Category Archives: African News

African Business News

International Islamic Trade Finance Corporation (ITFC) and The Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC) Launch Report on the Potential Economic Impacts of the AfCFTA on selected OIC Countries

The International Islamic Trade Finance Corporation (ITFC) ( and its partner the Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC), today launched a technical report on the potential impacts of the African Continental Free Trade Area (AfCFTA) on selected OIC countries, namely Côte d’Ivoire, Egypt, Guinea, Mozambique, Tunisia and Uganda. The objective […]

First Hydromet Gap Report calls for scaled-up investments in weather forecasts and early warning systems

An estimated 23,000 lives per year could be saved and up to $2 billion in economic losses averted by improving weather forecasts, early warning systems, and climate information in low- and middle-income countries, according to a new report ( issued by the Alliance for Hydromet Development ( Known as hydromet, reliable and accurate weather and […]

Aerospace, Maritime and Defence industries playing a key role in moving SA economy and civil society forward

Download logo The South African Aerospace, Maritime and Defence Industries Association (AMD) ( is currently playing an important yet largely un-sung role in South Africa’s economy and civil society, with enormous potential to drive positive change even further. This is according to Sandile Ndlovu, Interim Executive Director: AMD, who explains, “The AMD is a grouping […]

African Development Bank to provide EUR39 million loan package for Gabon’s first independent hydropower project

Download logo The Board of Directors of the African Development Bank Group ( has approved a €39 million loan package for the construction of the Kinguélé Aval hydroelectric project in Gabon. The package comprises €20 million from the African Development Bank, €10 million from the Africa Growing Together Fund and €9 million in concessional financing […]

African Development Bank Group’s $6 million grant kicks off Desert-to-Power West Africa Regional Energy Program

Download logo The Board of Directors of the African Development Bank Group ( has approved a $6 million grant to launch the initial phase of the Desert to Power West Africa Regional Energy Program. Desert to Power, an initiative led by the Bank, is expected to transform the Sahel by harnessing the region’s abundant solar […]

African Development Bank scoping study identifies opportunities for private sector participation in Africa’s climate agenda

Download logo A recently published African Development Bank ( scoping study on implementing NDCs in Africa recommends that development financial institutions and other investors focus on high-impact, high-growth potential start-ups that can drive climate-related innovation. The study, NDC implementation in Africa through green investments by private sector – A Scoping Study, was produced in partnership […]

African Development Fund extends $83.6 million in grants to boost Ethiopia-Djibouti electricity trade

Download logo The Board of Directors of the African Development Bank Group ( has approved two grants worth $83.6 million to boost cross-border trade in electricity between Ethiopia and Djibouti and to deepen integration in the Horn of Africa sub-region. The funds comprise a $69.65 million grant to Ethiopia and a second grant of $13.93 […]

Talking Technology and Trade: Challenges and Opportunities in Africa

Download logo Webb Fontaine (, one of the leading providers of Customs and trade solutions to governments worldwide, will gather a panel of industry mavens to talk about ‘Technology and Trade in Africa: Challenges and Opportunities’ in a webinar series on July 12 at 1200 CET. The panel discussion will explore revolutionary thinking and innovative […]

Nigeria: African Development Bank bolsters women-empowered businesses with $50 million loan to FCMB bank

Download logo The Board of Directors of the African Development Bank ( has approved a loan of $50 million to Nigeria’s First City Monument Bank (FCMB) to channel to local enterprises and women-empowered businesses in the agribusiness, manufacturing, healthcare and renewable energy sectors. Thirty percent of the funds, which are intended to mitigate effects of […]

Internet Exchange Points Are Critical to Improving Internet Access and Lowering Connectivity Costs in Africa, says New Report from the Internet Society

Download logo A new report published today by the Internet Society ( outlines the state of Internet interconnection in Africa and the critical role Internet Exchange Points (IXP) play in improving access and lowering costs. The report, entitled “Moving towards an interconnected Africa: the 80/20 Initiative,” examines the Internet ecosystem in Africa. There is an […]

Making Energy Poverty History by 2030: African Energy Week 2021 Prioritizes Energy for All

Energy comprises a critical component of social and economic development in which the lack thereof serves as a direct hinderance to economic growth. Despite being arguably the richest continent in terms of natural resources, Africa is also considered the poorest continent in terms of development, attributed to electrification and energy accessibility challenges. The International Energy […]

African Development Bank’s new economic governance strategy advocates bold public finance reforms

Download logo The African Development Bank ( on Friday launched its Strategy for Economic Governance in Africa (SEGA), aimed at fostering transparent and accountable governments and institutions to secure inclusive, sustainable development. The strategy proposes bold reforms in the management of public finances to eliminate revenue ‘leakages’ and ensure an efficient, productive, and transparent use […]

African women propose a 10-year plan for gender equality in Africa at the Generation Equality Forum in Paris

The proposed Kinshasa Declaration, launched today at the Generation Equality Forum, outlines concrete actions for African Union member countries to advance gender equality in Africa by 2030; The proposed Kinshasa Declaration calls for doubling the number of women's organizations that can access funds from national economic stimulus programs and external funding. A delegation of African […]

African Development Bank’s Affirmative Finance Action for Women in Africa program showcased at Generation Equality Forum

Download logo The African Development Bank Group ( President, Dr. Akinwumi A. Adesina, joined French President Emmanuel Macron and others at the Generation Equality Forum in Paris, where he highlighted the role of the Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative in growing the continent’s women-led businesses. “Women run Africa and they […]

Correction and reissue: Africa Renewable Energy Fund II secures EUR130 million first close with SEFA and CTF investments

Download logo The Africa Renewable Energy Fund II has achieved its first close at €130 million, following a joint investment of €17.5 million from The Sustainable Energy Fund for Africa and the Climate Technology Fund through the African Development Bank ( AREF II, a successor to the original Fund, is a 10-year closed-ended renewable energy […]

African Development Bank participates in launch of African Green Revolution Forum (AGRF) platform linking Africa’s SMEs to investment opportunity

Download logo The African Development Bank’s ( incoming Vice President for Agriculture, Human and Social Development, Dr. Beth Dunford, and Director for Agricultural Finance and Rural Infrastructure Development Atsuko Toda joined development leaders online to launch this year’s African Green Revolution Forum (AGRF) Agribusiness Deal Room. The AGRF’s agriculture matchmaking platform initiative links some 4,000 […]

Korea to channel $600 million into energy investments alongside the African Development Bank

Download logo The African Development Bank (, the Korean Ministry of Economy and Finance and the Export-Import Bank of Korea have signed an agreement, under which Korea will provide $600 million in co-financing for energy projects alongside the African Development Bank. The Korea-Africa Energy Investment Framework (KAEIF) pact follows the signing on 28 May 2021 […]

Girls in Somalia to Benefit from Enhanced Access to Education

Download logo Over 100,000 children residing in Somalia’s most educationally disadvantaged areas will benefit from a World Bank financed education project that aims to increase access to primary education in underserved areas, particularly for girls. This is the first World Bank financed investment in Somalia’s education sector in 30 years. To mark this critical milestone, […]

The Republic of Congo to Launch Gas Master Plan at African Energy Week 2021

The Ministry of Hydrocarbons of the Republic of Congo will launch the country’s comprehensive Gas Master Plan (GMP) at the highly anticipated African Energy Week (AEW) 2021. Comprising a framework that aims to incentivize the development of and investment in the Congo’s natural gas sector for the benefit of the country as a whole, the […]

German Chancellor Merkel Africa Envoy to drive green hydrogen, Energy Transition at African Energy Week 2021 in Cape Town

The African Energy Chamber ( is proud to announce that H.E. Gϋnter Nooke, personal representative of the German Chancellor for Africa, will be attending and participating at African Energy Week (AEW) 2021. Representing a prominent figure in Germany-Africa relations, Nooke’s attendance is expected to drive a discussion around Africa’s green hydrogen potential and emerging projects, […]

Investment, Deal-making and Energy Transition to Top the Agenda at African Energy Week 2021

As a form of prelude to African Energy Week (AEW) 2021 taking place in Cape Town on the 9th12th of November, the African Energy Chamber’s (AEC) ( Executive Chairman, NJ Ayuk, will be visiting Nigeria on the 5th-10th July 2021; Focused on supporting the country in its efforts to pass the Petroleum Industry Bill and […]

We Will Be Part of Africa’s History; This is Our Legacy-Senator Rasha Kelej on the Merck Foundation Africa Nexus

We have met Senator, Dr. Rasha Kelej, CEO of Merck Foundation ( known as Mama Africa and asked her about her vision for Africa.  She emphasized, “We are committed to making history with the transformation of the public healthcare sector in Africa. In sight are training of an army of thousands of well-trained specialized Doctors […]