African Development Bank Group

Our latest Inside Brief #LinkedInNewsletter is LIVE; you don’t want to miss it!   Catch up on our progress in mobilising financial resources for the continent, celebrate our first-place ranking in Publish What You Fund’s Transparency #2024Index for our Sovereign Portfolio, and travel with us to #Comoros to inaugurate a transformative road built with the Bank’s support.   You’ll also find a roundup of our current #AfDBJobs and more.   Read Issue 8 now.

The African Development Bank Group reaffirms its support for #Guinea’s efforts to diversify its economy and mobilise domestic resources for crucial development projects.   During a three-day visit to the Guinean capital, Conakry, the Bank Group’s vice president for Regional Development, Integration and Business Delivery, Marie-Laure Akin-Olugbade, accompanied by Kevin KARIUKI, vice president for Power, Energy, Climate and Green Growth, lauded Guinea’s economic resilience in the face of recent global challenges. She highlighted several Bank-supported initiatives for the country, including reviews of #mining contracts and audits in the mining, telecommunications, banking and insurance sectors.   The Bank’s delegation met with Prime Minister Amadou Oury Bah and Finance Minister Mourana Soumah, who is also the Bank’s Governor for Guinea, among other government officials. Minister Soumah expressed gratitude for the Bank’s support, noting the progress made in various development sectors with the Bank’s assistance. He called for continued support, particularly in the energy sector, which is currently grappling with challenges.   More from the mission: https://bit.ly/4fnlKAX

Happy National Day, #Liberia 🇱🇷!

The African Development Institute of the African Development Bank Group to commence with the second cohort in its 18-month public finance executive training series. Hosted by the Institute’s Public Finance Management Academy for Africa (PFMA), the virtual training will focus on Domestic Revenue Mobilization (DRM) for Enhanced Fiscal Stability and Resilience in Africa. The training aims to enhance African governments’ capacities to raise domestic revenues for development investments, strengthen the institutions, systems, and processes for fiscal stability and to equip public officials with modern tools and approaches for effective public financial management. Details: https://bit.ly/4d9Npn4 #PFMAcademy

The African Development Bank has expressed strong support for revitalising the African Union #PeaceFund, pledging to continue implementing innovative strategies to address fragility and build resilience across the continent.   Bank VP -Marie-Laure Akin-Olugbade highlighted the institution’s focus on developing human capital, strengthening institutions, and promoting inclusive governance alongside infrastructure and economic growth. “These programs not only foster economic growth but also address the root causes of conflict by promoting inclusivity and empowering marginalised groups,” she stressed.   Akin-Olugbade spoke at a high-level meeting on the sidelines of the AU’s 6th Mid-Year Coordination Meeting in Accra, where Moussa Faki Mahamat, Chairman of the African Union Commission, announced that the Fund has garnered close to its initial target of $400 million, primarily from member state contributions. He commended the countries for their dedication to the Fund despite facing global challenges. Details: https://bit.ly/3Ly0UkC

African Development Bank President Dr. Akinwumi Adesina joined dignitaries from Africa and the Arab world to celebrate the 50th anniversary of the BADEA - Arab Bank for Economic Development in Africa.    Since 1974, BADEA has financed over 700 projects across 44 African countries, improving living standards and spurring economic growth.   Ghana’s President H.E Nana Addo Dankwa Akufo-Addo lauded BADEA for its impactful investments across Africa, suggesting its experiences should serve as a model for the future. “Over the past five decades, BADEA has been a beacon of hope, a catalyst for development, and a symbol of the enduring bond between our regions,” he emphasized.    The African Development Bank has worked closely with BADEA to accelerate the delivery of its ‘High 5’ priorities for Africa. President Adesina stressed the importance of strategic cooperation between the two regions to pool financial resources for the desired transformation of Africa. “We need a structured and coordinated partnership that will pool financial resources between Africa and the Arab Region to address critical issues such as food security, energy transition, youth employment, and infrastructure development,” he said.   The gathering, themed “BADEA Prosperity Partnership: 50 Years of Africa-Arab Cooperation,” brought together private sector business executives from Africa and the Arab world, top government officials, diplomats, representatives of pan-African bodies, and multilateral and development finance institutions.   More from #BADEAat50: https://bit.ly/4dhseiZ

L’eau est source de vie, mais c’est une ressource qui se raréfie. Dans la province de Zagora, au #Maroc, le stress hydrique mettait en péril l’attractivité touristique du territoire ainsi que les conditions de vie des habitants. Saïd Elberkaoui et Firdaous Allouli, employés d’un riad, risquaient de perdre leur emploi. Grâce au projet réalisé par l’Office National de l’Électricité et de l’Eau Potable, avec le soutien de la Banque africaine de développement, le Maroc relève le défi de l'eau en renforçant et en sécurisant l'approvisionnement en #eaupotable dans ses régions. 📹 Découvrez l’impact de ce projet ⬇️

Addressing heads of state and government at the 6th Mid-Year Coordination Meeting of the African Union in Accra, #Ghana, African Development Bank President Dr. Akinwumi Adesina outlined the Bank’s successes in mobilising financial resources for the continent’s development needs. He highlighted the Bank’s recent general capital increase from $201 billion to $318 billion, approved by the Board of Governors during its Annual Meetings in Nairobi last May. The approval will enable Africa’s only AAA-rated financial institution to preserve its status and meet the continent’s urgent and increasing #development needs. Adesina briefed the leaders on growing global confidence in the Bank, and the progress the Bank is making in spearheading global efforts to ensure that Africa’s natural wealth is taken into consideration as a measure of Gross Domestic Product (GDP). More from #AUMYCM: https://bit.ly/3zO801C

RECAP: The African Development Bank’s sovereign portfolio retains top spot in Publish What You Fund's 2024 Aid Transparency Index - Bank praised for detailed publication of project objectives, impact appraisal documents, environmental studies and evaluation reports: https://bit.ly/4f1ihrt WATCH a snippet of the #2024Index launch below.

300,000 smallholder farmers in Mozambique to benefit from fertilizer financing boost ahead of planting season.   Launched by the Africa Fertilizer Financing Mechanism and its implementing partner, the African Fertilizer and Agribusiness Partnership (AFAP), the ‘Fertilizer Financing for Sustainable Agriculture Management in #Mozambique’ project will boost access to #fertilizer and increase farmers’ productivity and wealth, over the next three years.   AFAP will leverage the Mechanism’s $2 million partial trade credit guarantee to provide guarantees to 5 fertilizer suppliers for the delivery, on credit, of 60,000 tons of fertilizer to smallholder farmers, through 30 hub agro-dealers, and 125 retail agro-dealers.   More details on the project: https://bit.ly/3Y7Zh4o #FeedAfrica