank Group, lauded the significant milestone at the graduation ceremony of the first cohort of the Public Finance Management Academy (PFMA) for Africa. The Read More…
Eight African women-led businesses triumph in 2023 YouthADAPT challenge
In Abuja, the African Development Bank (AfDB) proudly announced the victory of eight vibrant African women-led enterprises in the 2023 YouthAdapt challenge. Each business is set to receive grant funding of up to $100,000, affirmed by a statement issued by the AfDB during the COP28 in Dubai. These winners will also be enrolled in a Read More…
Approval Granted: Nigeria Secures $1 Billion AfDB Loan for Budget Support and Forex Supply
Finance Minister Olawale Edun announced the Federal Executive Council’s (FEC) approval of a $1 billion concessional loan from the African Development Bank (AfDB) aimed at bolstering the budget and enhancing foreign exchange reserves. Edun revealed the loan details, citing a 4.2% interest rate over 25 years with an eight-year moratorium, following a cabinet meeting in Read More…
AfDB launches groundbreaking report on Africa’s macroeconomic models
In a landmark development, the African Development Bank (AfDB) Group unveiled its inaugural report titled “Benchmark Macroeconomic Models for Effective Policy Management in Africa.” Prof. Kevin Urama, the Chief Economist and Vice-President of Economic Governance and Knowledge Management at AfDB, introduced the report during the African Economic Conference (AEC) held in Addis Ababa, Ethiopia. According Read More…
African Development Bank COVID-19 Platform closing in on $20 million sustainable energy investment
The African Development Bank (AfDB) has announced that it has reached financial close on financing agreements for a $20 million concessional investment from the Sustainable Energy Fund for Africa (SEFA) for the Covid-19 Off-Grid Recovery Platform (CRP). In a statement it released on Saturday, AfDB said the 5-year, $50 million blended finance initiative is designed Read More…
AfDB launches ‘Fashionomics Africa’ contest to promote innovative circular fashion
The African Development Bank’s Fashionomics Africa initiative is launching a competition to support designers of sustainable and circular fashion. The first Fashionomics Africa online contest will invite African fashion brands pursuing environmentally friendly measures, sustainability and circular economy actions to participate. The designer submitting the “best sustainable design” will win US$2,000 and other prizes. A Read More…