African Development Bank approves Desert to Power RIMDIR Mini Grid Electrification Project in Mauritania
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The African Development Bank Group on 2 November 2023, approved a contribution of EUR 14.42 million towards the RIMDIR Mini Grid Electrification Project in Mauritania as part of the Desert to Power Initiative.
The grant from the Bank’s Sustainable Energy Fund for Africa (SEFA) aims to facilitate the electrification of 40 local communities by establishing seven mini-grids in the South East region of Mauritania (Hodh El Gharbi and Hodh Echargui). Additionally, the funds will be allocated to income generating activities.
By complementing the interventions of the French Development Agency and the World Bank in the RIMDIR project, the African Development Bank and the SEFA fund underscore their commitment to fostering private sector engagement in rural electrification, a model the Bank seeks to replicate, drawing from the extensive expertise gained from other successful projects in the region.
COP28 - Africa Day: African leaders emphasize need for significantly increased climate action and green growth financing
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Amplify the voice of African countries globally and provide a space and platform to highlight the continent's challenges, opportunities and responses -- this was the focus of Africa Day on 2 December 2023.
The day opened with a high-level session at which several African leaders called for "increasing climate finance and green growth in Africa", the theme of the event.
Congo: African Development Bank grants a loan of 92 million euros to support economic diversification
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The Board of Directors of the African Development Bank Group granted a loan of 92 million euros to the Republic of Congo in Abidjan on 17 November 2023 to implement the first phase of the Economic Diversification Support Program.
The aim of the program is to strengthen the resilience of the Congolese economy and reduce its dependence on the oil sector with the aim of reconciling the need for growth with combating climate change.
Africa Investment Forum 2023: Capital market integration in Africa is essential to meet funding needs - experts
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African countries continue to face funding challenges, mainly due to the modest size and low capitalisation of the continent’s stock markets, Financial experts attending this year’s Africa Investment Forum Market days said.
Speaking during a session on “Capital Market: Mobilising Investment for Transformational Growth”, the panellists acknowledged the significant progress made over the past ten years regarding access to financial services, particularly mobile services, and the development of financial markets. Still, there is much to do to develop long-term financing on the continent.
Public-private partnerships needed to bridge Africa’s infrastructure development gap
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Public-private partnerships (PPPs) are crucial to closing the financing gap for infrastructure development in Africa, and governments and the private sector should work together to create effective PPPs, said Dr Robert Lisinge, Acting Director of the Private Sector Development and Finance Division at the UN Economic Commission for Africa (ECA).
COP28: Italy announces €5 Million contribution to Sustainable Energy Fund for Africa
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Italy has made a new commitment of €5 million to Africa's sustainable energy future through the Sustainable Energy Fund for Africa (SEFA) Special Fund. The Italian Deputy Minister of Environment and Energy Security, Vannia Gava, announced the new contribution during a side event at the 2023 United Nations Climate Change Conference, COP28, in Dubai, United Arab Emirates.
Kenya: Africa Fertilizer Financing Mechanism commits more than $2 million to improve farmers’ access to fertilizers
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The Africa Fertilizer Financing Mechanism will provide a $2 million partial trade credit guarantee and a $219,000 grant funding to Nairobi-based Apollo Agriculture Limited(link is external) to support the distribution of over 7,000 tonnes of fertilizers to some 100,000 smallholder farmers in Kenya.
Between 2024 and 2026, the project will support Apollo Agriculture Limited to sell fertilizer through a part of its network, covering around 150 retail agro-dealers and 800 village-based agents using digital platforms.
Leaders Commit to Mind the Gap – Invest in Water as the Race to Achieve SDG 6 in Africa Accelerates
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African leaders have pledged to mobilise US$30bn per year by 2030 to achieve water security and sustainable sanitation on the continent through institutional private-public partnerships, sector reform, and higher national budget allocations.
Brazil-Africa Forum 2023: African Development Bank Group calls for increased Brazilian investment in infrastructure and logistics
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An African Development Bank delegation to the 11th edition of the Forum has stressed the need to strengthen collaboration with Brazil through the multi-partner Lusophone Compact, to attract more private capital and co-financing for private sector transactions.
The delegation from the continent’s premier multilateral development bank attended the forum, held in São Paulo, Brazil from October 31st to November 1st, under the theme Investment and Development: Brazil and Africa Engaging with the World.
Gambia: African Development Bank grants nearly $7 million to improve governance and strengthen fiscal resilience
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On Tuesday 3 October, the Board of Directors of the African Development Bank Group, meeting in Abidjan, approved a grant of $6.72 million to The Gambia to support implementation of the first phase of the Public Financial Management and Economic Reform Programme.
The Bank's financial support comes under Pillar 1 of the Transition Support Facility, which is intended for states affected by situations of fragility or conflict.