Africa Investment Forum: “Short on talk, heavy on deals”, African Development Bank, South African government and partners affirm
November 10, 2019 | 0 Comments
Pretoria, South Africa, November 10, 2019 – The Africa Investment Forum will be short on talk and heavy on deals, the South African Government, the African Development Bank and key partners affirmed at a press conference ahead of the 2019 edition of the event.
Organized by the African Development Bank and its partners, the second edition of the Forum, will take place from place from 11 to13 November 2019 in Johannesburg, South Africa. The multi-stakeholder transactional marketplace is aimed at raising capital, advancing projects to bankable stage and accelerating financial closure of deals.
“Last year we achieved remarkable results with over $ 36 billion of investments interests that were signed or being were closed. We are hoping that this year it is going to be even better,” said Vuyelwa Vumendlini, Deputy Director General of the National Treasury of South Africa.
Sharing similar sentiments, Mduduzi Mbapa, Senior Advisor to the Premier of Gauteng noted that the biggest take away from last year’s edition was the need for greater interconnection on the continent. “In fact, many have been writing about Africa rising. Through this Forum, we are making sure that our continent does rise and it contributes to the growth of the world,” he said.
Around 2000 delegates are expected to attend the innovative investment marketplace which will bring together heads of state, project sponsors, pension funds, sovereign wealth funds, institutional investors in 60 boardroom sessions to move projects from commitment to action.
“The Africa Investment Forum is designed to be a transformative platform for deals across the continent. The Africa investment forum goes way beyond the three-day event starting Monday. It is continuous process of nurturing deals, projects preparation, deal closure, meeting boardrooms, but most importantly ensuring that those deals actually happen to impact the continent,” said Chinelo Anohu, Head and Senior Director of the Africa Investment Forum.
The Africa Investment Forum partners include Africa 50, Africa Finance Corporation, Africa Export-Import Bank, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank, Trade and Development Bank.
Victor Oladokun, Director of Communication and External Relations at the Bank, said the Forum’s agenda was simple.
“In a nutshell, the Africa Investment Forum has a very simple agenda that is tilting the flow of capital into Africa at a much greater level that we have experienced up to now.”
Why global and pan African investors need to set their sights on the 2019 Africa Investment Forum
November 6, 2019 | 0 Comments
By Bajabulile Swazi Tshabalala*
The year 2019 will be one of the defining moments in Africa’s investment landscape. Bigger, bolder and more ambitious projects await delegates and investors as we prepare to kick off the second edition of the Africa Investment Forum.
A multi-billion-dollar petrochemical project in Egypt and the Kigali Innovation City Project in Rwanda, are only two of the projects which featured during the maiden edition of the Forum held in November last year.
Alongside a greater emphasis on helping transactions reach bankability and in pushing ahead the regional integration agenda, project sponsors and investors continue to flock to our digital Platform, with interest already shown in 151 projects from 34 African countries worth $112.4 billion.
Following the immense success in November 2018, the Africa Investment Forum, a brainchild of the African Development Bank, is becoming a firm fixture in the calendars of the global investment community. The 2018 event saw nearly 2,000 participants, representing 83 countries, out of which some 277 were delegates from development finance institutions that are active in Africa.
The 2018 Forum was instrumental in showcasing up to 49 different transactions at different stages of development and with a total value of close to $40 billion. These projects were presented to a large audience of investors and financiers. Judging from the interest generated, the Forum promises to play a major role in catalyzing investment flows into Africa, so instrumental in moving the continent forward into the future.
Some of the key projects for which the Forum is expected to play an invaluable role, include the Desert to Power initiative – which aims to provide 10,000 MW of solar-generated electricity to 250 million people across the Sahel. Projects like the Inga Hydro-electric scheme in the Democratic Republic of the Congo, and other major cross-border infrastructure projects in road and rail, are all highly transformative projects with important social and economic impacts.
The timing of the coming into being of the Forum is fortuitous, coming on the heels of the Africa Continental Free Trade Area and the Single African Air Transport Market, ratified by the majority of African Union members.
New investments made possible through the Africa Investment Forum have the potential to spur an explosion in trade, contribute to Africa’s re-industrialization and promote cross-border regional economic integration.
Indeed, while the platform continues to ramp up and grow, the Forum offered some very important lessons. In particular, additional resources are required to adequately prepare projects which are crucial for Africa’s development. Well-prepared projects minimize negative environmental and social issues, while maximizing development and economic outcomes, thus contributing to enhanced bankability. This notwithstanding, projects originated through the Forum will benefit from the Bank’s wider ecosystem and the numerous instruments and partnerships with other development finance institutions which will help transform project ideas into actual investments that create jobs and economic opportunities on the ground.
While the Forum is a practical and transactional platform for project deals and potential financers to interact, it has also become a staging post for new financing product innovations that compliment and contribute to de-risking and making investment opportunities more attractive for investors. Examples of recent innovations in this regard include the co-guarantee platform that was established in 2018 by the African Development Bank alongside its partners the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), African Trade Insurance Agency (ATI) and GuarantCo.
As we prepare again to put Africa on global investors’ radars, I would like to see tied to the Forum more activities with the potential of bringing increased dynamism and depth to African domestic capital markets; initiatives that help mobilize African domestic resources into projects coming to this platform for funding.
Beyond this, there are opportunities for the African diaspora whose annual remittances to the continent now top $60 billion a year, making it an immense pool of money that can actively participate in Africa’s development story and benefit from the myriad investment opportunities.
I would like to see diaspora bond issuances and/or collective investment vehicles discussed and presented at the Forum, as they can represent significant financing that can be put to work for the benefit of Africa’s development.
I also strongly encourage and welcome greater participation of the South African institutional investment management industry.
We look forward to a successful Forum and to greater acceleration of the development of the continent.
*AFDB. Bajabulile Swazi Tshabalala is Vice President for Finance and Chief Finance Officer, African Development Bank
African Development Bank Shareholders approve landmark $115 billion capital increase, signalling strong support
November 6, 2019 | 0 Comments
- Bank’s capital base more than doubles. Jumps from $93 billion to $208 billion
- Largest capital increase in the Bank’s history signals a united front by shareholders
At an extraordinary shareholders’ meeting today in Abidjan, Governors of the African Development Bank, representing shareholders from 80 countries, approved a landmark $115 billion increase in capital for the continent’s foremost financial institution.
The capital increase, the largest in the history of the African Development Bank since its establishment in 1964, is a remarkable show of confidence by shareholders.
With the approved increase, the capital of the Bank will more than double from $93 billion to $208 billion. This solidifies the Bank’s leadership on development financing for the continent.
The boost in capital ensures that the Bank will continue to maintain a sterling AAA rating, all stable, from the top rating agencies.
The African Development Bank launched discussions on the request for a general capital increase two years ago, to help fast track the delivery of its High 5 development strategies, the sustainable development goals and the African Union’s Agenda 2063.
Speaking at the opening ceremony, the President of Ivory Coast, Alassane Ouattara said: “the integration of the continent’s priorities into the High 5s indicates that the African Development Bank group is a strategic partner for African governments.”
In the past four years, the Bank’s High 5 priorities have delivered impressive results on the ground, including helping to connect 16 million people to electricity, 70 million people provided with agricultural technologies to boost food security; 9 million people given access to finance through private sector investee companies; 55 million people provided improved access to transport services; and 31 million people with access to water and sanitation.
According to African Development Bank President, Akinwumi Adesina, “We have achieved a lot, yet there is still a long way to go. Our responsibility is to very quickly help improve the quality of life for the people of Africa. This general capital increase represents a very strong commitment of all our shareholders to see better quality projects that will significantly have an impact on the lives of the people in Africa – in cities, in rural communities, and for millions of youth and women.”
With the new general capital increase, the Bank plans to do more, with the following expected results: 105 million people to have access to new or improved electricity connections; 244 million people to benefit from improvements in agriculture; 15 million people to benefit from investee projects; 252 million people to benefit from improved access to transport; and 128 million people to benefit from improved access to water and sanitation.
Adesina noted that “the Bank will continue its leadership role on infrastructure development, strengthening regional integration, helping to realize the ambitions of the African Continental Free Trade Area, supporting fragile states to build resilience, ensuring sustainable debt management, addressing climate change and boosting private sector investments. We will do a lot more. This is a historic moment.”
He added: “I applaud the shareholders for their strong confidence in the Bank and for boosting support for Africa’s development”.
President Adesina, Bank senior vice-president Charles Boamah and vice president for Finance and Bank Chief Finance Officer Bajabulile Swazi Tshabalala, will be available for interviews and further comment about the increase.
Africa can be world’s next economic hub if supported with right policies – Singapore’s Senior Minister tells lecture audience
November 6, 2019 | 0 Comments
Africa must spread its economic openness by strongly showcasing specialisation along the production value chain and invest more boldly in social foundations
ABIDJAN, Ivory Coast, November 6, 2019/ — With the right policies and linkages, Africa can become an indispensable global economic hub, Singapore’s Senior Minister Tharman Shanmugaratnam noted Tuesday, commending the continent’s diverse economic potential.
Delivering this year’s Kofi A. Annan Eminent Speakers’ Lecture series at the African Development Bank headquarters in Abidjan, Shanmugaratnam outlined five strategies which must underpin the continent’s transformation drive and efforts to build inclusive growth.
Africa must spread its economic openness by strongly showcasing specialisation along the production value chain and invest more boldly in social foundations. The continent must also maximise policy coherence and effectiveness, think in the long-term and maximise the benefits of global financial system, Shanmugaratnam told diplomats, students, government representatives and senior Bank officials gathered in the Babacar Ndiaye auditorium.
The lecture, the third in a new series organised by the African Development Institute, had the theme: “Inclusive Growth: Learning from Experience, Partnering for the Future – How Africa and Asia can work together for broad-based prosperity.” He was accompanied by senior government officials from Singapore.
“There are challenges, but there are also opportunities. There is much more to be done,” said Shanmugaratnam who is also Singapore’s Coordinating Minister for Social Policies.
In order to build economic resilience and create job opportunities for their bulging youth population, there must be stronger connectivity and economic interaction among developing regions, especially between Africa and Asia which share demographic similarities.
He noted that there is a significant interest by Singapore businesses in Africa which needs to be scaled up. “We need to take practical steps to spur this collaboration with more bilateral investment treaties that provide some assurance to investors.”
Singapore is the eighth largest foreign investor in Africa. It invested around $90 billion in the continent in 2018.
“We are in an unusual time globally – a time of unusual challenge where some of the basic beliefs of how the world prospect together are being challenged. But it’s also a time of immense opportunities… in the international economy, in international finance and in international cooperation,” the minister stated.
It is projected that in the next decade, Africa will have the largest working age population in the world, larger than China and India with about 1.1 billion people of working age population of between 15 and 64 years.
Shanmugaratnam said African leaders must prepare to take advantage of the strong bulging workforce, coupled with the high mobile technology penetration to drive innovation for growth.
In his welcoming remarks, Bank Group President Akinwumi Adesina noted that Africa could learn a lot from Singapore. He described Mr Shanmugaratnam as someone with expansive knowledge who was chosen because of his inspiring works in the Asian nation.
Adesina said the Eminent Lecture series was dedicated to Kofi Annan, a former Secretary-General of the United Nations (UN) in recognition of his contributions to humanity. Annan launched the UN millennium development goals.
“As we continue our efforts to do more, we want to learn from the impressive achievements of Singapore, and no one is better placed to discuss this and all of the things around Asia and Africa with us than Tharman Shanmugaratnam,” he said.
The African Development Bank launched the Eminent Speakers Lecture series in 2006 to provide a platform for a robust exchange of ideas to meet the challenges of African development.
Since then, the series has featured world-class speakers, politicians, top academics, businesspeople and civil society representatives, who have spoken on a diverse range of topics and issues, including economics, finance, regional integration, human development, the environment, and philosophy.
Extraordinary Meeting of African Development Bank Governors: “Make the right decision” for Africa to achieve its objectives, says Alassane Ouattara, President of Côte d’Ivoire
November 1, 2019 | 0 Comments
|The message was well received by Adesina, who warmly welcomed the presence of President Ouattara, members of his Government, and shareholders|
|ABIDJAN, Ivory Coast, October 31, 2019/ — The President of the Republic of Côte d’Ivoire, Alassane Ouattara, on Thursday called on the Governors of the African Development Bank (AfDB.org) to “make the right decision” to enable the continent to achieve its development goals.|
President Ouattara made the remarks at the opening of the 5th extraordinary meeting of the African Development Bank Board of Governors in Abidjan.
“Achieving the United Nations Sustainable Development Goals and the African Union’s Agenda 2063 requires substantial financial resources. Africa cannot achieve these goals without the financial support and technical assistance of partners, including the African Development Bank,” explained President Ouattara.
“We are convinced that the Governors will make the right decision, to agree on a general capital increase,” he continued. The Ivorian Head of State expressed his confidence that “the Board of Governors, (African Development Bank) President Adesina and his team will take all appropriate steps for prompt, full implementation of commitments made for reforms to optimize operational headroom resulting from the additional capital.”
The message was well received by Adesina, who warmly welcomed the presence of President Ouattara, members of his Government, and shareholders.
“Looking around me, I am delighted to see you, our shareholders, among us. Your presence inspires us. Your support strengthens us. Your advice lights our pathway towards the mission you have entrusted to us,” Adesina said.
Adesina then addressed the Governors: “Your decision on the capital increase will fully replenish us. This is a historic moment for a historic decision! We have climbed the steep slope of the mountain that is development in Africa, but we still have a long path to travel. Your support will fill our lungs with oxygen to keep us climbing upwards until we reach the top.”
With the general capital increase, the Bank will be in a position to develop a range of ambitious initiatives on the continent: Desert to Power aims to provide 250 million people with access to electricity in the Sahel region, while AFAWA (Affirmative Finance Action for Women in Africa) aims to mobilize $3 billion in new financing. The Bank also plans to double climate funding and make the African continental free trade area a reality.
Nialé Kaba, Minister of Planning and Development of Côte d’Ivoire and President of the Board of Governors, recalled the path travelled over the past two years since the Bank first expressed a wish for this capital increase: ” The goal is to provide the means to address challenges. Africa looks to us, not with apprehension but with hope. I am convinced that we will succeed in joining our efforts to achieve the expected objective.”
Cameroon: Three Power Plants Financed by the African Development Bank to Reduce Power Cuts
October 25, 2019 | 0 Comments
|With an estimated 23,000 MW hydroelectric production capacity, Cameroon has the second largest hydroelectric potential in Africa and the 18th largest worldwide|
|ABIDJAN, Ivory Coast, October 24, 2019/ — For many years, Cameroon’s national electricity supply has been notoriously unreliable and subject to power cuts. The last significant electric system outage, which lasted eight hours, occurred last March and affected several of the country’s regions (the Far North, North, Littoral, Adamaoua, South and Centre regions).|
However, three projects financed by the African Development Bank (https://www.AfDB.org) for $121.4 million in 2010-2011 are at last starting to provide long-suffering Cameroonians with much more reliable electricity.
Completion of work on transport lines, line maintenance and especially the replacement of wooden electricity transport poles with concrete poles are all part of the system improvements, whose goal is to increase the quality and reliability of public access to electricity.
The Lom Panga storage reservoir project is complete, but the dam’s generating plant is still under construction. In the meantime, two other power plants, Kribi and Dibamba, have begun working to strengthen Cameroon’s generating capacity.
In November 2011, the African Development Bank awarded $62.9 million for the construction of Lom-Pangar, the hydroelectric generation’s ‘lungs’ in the country’s East region. The project included the construction of a reservoir (6 billion cubic meters of water retained) for regulating the Sanaga’s flow and optimising generation during low water periods at the Song Loulou plant (335 MW) and the Edea plant (224 MW). The production from these two plants has grown from 450 MW in 2011 to 729 MW now.
A 30 MW hydroelectric generating plant is under construction at the base of the dam. It will be linked to the Bertoua thermal plant by a 105 km 90kV line that should start to work in May 2021 following the installation of an evacuation station and the construction of its four turbines. Lom-Pangar will provide electricity to 150 locations in the region and will significantly reduce power cuts in the area.
“The Lom-Pangar dam will help save water in other reservoirs,” said Theodore Nsangou, the General Director of the Electricity Development Corporation (EDC), in an interview with a government publication in March 2018.
The 216 MW capacity Kribi gas-fired generating plant began to work in 2013 after receiving $32.8 million from the African Development Bank in July 2011 for an expansion project. Its production goal is 330 MW. Currently, the power plant has a 100 km 225 kV transport line connecting it with the Magombe substation in the Edea region in the country’s South region. The plant operates with natural gas (with light fuel oil as emergency backup) from the Sagana South offshore gas field.
During the dry season, the Kribi plant and its nine simple cycle gas turbines are truly the system’s “oxygen”, maintaining the country’s energy flow, particularly to the South’s interconnected system, which receives its electricity from Kribi.
The Kribi gas-fired generating plant and the Dibamba generating plant provide access to electricity for close to half of Cameroon’s population.
The Dibamba heavy fuel oil generating plant was also designed to meet the serious problem of power cuts during the dry season. It was the first of the three plants to receive financial support from the African Development Bank of $25.6 million in April 2010. Built to mitigate the country’s shortage of electricity, high demand quickly outpaced its capacity the day after it began operations.
Located in the outskirts of Douala, Cameroon’s second largest city, Dibamba is an 86 MW thermal generating plant with a 2 km 90 kV transport line linked to the network serving the most remote and densely populated areas in the country’s West region.
With an estimated 23,000 MW hydroelectric production capacity, Cameroon has the second largest hydroelectric potential in Africa and the 18th largest worldwide. The country plans to complete the development of its hydroelectric industries by 2035. Construction of the Nachtigal hydroelectric generating plan began in 2019 and will be complete in about five years, with an estimated generating capacity of 420 MW.
The African Development Bank has awarded a funding package of $154.8 million for the completion of this generating plant. Other development partners, such as the World Bank, the European Investment Bank and Proparco, are also involved.
The African Development Bank Group (https://www.AfDB.org) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: https://www.AfDB.org
*SOURCE African Development Bank Group (AfDB)
African Development Bank Funds Angola Initiative to Improve Business Environment and Diversify Exports
October 23, 2019 | 0 Comments
|With regional integration, countries such as Angola have the opportunity to buttress trade with its neighbours, hence realizing the structural transformation that is needed to step up to the global stage|
|LUANDA, Angola, October 23, 2019/ — The Angolan Government has launched a study funded by the Bank through the KOAFEC trust fund to support the improvement of export diversification and the business environment.|
The launch event was attended by the Bank’s director for regional development and regional integration, Moono Mupotola, the Bank’s country manager for Angola, Joseph Ribeiro; the Angolan minister of commerce, Joffre Van-Dúnem Júnior; secretary of state for economy, Sérgio dos Santos; the chargé d’ affaires of the Republic of Korea in Angola, Joohoon Kim; and the executive director of Angola’s Export Promotion and Private Investment Agency, José Chinjamba. Others included government officials, development partners and private sector stakeholders.
Opening the session, the minister of commerce, Joffre Van-Dúnem Júnior, highlighted the government’s commitment to improve Angola’s business environment and enhance international competitivity, while attracting increased investment for domestic and exportable products. Furthermore, the secretary of state for economy, Sérgio dos Santos, also noted that the study supports the government’s programme for domestic production, export diversification, and import substitution (PRODESI).
“Export diversification will allow Angola to integrate into the regional markets under SADC and ECCAS and at continental level. With regional integration, countries such as Angola have the opportunity to buttress trade with its neighbours, hence realizing the structural transformation that is needed to step up to the global stage.”, Mupotola said. The Bank’s director also illustrated Angola’s strategic position to trade and benefit from countries such as landlocked Zambia.
Joohoon Kim conveyed the Korean Government’s interest in strengthening bilateral relationships with Angola through trade, social and infrastructure development.
The study proposes to prioritise the manufacturing, agriculture and tourism sectors for export action plans and government support, with six key products and services: beverages, travel and tourism services; glass/ glass bottles; cement; vegetables and fruit. The products were selected on the basis of their potential to generate employment, add more value, link to micro, small and medium sized businesses, as well as align with government priorities.
The study will serve as a basis for enhancing competitiveness in Angola and is expected to promote the country’s potential to contribute productively to regional and global value chains.
African Development Bank partners with Senegal to host 2021 World Water Forum
October 11, 2019 | 0 Comments
|The forum will take place in the Senegalese capital 22 – 27 March 2021, on the theme of ‘Water Security for Peace and Development’|
|ABIDJAN, Ivory Coast, October 11, 2019/ — A Senegalese government delegation, led by the country’s Minister of Water and Sanitation, His Excellency Serigne Mbaye Thiam, briefed the African Development Bank (www.AfDB.org) on Senegal’s preparations to host the World Water Forum (https://bit.ly/35mwCLg) in Dakar in March 2021.|
Minister Thiam met with the Bank’s Vice President for Agriculture, Human, and Social Development, Jennifer Blanke, and her senior management team on 8 October to discuss the Bank’s participation in the event’s organization and delivery.
“The forum is a great opportunity for the Bank to showcase and advance its water and sanitation agenda, and we commend the government of Senegal for the preparatory work they have done so far,” said Vice President Blanke.
The forum will take place in the Senegalese capital 22 – 27 March 2021, on the theme of ‘Water Security for Peace and Development’.
Minister Thiam thanked the Bank for its contributions, including its sponsorship of women and youth delegates to the forum preparation meeting in June 2019. “Our government is counting on the African Development Bank to help mobilize the enormous resources that will be needed to make this first sub-Saharan-hosted World Water Forum a great success,” he said.
At a separate briefing for the Bank’s water development and sanitation department as well as other Bank staff, the executive secretary of the forum’s organizing committee Abdoulaye Sene offered a detailed presentation of event preparations and took questions about the forum known as the “world’s largest event on water.”
“The Bank, as a leader in supporting water sector development in Africa, will play an important role in supporting delivery of the forum,” said Wambui Gichuri, director of the Bank’s water development and sanitation department.
Sene told the Bank officials that Dakar is expecting more than 20,000 participants from more than 170 countries. “Awarding the hosting of this forum to Senegal is a testament to the urgency of the water issue for Africa and to the country’s commitment to the water agenda,” he said.
The executive secretary said the forum will be “a focused, inclusive, integrated, open-ended multi-stakeholder process, interacting and synergizing with international events,” Sene also said that the ‘Dakar 2021’ forum would address the present and future global issues for man and nature, serving as a catalyst and accelerator of universal access to water and sanitation, as well as for the Sustainable Development Goals for Senegal, Africa and the world.
The theme of the forum aligns with the Bank’s ten-year strategy for 2013-2022 (https://bit.ly/2fDF5V6), which confirms the importance of water security for Africa’s quality social and economic development. The strategy states that investments in integrated water development and management are central to sustainable water, food and energy security for green and inclusive growth.
African Development Bank and partners launch pilot Cities Diagnostics tool in five cities
October 10, 2019 | 0 Comments
|The tool includes key environmental and urban sustainability indicators as well as disaster risk and vulnerability, and urban footprint growth|
|ABIDJAN, Ivory Coast, October 7, 2019/ — “The urban opportunities far outweigh the challenges,” said Prof. Davis G. Mwamfupe, the Mayor of Dodoma, Tanzania, during his message to the Cities Leadership workshop, launching the City Diagnostics for five pilot cities in Africa, held on the 25th and 26th September 2019 in Abidjan.|
Five cities were chosen for the pilot phase of the Cities Diagnostics for 2019 -2020: Antananarivo (Madagascar), Bizerte (Tunisia), Conakry (Republic of Guinea), Dodoma (Tanzania) and Libreville (Gabon) and were represented by their respective authorities.
The African Development Bank (AfDB.org), the Urban and Municipal Development Fund (UMDF) and the Korea Africa-Economic Cooperation (KOAFEC) organized the workshop to review the cities diagnostic methodologies with city managers and international urban development experts. Amadou Oumarou, Director of the Bank’s Infrastructure and Urban Development Department said, “The new City Diagnostics tool of the Bank will enable city managers and development partners to have a clear understanding of the situation in all the various sub-sectors of the city and allow us to prioritise our work”.
The diagnostic tool includes key environmental and urban sustainability indicators; two baseline studies covering disaster risk and vulnerability, and urban footprint growth. It also includes a public opinion survey covering accessibility and quality of municipal services for water, sanitation, electricity. Drainage, solid waste management, and other measures of quality of life in cities are also included. The tool can measure and assess inclusiveness and resilience parameters, strategies, municipal resource mobilization, investments, and public accounts administration.
The Mayor of Bizerte, Dr. Ben Amara Kamel stressed the challenge of limited municipal budget resources for capital infrastructure and services investments as well the difficulty of recruiting qualified municipal staff to cities, especially given Bizerte’s ambitious projects such as 100% clean energy by 2030. Participants from Conakry and Libreville also mentioned problems of city governance, the low level of municipal tax collection, poor sanitation, and solid waste management.
The five pilot cities exchanged experiences at a panel headed by Ellis Juan, Senior Advisor to the Bank’s UMDF and former head of the Inter-American Development Bank emerging and sustainable cities program (ESC) . Juan highlighted some of the key lessons learned in Latin America which included the following:An integrated approach to city planning and management yields greater impact;Climate change should be integrated into city planning and management;Making cities for the people, or people-oriented cities;Order in the fiscal accounts, increased digitalization of city management and strong governance and transparency make for a credible partner;Efficient management of solid waste, sewerage and drainage systems, and water resources will preserve cities’ environmental assets for future generations while improving quality of life;Integrating mobility into urban planning and investing in quality public transportation services will drive productivity and create citizen-friendly cities;The City Diagnostics program is fully funded by the UMDF, which supports African cities and municipalities to improve their resilience and manage urban growth and development better through planning, governance, and efficient public services as well as improving the quality of life in urban environments in Africa.
African Development Bank President Akinwumi Adesina receives Emeka Anyaoku lifetime achievement award
October 10, 2019 | 0 Comments
|The Hallmarks of Labour Foundation presented the Outstanding International Icon Award to Adesina at a ceremony held in Lagos on October 6th|
| ABIDJAN, Ivory Coast, October 9, 2019/ — Former Commonwealth Secretary-General Emeka Anyaoku has presented a Lifetime Achievement Award to the African Development Bank (AfDB.org) President Akinwumi Adesina, describing him and the Bank’s work as “ legendary, unprecedented and worthy of emulation.”|
The Hallmarks of Labour Foundation presented the Outstanding International Icon Award to Adesina at a ceremony held in Lagos on October 6th.
The Hallmarks of Labour Foundation is a non-profit that recognizes Africans who have achieved success through hard work, honesty, integrity, and justice in every field of human endeavour. Previous beneficiaries of the award include Nobel Laureate, Wole Soyinka.
Thanking the foundation for the recognition, Adesina said that the African Development Bank had helped 181 million people directly through its investments in the past four years
“There is still much to do. We have gone some way, climbing the steep mountainside of Africa’s development, yet there’s still a long way to go until we reach the mountaintop,” he told the gathering of top government officials, industry leaders, and diplomats.
The Bank has connected 16 million people to electricity and provided 70 million people with improved agricultural technologies to achieve food security. The African Development Bank also gave 9 million people access to finance from private sector companies, provided 55 million people access to improved transport, and 31 million people with water and sanitation.
Adesina congratulated his fellow awardees and urged them to be relentless in their efforts to build humanity.
“Recognition is never the expectation or endgame when you are passionate about your work. But when one’s modest contributions and efforts are found worthy of honor, it is both a surprise and a delight,” he noted.
Climate and environmental civil society organizations urge AFDB President Adesina to curb funding for coal projects in Africa
October 7, 2019 | 0 Comments
By Wallace Mawire
Climate and environmental civil society organizations have submitted an open letter to Mr Akinwumi Adesina, President of the African Development Bank calling to immediately stop the financing of all coal projects on the African continent.
The letter reads:
We, the undersigned civil society organisations call on the leadership of the African Development Bank to immediately put in place and publish on the AfDB website a policy that denies the bank’s funding or financial services to any coal project on the African continent.
We welcomed your announcement made on Tuesday, September 24, 2019, in which you reiterated the AfDB’s commitment to no longer fund coal plants on the continent, but rather build the “largest solar zone in the world” in the Sahel region.
This announcement follows a series of scientific reports confirming that stopping the construction of coal fired power plants and closing existing plants is a crucial element in achieving the Paris Agreement’s objective.
Africa’s vulnerability to climate change is well known and documented. According to the 2018 Climate Change Vulnerability Index, seven of the ten most climate-vulnerable countries are in Africa.
During this year alone, two powerful hurricanes plunged Mozambique, Zimbabwe and Malawi into a state of disaster, at a time when droughts have taken their toll in Eastern Africa and the Horn of Africa. Successive reports from the Intergovernmental Panel on Climate Change (IPCC) confirm that after the polar zones, Africa is expected to be the second hardest hit region by the effects of climate change. These effects are already hampering economic development, sometimes eroding years of economic progress, exacerbating conflict and pushing hundreds of thousands of people every year into exile, especially those living in arid zones and areas affected by desertification.
Despite this gloomy picture, Africa remains one of the few continents where the development of coal fired power plants continues while the latest IPCC report stated that all coal-fired plants must close by 2040 to reach the 1.5 °C target set in the Paris Agreement. If fossil fuel projects continue at the current rate, Africa is heading straight for warming of 3 to 4 °C; a scenario that would have disastrous consequences, with extreme heat that would affect the majority of the continent’s land, increased risks of extreme drought (especially in Eastern and Southern Africa), a decline in agricultural yield, and extreme flooding as highlighted in the latest IPCC report. The same report made it clear that anyone who supports the fossil fuel industry knowingly contributes to untold suffering around the world. In the face of these extreme weather events and associated risks that threaten the lives and livelihoods of millions of Africans, the youth and civil society organisations of Africa took action from the 20 to 27th September, calling for immediate and radical climate action in agreement with science, and an end to the fossil fuel era. In this historic mobilisation called “Global Climate Strikes”, people from all walks of life, including fishing communities, farmers, women, young people, civil society groups, traditional and religious leaders took part in diverse actions sending a strong message to their governments and financial institutions that Africa does not need fossil fuels to meet its energy demand and grow its energy supply, but should rather lead the world in the energy transition fueled by renewable resources.
Frontline communities affected by the coal projects of Bargny (Senegal), Lamu (Kenya) and South Africa have taken the lead in the strike mobilisations. While thanking and congratulating you for your commitment to rid Africa of the coal influence and to accelerate the use of renewable energies, we are convinced that the AfDB can do more by officially and definitively disengaging itself from any current or future coal project, starting with the Bargny project (Senegal) where the AfDB Board of Directors had approved a preferential loan of € 55 million on November 25, 2009. Subsequently, the same board approved an additional loan of $ 5 million. By doing so, we will be truly convinced that the statement made in New York is not a mere announcement, but rather a firm commitment to actively and concretely support the renewable energy transition and development that Africa so badly needs to not only fight against the climate crisis but also boost its development and improve the well-being of its inhabitants. That is why we, therefore, urge the AfDB to: Immediately put in place and publish on the AfDB website a policy that denies the bank’s funding· or financial services to any coal project on the African continent. Shift the AfDB’s portfolio to 100% renewable energy projects and sustainable, low-emission· agriculture and infrastructure; Publish a roadmap to reduce portfolio-wide emissions and align with 1.5ºC goal.· 3 Increase transparency and access to information as well as increased transparency in stakeholder· engagement and consultation in relation to energy finance; Release additional information or a timeline for the release of additional information regarding· the construction of the “largest solar energy zone on the planet” in the Sahel region; We look forward to hearing from you on what steps will be taken towards achieving these changes. Our hope is that we can all work together to create a brighter, sustainable future for the African continent.
Kenya: African Development Bank Group approves loans of €209m for expansion of ‘Great North Road’
October 5, 2019 | 0 Comments
The five-year project will convert the 84km Kenol–Sagana–Marua Road in central and eastern Kenya from a two-way single carriageway into a dual bypass
|ABIDJAN, Ivory Coast, October 4, 2019/ — The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved loans of around €209 million to fund the expansion of a highway that links major economic hubs in Kenya.|
The approval was granted on 26 September during a meeting at the Bank’s headquarters in Abidjan.
The total project cost is €257.68 million, of which €178.02 million (69%) will be financed by the Bank Group, while 12% will come from the Africa Growing Together Fund, set up by the Bank and the People’s Bank of China in 2014. The remaining 19% will be financed by the Kenyan government.
The five-year project will convert the 84km Kenol–Sagana–Marua Road in central and eastern Kenya from a two-way single carriageway into a dual bypass, and is due for completion in 2025. The new road will enhance traffic flow between the port city of Mombasa and major centres like Nairobi. It will also ease transport between Nairobi and the Mount Kenya region; and ultimately Ethiopia.
The current Kenol–Sagana–Marua Road is situated along the “Great North Road”, which forms part of the 800km stretch between Nairobi and Moyale and runs across the five counties of Muranga, Kirinyaga, Machakos, Embu and Nyeri.
Kenol–Sagana–Marua Road is also part of the Trans-Africa Highway, commonly known as the Cape to Cairo route.
According to a project report, about 1.15 million people will benefit from the upgraded highway. 44% of the beneficiaries are likely to be women. The beneficiaries include producers, manufacturers and traders, who will save time and money, thanks to improved access on the main corridor to the north.
Building a 21st century road must also take into account climate change, which often leads to road runoff, flooding and erosion. In order to counter these phenomena, trees will be planted in the surrounding area.
The project is part of broader government efforts to improve the country’s infrastructure, including the construction of 1,304 km of new roads in recent years. The Bank’s present portfolio in Kenya consists of 38 operations, totaling around $3.3 billion.