African Development Bank Group and research centres to transform African agriculture and improve food security
The African Development Bank Group and the Consortium of International Agricultural Research Centres (CGIAR) committed on January 25, 2024, to strengthen their collaboration to increase food production and provide better nutrition for Africa's growing population.
With 65% of global uncultivated arable land, the African Development Bank believes that the continent can feed itself and the rest of the world.
COP28: African countries sign on to join pioneering global battery energy storage consortium
Several African countries have formally expressed interest to join the groundbreaking Battery Energy Storage Systems (BESS) Consortium, launched Saturday during COP28, which could revolutionise Africa’s energy landscape by developing advanced energy storage solutions through collaboration and innovation.
Joining the BESS Consortium, a multistakeholder partnership initiative of the Global Leadership Council, commits members to participate in efforts to reach energy storage commitments of 5 GW through the end of 2024. This will in turn provide a roadmap to ultimately achieving 400 GW of renewable energy by 2030.
African Development Bank approves Desert to Power RIMDIR Mini Grid Electrification Project in Mauritania
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
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
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
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
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
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
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
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.