African Development Bank

A South African court ordered the reinstatement of Patrick Dlamini as head of the Public Investment Corporation, overturning a board suspension that caused governance chaos. The court ruled the previous board acted unlawfully by suspending Dlamini without government approval, leading to a rift between Finance Minister Enoch Godongwana and former board chair David Masondo, who resigned. A new board, including Seiso Mohai and Swazi Tshabalala, now oversees the fund amid an ongoing investigation into its governance and $6 billion unlisted portfolio.

The African Development Fund approved a $4.23 million grant to implement the second phase of a project integrating natural capital into development financing across 13 African countries.

Nigeria and the African Development Bank (AfDB) advocate for Africa to retain control of its mineral wealth by shifting from exporting raw minerals to local processing and industrialization. Mr. Alake, chair of the Africa Mineral Strategy Group (AMSG), emphasizes the need for economic independence through value addition and local manufacturing.

The African Development Bank warns that a powerful El Niño could cost African economies $10 billion to $20 billion through extreme weather events like droughts and floods, threatening food security and triggering mass migration. The bank estimates $100 billion in climate finance is needed this year, as fuel and fertilizer shortages from the Strait of Hormuz closure worsen economic struggles.

An impending 'super' El Nino is projected to cause US$10 billion to US$20 billion in damages in African countries and trigger mass migration from affected areas, according to the African Development Bank’s top climate expert. Forecasters warn the El Nino weather pattern could become one of the strongest ever if Pacific Ocean warming trends continue, leading to severe droughts, flooding, and storms in Africa.

The African Development Bank approved a $110 million loan to support the construction of Africa’s first EV battery gigafactory in Morocco, led by Gotion Power Morocco. The project, part of a broader $272.6 million initiative, aims to produce 10 gigawatt-hours of battery cells annually initially, with plans to expand to 100 GWh, fostering green jobs and renewable energy integration.

The African Development Bank approved a $114 million loan to fund Africa’s first electric vehicle battery gigafactory in Morocco, advancing the continent’s clean energy industrialization efforts.

Nigeria launched a $500 million agriculture fund to invest in the oil-affected Niger Delta region, focusing on aquaculture, palm oil production, and livestock. The initiative has secured funding commitments from the World Bank and the African Development Bank.

South Africa is considering tax cuts in special economic zones (SEZs) to revive industrial growth, aligning with World Bank recommendations. The plan aims to extend a 15% corporate tax rate to all SEZs, attract foreign investors like Rio Tinto and Ardagh Group, and unlock $109 billion in corporate cash amid declining manufacturing output. Morocco recently surpassed South Africa as Africa’s most industrialized economy.

The African Development Bank has approved €156 million to upgrade Uganda's Arua Airport in a border town, aiming to enhance regional trade through improved border connections.

European development finance institutions were the most active investors in African private capital funds in early 2023, according to Stears research. The African Development Bank emphasized the need to mobilize more capital to address a $400 billion development financing gap, while a growing secondaries market aims to address investor concerns about exits.

Sudan's Finance Minister Dr. Gebreil Ibrahim signed a $51 million agreement with the African Development Bank (AfDB) and UNICEF to restructure stalled water projects into an emergency water and sanitation initiative for Port Sudan and North and South Kordofan states.

South Africa approved a $2.3 billion five-year power tariff package for ferrochrome producers Glencore and Samancor Chrome, reducing electricity prices by over 50% to stabilize the smelting sector. The move aims to prevent industrial decline after Morocco overtook South Africa in African Development Bank industrial rankings, with Glencore canceling layoff notices to protect over 1,500 jobs.

Ethiopian Prime Minister Abiy Ahmed is likely to retain power in elections amid security challenges and rising tensions in the northern Tigray region. The African Development Bank projects economic growth of 7.8% in 2025-26 and 8.5% in 2026-27, but Ethiopia faces 'unsustainable' external debt. Abiy has pursued economic liberalization, including reopening a stock exchange and boosting state-owned enterprise revenue.

The African Development Bank (AfDB) reports that more African nations are expected to achieve investment grade status. Sidi Ould Tah is cited in the article.

The African Development Bank has allocated $650 million for a railroad project in Uganda. The article also mentions Uganda's response to the coronavirus outbreak, including restrictions on public transport and travel.

The African Development Bank (AfDB) has reduced Africa’s 2024 economic growth forecast to 4.2% from 4.4% in 2025, citing the 'expected effects' of the Middle East war. The report highlights vulnerabilities like supply chain disruptions and financing challenges, while noting an ongoing Ebola outbreak in DR Congo with over 900 cases. International donors have pledged $500 million to address the health crisis.

The global economic outlook worsened amid the US-Iran conflict, with Bangladesh seeking IMF support, Africa facing slower growth due to fuel prices, Asian countries grappling with currency declines, and Latin America projected to experience slower growth. The African Development Bank warned of significant downside risks.

Senegalese President Bassirou Diomaye Faye appointed Ahmadou Al Aminou Lo as prime minister, replacing Ousmane Sonko, amid political tensions affecting IMF-backed reforms.

African leaders and financiers convened for the African Development Bank’s annual meeting in the Republic of Congo amid shrinking overseas development aid and an Ebola outbreak across the border. Aid from wealthy nations to poorer countries fell by nearly a quarter last year to $174.3 billion, with the U.S. leading the reductions, including cuts to the AfDB’s concessional lending arm.

The African Development Bank's annual meeting in Brazzaville addresses challenges from the central African Ebola outbreak and economic impacts of the Iran war. Newly elected President Sidi Ould Tah aims to bridge Africa's $400 billion financing gap by diversifying fundraising, amid declining Western aid and rising fuel costs linked to the Iran conflict.

A report finds that deploying over 10,000 solar minigrids in Nigeria could create approximately 213,000 jobs. Off-grid solar electricity is being promoted by the African Development Bank and World Bank through their Mission 300 program to address energy access for 600 million Africans. Nigeria was selected for the study due to its rapidly growing private minigrid market in sub-Saharan Africa.

The African Development Bank (AfDB) is focusing on addressing water management challenges across the continent. The bank highlights the need for sustainable solutions to combat water scarcity and ensure equitable access. Investments in infrastructure and policy reforms are emphasized as critical for Africa's water future.