AfDB Records Capital Increase Of $208bn

 

The African Development Bank on Thursday announced the largest capital increase in its history, with an almost 125 percent jump from $93 billion to $208 billion.

AfDB President Akinwumi Adesina hailed “a historic day” for the bank and “a day of joy for Africa” at a press conference after the bank’s board of governors held an extraordinary meeting in Ivory Coast’s economic capital Abidjan.

He said the increase will give the bank “a lot of resources to go further in the development of our continent”.

Created in 1964, the AfDB is one of the five principal multilateral development banks in the world.

Its shareholders are the 53 African countries as well as 26 non-African states.

Its priorities are fighting poverty, improving living conditions and mobilising resources for the economic and social progress of its African member countries.

African Leaders Should Setup Youth’s Investment Banks, Says Adesina

 

President of the African Development Bank (AfDB), Akinwumi Adesina, has called on African Leaders and Governments to shift from youth’s empowerment to investments.

He made the call at the two-day Tony Elumelu Foundation Forum which held in Abuja.

Mr Adesina added that a special bank which focuses on young people’s asset should be established.

“It is time for African leaders and the Government to shift from youth empowerment to youth investments.

“And in trying to do that, I propose that it is time that we begin to set up Youths entrepreneurship and investments banks, banks where you walk into and they see assets and not liabilities.”

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He added that one key driver to encourage youth’s in business and economic growth, lending should be derisked.

“Where you walk into and they have faith and confidence in young people; who can actually help you to grow your business.

“What does this mean; we have to de-risk lending to businesses of young people.”

Girl Child Education Will Achieve Equality For Women – Says AfDB President

 

 

President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has called for an urgent need to tackle early child marriage by promoting girls’ education in Africa.

Dr Adesina who was guest at the First Ladies Meeting on Combatting Child Marriage and Promoting Education of Girls in West Africa, Niamey, Niger, added that Africa will develop faster when it achieves equality for women.

“Our challenges are complex – and they require a holistic approach in response. Keeping girls in school is one of the best ways to end child marriage; because an educated girl is an empowered girl.

“Early marriage is a plague jeopardizing the future of girls, as women are fully capable of contributing to the development of their communities and countries.

“It is my conviction that “No bird can fly with one wing. Africa will develop faster when it achieves equality for women.”

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He explained that the bank has set up policies that will ensure women’s participation and to achieve the goals need the political will.

“We know what must be done! We have the tools and program delivery models. What we need, however, is a strong political will.

“This is a critical priority for us – not just an Africa issue, but also a global issue. So all of us must come together – public non-governmental institutions, religious leaders, communities, families, and schools – for a sustained multi-stakeholder approach to combat early marriage and promote girls’ education.

“You invest in a man, it’s one thing – but invest in a woman, and you see that investment manifold throughout her community.”

AFDB Pledges N120m Investment For Cassava Production In Africa

AFDB, Abia

 

The African Development Bank has pledged to invest 120 million naira between the next two and three years to boost cassava production and eight other commodities in Africa.

The other commodities include rice, maize, millet, wheat and livestock.

The AFDB’s Director for Agriculture, Martin Fregene told participants at the at a conference on cassava, in Cotonou, Benin Republic, that transforming these commodities would help African nations to cut imports and redirect about 1.2 billion dollars into their domestic economies.

The bank’s investment in cassava comes at a time when African governments are scaling up efforts to end food imports and create wealth.

President Buhari Receives ICAO, AFDB Delegations

President Muhammadu Buhari on Monday received representatives of the International Civil Aviation Organisation (ICAO) and the African Development Bank (AfDB) at the State House in Abuja.

Both delegations were led by President of the Council of International Civil Aviation Organisation (ICAO), Dr Olumuyiwa Aliu, and AFDB Vice President, Mr Pierre Guislain.

See photos below;

2016 Budget: FG Urges AfDB To Fast Track Loan Pledge

2016 budget, AfDBThe Minister of Budget and National Planning, Senator Udo Udoma, has appealed to the African Development Bank(AfDB) to fast track the one billion dollars loan facility it promised the country as support for the 2016 budget.

The loan is expected to cover the 35 per cent shortfall in the 2016 budget.

Senator Udoma made this appeal on in Abuja during a meeting with an AfDB team over the weekend

The Minister said: “I want to thank you for the support. We value the relationship with AfDB and we appreciate the budget support. We want AfDB also to fastrack the loan facility”.

Senator Udoma while giving an overview of the government’s plan to reflate the economy and spend out of the recession, said that the government was trying to contain the militancy in the Niger Delta which had affected oil production in the country.

The government hopes to restore production to 2.2 million barrels per day at the end of the year.

“The government is committing money into infrastructure development, processing of export zones, and also providing loans through the Central Bank of Nigeria (CBN) at a single digit to support farming in Nigeria,” he stated.

According to the Minister, the Economic Recovery Plan is designed to consolidate and harmonise all the sectoral plans in a single document and set out in broad detail an integrated roadmap for the growth and sustainability of the country’s economy, and is also a part of the commitment the Federal Government made with Nigerians, whether there was a recession or not.

Also at the meeting was the Director General of the Budget Office, Mr Ben Akabueze and he said that what the government was doing differently concerning budget releases, was that it had shifted from the old practice of releasing monies quarterly but on specific request which are tied to projects.

Mr Akabueze said that so far over 750 billion had been released for capital projects.

He says hopes are high that revenue will improve in the second half of the year as the Federal Inland Revenue Service, (FIRS) and the Customs will do better, having overcome some of the challenges faced in the first half of the year.

The Acting Director for Governance and Reform, Mr Coulibaly, who spoke earlier said that the AfDB team came to seek further clarification on policy reforms, level of budget implementation, as it touches capital budget releases.

He also stated that they wanted the Minister to highlight if there was any new policy introduced in the 2017 budget and updates on the Social Protection Policy.

AfDB Offers Nigeria Over Four Billion Dollar Lifeline

AfDBAs Nigeria battles with economic recession and the dire need to raise funds, particular foreign exchange, the African Development Bank (AfDB) is looking to provide over $4billion dollars between 2016 and 2017.

President of the bank and Nigeria’s former agriculture minister, Dr. Akinwumi Adesina who is on his first official visit to Nigeria in his capacity as president of the AfDB says the funds would be used to develop the power and agriculture sectors in the country.

Dr. Adesina was speaking after holding talks with President Muhammadu Buhari in Abuja, Nigeria’s federal capital.

The plan includes; $1 billion of budget support, $300 million to create jobs for 185,000 youths, $250 million towards northeast infrastructure development, and $1 million grant to deal with challenges of internally displaced persons (IDPs),

It also includes $300 million for infrastructure development around Abuja, and $200 million for Transmission Company of Nigeria (TCN) to deepen electricity facilities.

While holding talks with the Finance Minister, Mrs Kemi Adeosun, and Vice President Yemi Osinbajo, Dr Adesina had said that “deepening the level of diversification in critical sectors” such as agriculture, solid minerals and manufacturing, was of particular importance.

“I expect that our portfolio in Nigeria will not decrease – it will actually grow. We expect to invest in Nigeria, by 2019, a total of $10 billion,” said Adesina,

The Finance Minister allayed fears that the country could be over-borrowing. “What we are trying to do is to ensure that this money we are borrowing, we use it on the key infrastructure that will drive the economy,” she said.

We’ll Get Out Of Our Problems, Buhari Assures African Development Bank

Akinwumi-Adesina-Buhari-CTVPresident Muhammadu Buhari has given the assurance that Nigeria has the people and the resources to surmount her economic problems.

He gave the assurance while receiving President of the African Development Bank (ADB), Dr Akinwunmi Adesina, at State House, Abuja, on Monday.

President Buhari said: “God has given us people and resources. It will take hard work on our part, but we will make it. We will get out of our problems. We are determined to produce what we eat, and stop importation. We will also chase those who stole, and get them to refund.”

The President said the country appreciates helping hands being lent by the ADB, assuring Nigerian-born Adesina, who was the immediate past Minister of Agriculture, that “we will not let you down. Your country won’t disappoint you.”

Too Big To Fail

Adesina appreciated President Buhari for the support the country gave when he ran for ADB presidency, thus making him the first Nigerian to occupy such position since the bank was established in 1964.

He also lauded the Nigerian President for successes recorded in securing the country, particularly in the North East, noting that “there can be no development without adequate security.”

The ADB boss described recent economic decisions taken in the country as “bold, tough, uncomfortable, but right,” adding that Nigeria would reap the dividends in the short and long run.

Adesina-Buhari-Adeosun-CTV

“You can count on the ADB as a true friend of Nigeria. You should support massive investment in infrastructure, and we are here to also support. Closing the infrastructure deficit will enable growth, and create employment. Nigeria is too big to fail,” Adesina said.

Packages For Nigeria

The ADB President unfolded the packages his institution has for Nigeria, which include; $1 billion of budget support, $300 million to create jobs for 185,000 youths, $250 million towards North East infrastructure development, $1 million grant to deal with challenges of Internally Displaced Persons (IDPs), $300 million for infrastructure development around Abuja, $200 million for Transmission Company of Nigeria (TCN) to deepen facilities, among others.

Dr Adesina expressed delight with what he called “President Buhari’s push on anti-corruption, and stance on governance,” adding that building institutions was critical.

To that end, he said ADB would give a total of $4.8 million as grant for institutional support, with the Economic and Financial Crimes Commission (EFCC) getting $2 million, and $1million to Independent Corrupt Practices and Other Related Offences Commission (ICPC). “You can always count on my support, and that of the ADB,” he concluded.

Abia Infrastructure: AfDB Partners With State Govt.

AFDB, AbiaThe African Development Bank (AfDB) has started the process of initializing the implementation of critical infrastructure developmental projects in Abia State with an inspection visit to some of the deplorable roads at Aba the commercial hub of the state.

The bank’s representative, Mwila Katabula, during a visit to the Abia State Governor, Okezie Ikpeazu, at the Executive Chambers of Government House, Umuahia, expressed their readiness to partner with the state in areas as stipulated by the government.

The aim is to upgrade and rehabilitate some collapsed roads amongst others so as to empower the people and thereby boosting and enhancing economic development of the state.

At the Obohia Road, the need to de-congest the city centre and issue of water challenge was at the front burner.

But at Ngwa Road Market, the road infrastructure had totally collapsed, as flood had entered most of the shops. The traders had to sweep the water out; a situation they hoped would end soon.

The partnership would allow the state assess a grant-aid of 200 million dollars to rebuild infrastructure but only when all the adequate facility as penned down by the bank are put in place.

It was the second visit of the team of Africa Development Bank to Abia State, after the last visit in 2014, this time to continue with the discussion in areas of work implementation.

African Leaders Put Development Ahead Of Climate Change

Yemi Osinbajo Nigeria VP on Africa's development and climate changeAfrican leaders at the African Development Bank meeting in Lusaka, Zambia, have agreed to prioritise the development of energy sources, with the maximum use of fossil fuel and coal, even as they advance important issues around climate change.

The leaders say the African continent cannot afford to miss out on the fourth industrial revolution, having missed out of industrial development in the past.

Light Up Africa

They observed that the greatest hitch to Africa’s development was lack of energy to power its growth and that the continent was tired of living in the dark.

An Anglo meeting they call it, with discussions focused on energy to light up Africa over the next decade and the impact of climate change on Africa.

Heads of government from all 54 African countries and beyond are interested in accelerated growth in the continent which has been hinged on energy, the absence of which Africa has remained behind in global development.

Amidst the need for development, climate change is a major concern.

Africa is said to be the continent that will continue to be affected as the global warming effects worsen, but the Vice President of Nigeria, Professor Yemi Osinbajo, said development must come first with Africa’s natural resources harnessed.

“For us here, development must come first.

“What we really need is for our fossil fuel solutions – coal fired plants, hydro-power- and that is why we are saying at this conference that you can’t de-emphasise our natural resource endowments, especially if we want to advance in technology.

“We must prioritise development because poverty kills thousands of people just as climate change does,” Professor Osinbajo said.

The Prime Minister of Tanzania, Kassim Majaliwa, stressed that there were also other needs that must be tackled to light up Africa and stem the impact of climate change.

Discussions so far at the meeting showed that African leaders will put steam to development on the continent with energy on the frontline, but they also have the task of persuading the rest of the world for more support in climate finance, expertise and technology.

That way development in Africa will go hand in hand with stemmed environmental impact.

AfDB President Tasks Africa On Alternative Power Generation

Akinwunmi Adesina, AfDB, Africa, PowerThe President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has asked African nations to explore other sources of generating power.

He is also urging countries to device other means to move faster and unlock all the potential energy mix which lie untapped across the continent if Africa must meet the 10 gigawatts of electricity by 2020.

Light Up And Power Africa

Dr. Adesina told reporters on Monday at the 2016 AfDB meeting in Lusaka, Zambia, that Africa was currently seating on at least 11 terawatts of unutilised solar energy, 350 gigawatts of hydro and 150 gigawatts of wind power that must be unlocked.

He said proper planning of Africa’s power development was urgently required and attention must be paid to three key needs for power which are light, base load for industries and clean cooking.

Board of governors and officials from 80 member countries on the continent will converge over the next five days for the 51st AfDB’s annual meeting, with a key focus on energy and climate change. It will also focus on one of the regional bank’s high five priority areas which is to ‘light up and power Africa’.

Ninety-six per cent of Zambia’s nearly 2,400 megawatts of electricity is said to be sourced from hydro-power while Nigeria’s all time high of 4600 megawatts comes from hydro-power and gas.

In both countries, as in other African countries, other sources of power such as solar, coal, biomass, lignite and oil remain largely untapped.

With the 10 gigawatts target for Africa by 2020, African countries must hasten to meet the ‘light up and power Africa’ objective with the support of the African Development Bank.

AFDB Injects $8.2m Into Shelter Afrique

shelter afriqueThe Africa Development Bank (AFDB) has injected 8.2 million dollars in pan-African finance institution, Shelter Afrique.

In a statement, the bank says the injection aims to strenghten its balance sheet and aid the realisation of affordable housing in Africa.

It further highlighted that Africa’s economic landscape and its promising scope for growth are some of the factors driving the increased demand for affordable houses.

With the fund, the AFDB expects Shelter Afrique to help meet the continent’s growing population housing demands.

Shelter Africa is recognised for its exclusive supports in the development of housing in the continent.