Brazil-Africa Forum 2023: African Development Bank Group calls for increased Brazilian investment in infrastructure and logistics
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
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.
Accelerating investments for Micro, Small and Medium sized Enterprises: 2nd AU MSME Forum comes to a close.
The African Union 2nd Annual Micro, Small and Medium sized Enterprises (MSMEs) Forum has concluded adopting pathways to enhance support towards the MSMEs ecosystem with practical policies and adequate resources. The forum focused on Start-up Acts as instrument to Foster Development and Innovation in Africa, recognizing the importance of legislation in creating an enabling environment for the emergence and growth of start-ups across the continent. Start-ups are major contributors to innovative socio-economic solutions in Africa and continue to generate high rates of growth and job creation particularly for the youth, advancing inclusive growth and sustainable development in Africa.
West Africa: African Development Bank, Ecowas Bank for Investment and Development sign loan agreement for $50 million and €50 million to enhance regional food security
The African Development Bank Group and the ECOWAS Bank for Investment and Development (EBID) have signed an agreement for a dual currency line of credit comprising $50 million and €50 million to support local agricultural businesses in West Africa.
Carbon Border Adjustment Mechanism
On 1 October 2023, the Carbon Border Adjustment Mechanism (CBAM) entered into application in its transitional phase, with the first reporting period for importers ending 31 January 2024.
Climate change is a global problem that needs global solutions. As the EU rises its own climate ambition, and as long as less stringent climate policies prevail in many non-EU countries, there is a risk of so-called “carbon leakage”. Carbon leakage occurs when companies based in the EU move carbon-intensive production abroad to countries where less stringent climate policies are in place in the EU, or when EU products get replaced by more carbon-intensive imports.
The CBAM is a landmark tool to put a fair price on the carbon emitted during the production of carbon intensive goods that are entering the EU, aiming to reduce greenhouse gas emissions to 55% below the 1990 levels by 2030 and to encourage cleaner industrial production in non-EU countries. However, the proposal has faced scrutiny from partners like Africa, who question its impact on African exports, due to additional costs for exporters and deteriorating terms of trade.
The gradual introduction of the CBAM is aligned with the phase-out of the allocation of free allowances under the EU Emissions Trading System (ETS) to support the decarbonisation of EU industry.
African Development Bank approves $107.8 million to promote Tanzania’s green and resilient recovery from Covid-19 impacts
The Board of Directors of the African Development Bank Group has approved a $107.8 million loan to Tanzania to bolster governance and industrial competitiveness and reinforce social inclusion.
The budget support loan will underwrite Tanzania’s Economic Competitiveness and Social Inclusion Programme (ECSIP), an initiative to drive Tanzania’s sustainable recovery from the effects of the Covid-19 pandemic and Russia’s invasion of Ukraine.
Uganda: Statement by the High Representative Josep Borrell on the promulgation of the Anti-Homosexuality bill
The European Union regrets the signing into law of the Anti-Homosexuality Act by the Ugandan President Yoweri Museveni. The law introduces severe punishments, including the death penalty to which the EU is opposed in all circumstances.
This law is contrary to international human rights law and to Uganda’s obligations under the African Charter on Human and People’s Rights, including commitments on dignity and non-discrimination, and the prohibition of cruel, inhuman or degrading punishment.
The Ugandan government has an obligation to protect all of its citizens and uphold their basic rights. Failure to do so will undermine relationships with international partners.
The European Union will continue to engage with the Ugandan authorities and civil society to ensure that all individuals, regardless of their sexual orientation and gender identity, are treated equally, with dignity and respect.
Sudan: Statement by the Spokesperson on the African Union Communiqué of 27 May
Norway, the United Kingdom, the United States of America, and the European Union [the Troika plus EU] welcome the African Union (AU) Communiqué of 27 May following the Heads of State and Government Peace & Security Council meeting on Sudan.
We agree with the AU’s condemnation of the actions of the two warring parties and the suffering they have caused the people of Sudan.
The Troika plus EU reaffirms its support for African leadership and the AU’s Roadmap for the Resolution of the Conflict in Sudan, and welcomes the AU’s work to establish an Expanded Mechanism and its Core Group to ensure inclusive and coordinated regional and international action to secure a viable peace process, and the resumption of the transition to civilian government and democracy in Sudan.
The Horn of Africa: a geo-strategic priority for the EU
At last Monday’s Foreign Affairs Council, we discussed the situation in the Horn of Africa. This region, which is crucial to EU’s interests, is characterized by a huge untapped potential, but it has been affected during the last decade by many crises that threaten its stability and development.
At our Council of EU Foreign Ministers, we discussed again extensively Russia’s war of aggression against Ukraine. However, this war is unfortunately not the only conflict that threatens to destabilise the rules-based world order. And even if the war against our neighbour Ukraine is naturally very important to us, we need to keep a close eye on the problems in the rest of the world, better understand them and continue to engage globally in helping resolve other crises.
The stability of the Horn of Africa is crucial.
This is particularly true for the Horn of Africa, which has been rocked by major crises over the recent years. The stability of this region in the East of the African continent is of course crucial for the 300 million of people living there, but it is also central for EU’s interests, in particular because more than 20% of EU exports and imports pass off its coast. As geopolitical competition intensifies, other players, like the Gulf countries, China or Russia, focus increasingly on the region. A strong and structured European engagement with the countries of the Horn of Africa is imperative to preserve our interests.
Africa Investment Forum showcases $1.475 billion in green and renewable energy deals at African Development Bank 2023 Annual Meetings
The Africa Investment Forum presented four renewable energy and sustainability projects worth nearly $1.5 billion to investors on the sidelines of the African Development Bank Group’s 2023 Annual Meetings.
The curated projects, which are drawn from all of Africa’s regions, are sourced from the Africa Investment Forum’s pipeline. They reflect gathering urgency in Africa, the world’s most vulnerable region to climate change, to accelerate climate action, including closing financing gaps by securing an ever-increasing share of global capital for the continent.
The African Development Bank’s 2023 Annual Meetings are being held under the theme, Mobilizing Private Sector Financing for Climate and Green Growth in Africa.
The investment roundtable, held in Sharm El Sheikh, attracted a range of private investors, including venture capital and private equity firms.