African Development Bank
Microsoft Strengthens its Partnership with the African Development Bank
Image sourced from NS Energy. Microsoft is expanding its partnership with the African Development Bank to support Africa’s youth entrepreneurs under the bank’s Youth Entrepreneurship Investment Banks (YEIB) Initiative. Through its African Transformation Office (ATO), Microsoft will work with the bank to develop youth entrepreneurship ecosystems, creating jobs and dramatically scaling impact in Africa through digital inclusion. Africa’s young population is expected to double in size by 2050, reaching 830 million. Though 10 to 12 million youth join the continent’s workforce every year, just over 3 million jobs are created, meaning large numbers of people remain unemployed. Youth entrepreneurship will go a long way to solving the employment challenge, but lack of investment, affordable ...
AfDB Approves $2-Million Technical Grant to Boost Electricity Reforms
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AfDB Approves Establishment of the African Pharmaceutical Technology Foundation
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Western Powers to Give South Africa $8.5-Billion for Energy Transition
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SA Will Need $30-Billion for Energy Transition says African Development Bank
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African Development Bank Invests More than $1-Billion in Mozambique
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Zimbabwe to Load Shed 12 Hours a Day Amid Severe Power Shortage
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Why Technology Needs to Be Harnessed for Africa to Recover from the Pandemic
Sourced from Redbubble and iStock. Despite the economic devastation caused by the COVID-19 pandemic on African economies, there is no doubt that the continent has the potential to recover given the fact that with a large youth population it promises to be a major consumption market in the years ahead with significant capacity for growth. However, it urgently needs to achieve faster economic growth in order to create jobs, grow its export revenue and become more globally competitive. The African Continental Free Trade Agreement (AfCFTA), which came into effect earlier this year after being delayed in 2020 as a result of the COVID-19 pandemic, aims to promote trade on the continent by creating the largest free trade area globally. This agreement plans to remove some of the main obstacles to ...
NBS: Nigerian government, states’ debt profile rise to N32.92 trillion
Nigeria’s total public debt portfolio as at December 31, 2020, stood at N32.92 trillion, the National Bureau of Statistics (NBS) reveals. It made the revelation in its Nigerian Domestic and Foreign Debt report for Quarter Four, 2020, obtained from its website on Monday in Abuja. It added that the debt profile was for the States and the Federal Government. According to the bureau, Nigeria’s total public debt showed that N12.71 trillion or 38.60 per cent of the debt was external, while N20.21 trillion or 61.40 per cent of the debt was domestic. “Further disaggregation of Nigeria’s foreign debt showed that 17.93 billion dollars of the debt was multilateral, 4.06 billion dollars was bilateral from the African Development Bank (AfDB), Exim Bank of China, Japan International Cooperation Agency (...
AfDB approves $1.3 million grant for female financial inclusion research in Africa
The African Development Bank (AfDB) has approved two grants worth $1.3 million for research aimed at increasing women’s access to a range of digital financial services on the continent. In a statement on Monday, AfDB said the grants will be disbursed by Africa digital financial inclusion facility (ADFI), a blended finance vehicle supported by the bank. The grants will be disbursed to two fintech firms, Pula Advisors Kenya and M-KOPA Kenya. AfDB said Pula Advisors will use the $1 million for research of social and economic factors that impact women farmers’ access to microinsurance in Kenya, Nigeria and Zambia while M-KOPA will use the $300,000 funding for research involving 500 women and men in Kenya’s Kisumu, Eldoret and Machakos counties. It said findings from the research will inform th...
AfDB approves $1.3 million grants for women’s access to digital finance
The African Development Bank (AfDB) has approved two grants of $1.3 million for research aimed to increase African women’s access to a range of digital financial services, including loans and micro-insurance. According to a statement from the AfDB on Monday, the grants for $1 million and $300,000 respectively, will be disbursed through the Africa Digital Financial Inclusion Facility (ADFI). ADFI is a pan-African initiative designed to accelerate digital financial inclusion throughout Africa. It is a blended finance facility of AfDB with two financial technology firms; Pula Advisors Kenya Ltd. and M-KOPA Kenya Ltd. Pula Advisors will use the $1 million for research of social, cultural and economic factors that impact women farmers’ access to micro-insurance in Kenya, Nigeria and Zambia. Mor...
AfDB grants $11.26 million for women, girls’ education in Chad
The Board of Directors of the African Development Bank has approved a grant of $11.26 million to the Government of Chad to finance the Girls’ Education and Women’s Literacy Project – the bank’s first grant exclusively targeting women and girls. The project will be financed from the Bank’s Transition Support Facility and will be implemented over a five-year period by the Chadian Ministry of National Education and Civic Promotion, in coordination with partners involved in the education sector, civil society organisations, and youth organisations. The Chadian government will contribute a non-monetary contribution of $713,000 towards the program. “Through this financing, the African Development Bank is providing support to the Chadian government to reduce inequalities through access to educati...
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