The African Development Bank approves a trade finance facility of EUR 70 million for Bank of Africa Morocco to promote trade in Africa
The Board of Directors of the African Development Bank Group has approved a trade finance facility of EUR 70 million for Bank of Africa Morocco (BOA).
IGAD Embarks on Strengthening Collaboration and Coordination in Food Systems Resilience Investments and Interventions through Learning and Experience Sharing Missions with Country Food Systems Resilience Programs
The Intergovernmental Authority on Development (IGAD) through its Food Systems Resilience Program (FSRP) in collaboration with the Ministry of Agriculture of the Federal Democratic Republic of Ethiopia this morning convened with national and regional experts from Ethiopia and Kenya under the Food Systems Resilience Programs to learn from each other, share experiences and best practices as one of the strategies to strengthen collaboration and coordination to ensure efficiency and effectiveness of FSRP investments and interventions across the IGAD region.
Green Climate Fund approves $151 million for African Development Bank’s climate resilience programme in the Horn of Africa
The Green Climate Fund has approved $151 million in financing for a major resilience programme supported by the African Development Bank to address climate vulnerability in the Horn of Africa.
The approval was granted at the Fund’s 39th Board meeting and comprises a $90.7 million grant and a $60.3 million loan. The financing will support the Bank Group’s “Building Climate Resilience for Food and Livelihoods in the Horn of Africa programme,” benefitting 4.6 million people across Djibouti, Somalia, Kenya, Ethiopia and South Sudan.
WFP welcomes UK Government's £3 million contribution towards Malawi’s El Niño Appeal
The United Kingdom's contribution will profoundly impact the lives of Malawi's vulnerable people. It will enable the World Food Programme (WFP) to procure and distribute 3,100 metric tons of food to 280,000 affected people for two months, provide food assistance through cash-based transfers to 38,000 individuals, and strengthen the Department of Disaster Management Affairs (DoDMA) capacity.
World Bank Loan to Namibia Supports Renewable Energy Integration
On May 6, 2024, Namibia’s first ever World Bank financed energy project was approved, aimed at improving the reliability of the country’s transmission network and enabling increased integration of renewable energy into the country’s electricity system. The $138.5 million project will be implemented by the national electricity utility, NamPower.
Benin: Climate Adaptation Efforts Necessary for Sustainable and Resilient Growth
According to the second edition of the Benin Economic Update Report, achieving sustainable and resilient economic growth in the coming decades will depend on efforts to adapt and finance climate investments.
Titled Adapting to Climate Change for Sustainable, Resilient Economic Growth, the first part of the report analyzes recent economic developments and presents the country's medium-term outlook. It projects that annual growth will stabilize at an average of 6.2% between 2024 and 2026 (3.5% on average per capita), driven by investment and the expansion of the Glo-Djigbe industrial zone (GDIZ). The end of the gasoline subsidy in Nigeria in May 2023, supply chain bottlenecks following the closure of the border with Niger, and growing demand pressures have led to an increase in inflation to 2.8% in 2023, below the regional average of 3.7% in 2023.
Tanzania’s greener future: Reducing methane in waste and livestock sectors
Tanzania is embarking on a journey to address methane emissions, through collaborative efforts aimed at enhancing urban resilience and tackling climate change. Tanzania will be one of 15 countries to be included in a global methane initiative spearheaded by the World Bank, that aims to reduce emissions of this potent greenhouse gas. As part of the World Bank Climate Action Plan, reducing methane emissions was identified as a cost-effective way to reduce the rise in global temperatures and its impacts.
World Bank Approves Agreement to Cut Carbon Emissions in Zambia's Eastern Province
Communities in Zambia’s Eastern Province are set to reap the benefits of their efforts in forest conservation, climate-smart agriculture, and other activities such as fuel efficient cookstoves and sustainable charcoal production thanks to a new Emission Reductions Purchase Agreement (ERPA) approved today by the the World Bank and it’s BioCarbon Fund Initiative for Sustainable Forest Landscapes (ISFL)*.
Ghanaian and Senegalese entrepreneurs to benefit from African Development Bank YEI MDTF grant for green jobs in natural resources
The African Development Bank, through its Youth Entrepreneurship and Innovation Multi-Donor Trust Fund (YEI MDTF), has approved a $999,000 grant to support an initiative to foster green jobs for women, youth and people with disabilities.
The Strengthening Women, Youth and People with Disabilities’ Micro-Entrepreneurship for Green Jobs in Natural Resources (MicroGREEN) project aims to foster inclusive economic growth by providing up to 500 green job opportunities and business development services to marginalized groups in Ghana and Senegal.
African Development Bank rapidly exceeding climate finance targets
African Development Bank Group President Akinwumi Adesina called for more urgent action as climate change continues to wreak havoc in many African countries.
He was speaking at a high-level roundtable on climate finance convened during the International Monetary Fund and World Bank Spring Meetings by UK Deputy Foreign Minister and Minister of State for Development and Africa, Andrew Mitchell, and the German Minister for Economic Cooperation and Development, Svenja Schulze, Adesina said the ongoing devastating drought in several parts of Africa underscored the need for all stakeholders to come together to accelerate support and financing for Africa.