The European Business Council for Africa

Members of the African Development Bank Group’s Financial Sector Development Department (trade finance division) have concluded a successful visit to Malawi aimed at strengthening engagement with the private sector and leading financial institutions.

The team, led by the Bank’s Country Manager for Malawi, Macmillan Anyanwu, engaged with senior executives of several local financial institutions in Lilongwe and Blantyre to establish points of entry for the Bank to support Malawi’s financial sector. Bleming Nekati, Chief Trade Finance Office; Jonathan Banda, Investment Officer; and Samson Kasuka, Senior Trade Finance Officer, made up the rest of the delegation.

The African Development Bank Group today launched its first Africa Circular Economy Facility during its 2022 Annual Meetings. The circular economy is a model of production and consumption that involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible.

The Bank Group’s Board of Directors approved the facility on 30 March. As a trust fund, it will channel finance and de-risk innovative circular economy business models beyond waste management. It will support the country-led African Circular Economy Alliance (ACEA) in integrating the circular economy into African green growth strategies.

The multi-donor trust fund will operate over a five-year period. It will receive initial support of €4 million from the Government of Finland and the Nordic Development Fund.

The African Development Bank Group has concluded five days of annual meetings in Accra, Ghana on Friday with a rallying cry from its President Dr. Akinwumi Adesina, to be proud of Africa’s progress.

He told delegates at a spectacular closing ceremony at the end of the Bank Group’s Annual Meetings that they were all what he called “partners in hope who shared a passion for the continent and who should celebrate Africa’s successes.”

Ghanaian Vice President Mahamudu Bawumia represented President Nana Akufo-Addo at the closing ceremony. With him were Finance Minister Kenneth Ofori-Atta, the outgoing Chair of the Bank Group’s Board of Governors.

On the margins of the African Development Bank Group’s 2022 Annual Meetings, the Africa Investment Forum convened investors to promote the power of the platform to draw critical investment to the continent.

The investor roundtable on 25 May came at a time when capital flows are in flux in the aftermath of the Covid-19 pandemic. Such discussions are integral to the Africa Investment Forum, connecting project sponsors, investors, and financiers, as well as the public and the private sector.

Within the context of this year’s Annual Meetings theme: Achieving Climate Resilience and a Just Energy Transition for Africa, the interactive dialogue highlighted several flagship projects that define the AIF platform’s unrivaled convening capacity. The drawcard of the Annual Meetings added to the appeal of the event. The Annual Meetings of the African Development Bank Group usually draws around 3,000 government leaders, policymakers and other decision makers.

The government of Ghana has signed a grant agreement with the African Development Fund, and a financing agreement with the government of Switzerland, for the Ghana Mini Grid and Solar Photovoltaic Net Metering project. The project will benefit schools, health centres and communities across the country.

The agreements, for the development of 35 mini-grids and stand-alone solar PV systems, were signed on Wednesday 25 May at a short ceremony held on the sidelines of the African Development Bank Group’s 2022 Annual Meetings. They were signed by Ghanaian Finance Minister Ken Ofori-Atta, chairman of the board of governors of the African Development Bank Group, Ambassador Dominique Paravicini, the African Development Bank Group’s governor for Switzerland and Dr. Akinwumi A. Adesina, president of the African Development Bank.

The post Covid-19 era has highlighted the importance of reliable energy services. The project will support Ghana’s Covid-19 Alleviation and Revitalization of Enterprises Support (Ghana CARES) program, which identifies the energy sector as an enabler of economic transformation.

Africa’s gross domestic product has recovered strongly in the last year, but the lingering effects of the Covid-19 pandemic, Russia’s invasion of Ukraine and the ensuing war could pose considerable challenges in the medium term. This is according to the 2022 African Economic Outlook, released by the African Development Bank on Wednesday.

Africa’s gross domestic product grew by an estimated 6.9% in 2021. This is after the continent suffered a pandemic-induced contraction of 1.6% in 2020, says the Bank’s flagship publication.

Rising oil prices and global demand have generally helped improve Africa’s macroeconomic fundamentals, the report found. But growth could decelerate to 4.1% in 2022, and remain stuck there in 2023, because of the lingering pandemic and inflationary pressures caused by the Russia-Ukraine war. Both countries are major grain suppliers to Africa.

The African Development Bank, MASEN and RES4Africa have agreed to join forces on a dedicated solar energy training programme in 2022, to foster the uptake of solar energy in five Sahel countries.

The programme, to be conducted in Burkina Faso, Chad, Mali, Mauritania and Niger, will focus on energy professionals and policy makers from the target countries, and proposes a first stage institutional training course in June- July, followed by a vocational mini-grid focused training course in September-October.

Dr. Daniel Schroth, Director for Renewable Energy and Energy Efficiency of the African Development Bank, announced the move during the RES4Africa Annual Conference and 10th Anniversary(link is external).

The African Development Bank has signed an agreement with Gabinete de Implementação do Projecto Hidroeléctrico de Mphanda Nkuwa, an implementing entity, to provide advisory services for the development of the $4.5 billion 1,500 MW Mphanda Nkuwa Hydro Power Project in Mozambique.

The agreement was signed Tuesday on the side-lines of the Bank’s Annual Meetings, which are taking place in Accra from 23-27 May.

The agreement was signed by Mr Carlos Yum, Director of Gabinete de Implementação do Projecto Hidroeléctrico de Mphanda Nkuwa and Dr. Kevin Kariuki, African Development Bank Vice President for Power, Energy Climate and Green Growth.

The African Development Bank Group’s Board of Directors has approved a $1.5 billion Emergency Food Production Facility to help tackle the global food crisis sparked by the Russian-Ukraine conflict.

The funds will help 20 million African farmers produce an extra 38 million metric tons of food to address growing fears of starvation and food insecurity on the continent.

The Bank, which is Africa’s only AAA-rated financial institution, has consistently maintained this credit rating by all major global credit rating agencies.

The emergency food production package comes as the African Development Bank gathers in the Ghanaian capital of Accra for its 2022 Annual Meetings this week. Delegates will take stock of the Bank’s projects, which have impacted the lives of 335 million Africans in the last five years, while looking ahead to new challenges and opportunities.

In the early 2010s, Godelive Ngalula, a trader from Kikwit, the main town of Kwilu Province in the Democratic Republic of Congo, spent a week to travel the 350 kilometres (km) to Tshikapa in Kasaï Province and 50,000 Congolese francs (about $24.5) on food. A decade later, the situation has changed. “The trip takes only about a day thanks to the better road. Travel costs have dropped from $80 to $20 and I spend only 2,000 Congolese francs, or $1, on food,” she says happily.

Madeleine Mahamba lives in Lukaka in Kasai Province and no longer has the anxious task of collecting drinking water every day. Where she had to walk five km from her village to the Makode spring early every morning, she now has to take only a few steps from home to collect enough water for her needs. “It took us almost two hours to go there and back,” she says. “Now, we no longer have to worry about getting water. We have enough to drink even when we are working in the fields.”