Author: prtimesafrica

NAIROBI, Kenya, May 30, 2024/ — Host country, Kenya contributes $20 million to Bank’s concessional financing window; pledges increased equity contribution; The African Development Bank: a Solutions Bank, at the heart of Africa’s transformation agenda.

With $200 billion invested in development projects across the continent since its establishment in 1964, the African Development Bank Group is leading the charge in transforming Africa’s development landscape, as a solutions bank.

At the institution’s 2024 Annual Meetings in Nairobi, six African Presidents joined the Group’s President Dr. Akinwumi Adesina’s call for action to reform the global financial architecture to unlock more resources to scale up Africa’s economic transformation.

The Annual Meetings bring together the Bank Group’s governors representing 54 African countries and 27 non-African shareholders.

Kenya’s President William Samoei Ruto emphasized the need for change, saying, “Today, we assert that transforming the international financial architecture is imperative to give Africa a fair chance to turn its immense potential into opportunities to overcome multiple challenges and develop inclusively and sustainably.”

In a show of support for the Bank’s efforts, President Ruto announced that Kenya will spend $100 million over the next three years to increase its shareholding in the African Development Bank, Afreximbank and Trade Development Bank. Additionally, he announced a commitment of $20 million to the African Development Fund, the Bank Group’s concessional window, “as a demonstration of Kenya’s confidence [in the Fund].”

President Ruto praised the commitment of the Bank Group to infrastructure development in Kenya, saying, “Kenya is among the beneficiaries, in a very big way, of the African Development Bank’s financial might, and its innovative financing of projects.”

He cited four Bank Group-financed projects as testament to this commitment: the construction of the Nairobi–Thika Superhighway; the construction of the Thwake Multipurpose Dam, Kenya’s biggest; the completion of water and sanitation projects in 28 Kenyan cities, and a last-mile connectivity project that has provided electricity to more than 10 million households.

Vote of confidence

President Ruto also expressed Kenya’s support for the channeling of IMF Special Drawing Rights (SDRs) through multilateral development banks, a move that the African Development Bank together with the Inter-American Development Bank has championed, with success.

Several heads of state attended the opening ceremony of the Annual Meetings on Wednesday and participated in subsequent presidential dialogues. They included President Denis Sassou Nguesso of the Republic of Congo, Rwanda’s President Paul Kagame, Zimbabwe’s President Emmerson Dambudzo Mnangagwa, the President of the Presidency Council of the Government of National Unity of the State of Libya Mohamed Younis al-Menfi, Somali President, Hassan Sheikh Mohamoud, and African Union Commission Chairperson Moussa Faki Mahamat.

Close to 5,000 delegates are attending the Bank’s Annual Meetings, including heads of multilateral development banks, diplomats, development partners, representatives of civil society organizations and the private sector.

In his keynote address, Adesina highlighted the impact of the Bank’s investments across Africa through its High 5 priorities of Light up and Power Africa; Feed Africa; Integrate Africa; Industrialize Africa and Improve the quality of life for the people of Africa. Over the last eight years, the Bank’s investments have impacted more than 400 million people

Record investments

“In 2023, our financing totalled over $10 billion, across all our High 5 priorities,” he said, adding, “In the past nine years, we have invested well over $50 billion in infrastructure projects on the continent, by far the largest investment of any multilateral development bank or institution.”

Adesina listed several innovative initiatives to demonstrate the Bank’s role as a catalyst for change, driving Africa’s transformation through record investments and partnerships. He highlighted the $10 billion Alliance for Green Infrastructure in Africa (AGIA), a groundbreaking partnership with Africa50 and the African Union, aimed at accelerating the development of sustainable infrastructure projects. This initiative is set to drive the continent’s transition towards a greener and more resilient future.

Adesina also emphasized the Bank’s commitment to supporting the digital economy, citing the $618 million i-DICE program in Nigeria, that will create 6 million jobs and add $6.4 billion to the economy.

Catalyzing Inclusive Development

The Bank’s Affirmative Finance Action for Women (AFAWA), in partnership with the Africa Guarantee Fund, has financed more than 18,000 women-owned businesses, providing them with the capital and support needed to thrive in their respective markets. “By the end of this year, AFAWA would have reached $2 billion in support for up to 30,000 women-owned small and medium sized enterprises,” Adesina said.

Last year, the Bank established Youth Entrepreneurship Investment Banks to provide financial and technical support to businesses owned by youth. The Bank’s Board of Directors has already approved $16 million for Liberia and $12 for Ethiopia to set up Youth Entrepreneurship Investment Banks. More countries have applied to join the initiative.

In eleven African countries—Côte d’Ivoire, Ethiopia, Guinea, Kenya, Mali, Mozambique, Nigeria, Senegal, Tanzania, Togo, and Zambia—the Bank, together with partners, is establishing Special Agro-Industrial Processing Zones (SAPZs), designed to transform Africa’s agricultural sector by creating value-addition hubs.

Mobilizing Financing, Deepening Reforms

Dr. Muhammad Sulaiman Al Jasser, Islamic Development Bank Group President, outlined the benefits of a longstanding cooperation with the African Development Bank. “Between 2017 and 2023, we achieved a record co-financing volume of $2.9 billion with the African Development Bank, enabling us to co-finance 22 operations across diverse sectors,” he said, adding that both banks have recently set new co-financing targets, to deliver greater impact.

African Development Bank Group Boards of Governors’ Chairperson and Cabinet Secretary of the National Treasury of Kenya, Prof. Njuguna Ndung’u urged Governors to “deepen discussions” on growing the Bank’s callable capital. “This will protect the Bank’s triple A rating on sustainable basis against recurrent external shocks, including downgrade of its triple A rated shareholders [and] enable the Bank maintain its lending trajectory and preserve its position as a strategic lender and the premier development finance institution in Africa.”

The African Union Commission Chairperson Moussa Faki Mahamat described the 2024 Annual Meetings as “an appropriate forum” for kickstarting “the process of formulating and working out the African common position on strategic issues” such as the reform of the Bretton Woods system, debt management, climate change financing, and the international tax system.

Leaders also stressed the urgency of mobilizing financing to build climate-resilient African economies. The Bank, Adesina said, “is well on its way to reaching its goal of mobilizing $25 billion in climate finance, and last year we devoted 45% of our total lending to climate finance.”

Strong financial position for greater impact

The only AAA-rated financial institution in Africa, the Bank’s financial records for 2023 put the Bank in an optimal position to better serve Africa and create more significant impact in the continent’s development. Its income from loans and treasury investments increased by 123% from $775 million in 2022 to $1.73 billion in 2023. The Bank also achieved its largest-ever net income before distributions, amounting to $545 million, and allocated a record-high $335 million to reserves.

Dr. Adesina’s speech: http://apo-opa.co/3RucXTx

Photos: http://apo-opa.co/3V0ufIB

Contact:
Toluwalope Ogunlesi,
Communication and External Relations Department,
media@afdb.org

About the African Development Bank Group:
The African Development Bank Group 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: www.AfDB.org

This question was at the heart of a forum hosted by the Kenyan government on May 27 on the sidelines of the African Development Bank Group’s 2024 Annual Meetings in Nairobi. The panel discussion, titled “Harnessing Human Capital for Sustainable Growth and Development in Africa: Demographic Dividend and Circular Movement of Skilled Labour,” rallied experts to deliberate on the issue.

Prof Njuguna Ndung’u, Kenya’s Cabinet Secretary for the National Treasury, emphasized the importance of aligning skills development with emerging market opportunities to leverage human capital effectively. “If you don’t have human capital expertise, you are going to lag behind,” he said.

William Asiko, Rockefeller Foundation Vice President for Africa, highlighted Kenyan President William Ruto’s recent announcement that carbon credits will be Kenya’s next significant export by 2030. He noted that this initiative could create numerous jobs but stressed the necessity of developing the right skills to seize this opportunity. “Artificial Intelligence carbon markets are the big issues now. Can we develop these skills for the future?” he posed.

Martha Phiri, the Director, Human Capital, Youth and Skills Development Division at the African Development Bank, shared the Bank’s new 10-year strategy, 2024-2033. She emphasized that a healthy, productive, and innovative workforce is essential for Africa’s transformation. “A workforce that can ensure food security, drive power plants, enhance transport connectivity, and foster industrialization is crucial.”

Phiri pointed out the importance of derisking youth participation in investments across the value chains. “We need to ensure we not only build the necessary skills for young people, but invest in their businesses, and enhance derisking instruments to ensure youth are seen as bankable.”

The private sector was identified as crucial for mobilizing resources for human capital development. The panel emphasized the need to establish instruments that encourage private sector participation to optimize growth. The discussions called for igniting the right policies and initiatives to bridge the resource gap, alongside policies that address the mismatch between skills taught in classrooms and what the labor market offers.

The event was moderated by Dr Rose Ngugi, Chief Executive Officer of the Kenya Institute for Public Policy Research and Analysis.

As we mark Africa Day, people and organisations commit themselves to making a positive difference for the continent. Building a business model that improves lives is the most effective way to achieve this, writes MultiChoice Africa CEO Fhulu Badugela.

As the continent celebrates Africa Day on 25 May, two business priorities come into sharp relief; Businesses must remain profitable to survive, but they must also deliver a net benefit for society.

A unifying purpose

At MultiChoice Africa, we strive to achieve this balance by aligning around a single unifying goal – enriching lives. It’s at the heart of our value proposition of delivering entertainment and services to our customers through technology.

While we aim to be the entertainment platform of choice for African households, we also want to enrich their lives by making a significant contribution to economic development, in the spirit of Africa Day.

MultiChoice also enriches lives through our role in developing Africa’s contemporary cultural heritage, having been entertaining, informing and empowering African communities for more than 30 years.

We also continue to offer value to our customers by using the latest technology to enhance accessibility, and boosting the number of platforms we offer as we develop our hyperlocal strategy of authentic African content for African audiences.

Authentic storytelling

Developing that content allows us to reshape the African narrative through the stories we tell. Through our hyperlocal approach, we not only develop film and television industries in multiple African markets, we also allow African people to see their stories told by their own people in their own languages.

After 38 years’ operating across the continent, MultiChoice Africa now produces more than 6 000 hours of local content a year, in 40 languages, across 50 countries, reaching more than 100 million people every day.

Our 17 local channels share homegrown shows, in regional languages, on platforms like Africa Magic, Mzansi Magic, Akwaaba Magic, Maisha Magic, Pearl Magic Prime, Abol TV, Kwenda Magic, Maningue Magic and Zambezi Magic.

This has significant cultural and psychological impact. It’s hard to quantify how much it improves someone’s quality of life, when they see their own culture, values and aspirations reflected in the content they consume.

Smash-hit local shows across the continent not only create opportunities for local filmmakers and actors but has also help to showcase African stories on a global platform.

Recent successes have included family drama Sinia, crime drama Danga and Tuko Talk on Tanzania’s Maisha Magic Plus. In Kenya, the Showmax Original crime procedural Crime and Justice is highly popular, while Uganda’s Pearl Magic Prime features drama series Chapterz.

On Zambezi Magic, Wanilata is a reality dating show; while Our Perfect Wedding Zambia is a staple on ONEZED, alongside telenovela Ubuntu, with Adey and Zuret providing riveting drama on Ethiopia’s Abol TV.

In West Africa, the Akwaaba Magic channel in Ghana is the home of the popular Dede, the story of a naive rural teenager, while Africa Magic channels feature appointment-viewing successes like Date My Family Nigeria and Idols Nigeria.

In Southern Africa, locally produced hits include Zuba and Ten Tamanga Street on Zambezi Magic, O Rio Mahinga on Kwenda Magic, and Maida, Date My Family and Our Perfect Wedding Mozambique on Maningue Magic.

We also strive to ensure we have a pipeline of talented, qualified African creators entering our industry, by investing in training and development through our pan-African MultiChoice Talent Factory (MTF) Academies.

Multiplier effects

Our group’s content investments have had major economic multiplier effects on the continent, employing 3 042 full-time staff, and making R5.1bn in total tax contributions.

In Nigeria, the Africa Magic channel now produces 700-1 000 hours of original content every year, and buys even more independently produced local content through its online content-licensing portal.

Across the continent in Ethiopia, MultiChoice has commissioned and licensed more than 138 Ethiopian films and TV shows within two years, for its hyperlocal Abol channels. In Botswana, MultiChoice has delivered local shows alongside MTF skills-transfer partnerships with the Botswana Department of Broadcasting Services.

Longevity through alignment

In every market, MultiChoice Africa also makes a material contribution to the economy through tax revenues, investments in broadcasting technology and sponsorships of local sports leagues, such as SuperSport’s coverage of Zambia’s MTN Super League.

MultiChoice maintains a strong market position due to its established brand presence, extensive content library, and investment in local programming. Our focus on innovation and customer satisfaction has seen us build resilience in a rapidly evolving media landscape.

If there is a learning in this, it is that when the interests of all stakeholders are aligned, then better business makes for better lives. As we once more mark Africa Day, we look forward to continuing to provide Africa with quality entertainment content, and opportunities, in ways that improve lives.

The Bank’s Nigeria Country Department, Director General Lamin Barrow disclosed this at the Nasarawa Investment Summit 2024, held from 15 – 16 May in Lafia, the Nasarawa State capital. The event was attended by local and foreign investors, representatives of the private sector, and senior government officials.

Acknowledging the resonance of the Summit theme against the backdrop of turbulence in the global economy, Barrow noted that Nasarawa State, and indeed Nigeria, face a huge infrastructure deficit, inhibiting the country’s efforts to diversify its non-oil production and achieve international competitiveness for exports.

According to the 2020 National Integrated Infrastructure Master Plan, Nigeria requires, between 2020 and 2043, total infrastructure investments estimated at $2.3 trillion, to raise its infrastructure stock to the international benchmark of 70% of GDP. The energy sector alone will require $759 billion, while the transport sector needs $575 billion.

“To address this problem, the African Development Bank is supporting the federal and state governments to improve the national and states’ infrastructure. As of April 2024, 31 percent of the Bank’s active portfolio, valued at $1.44 billion, is supporting infrastructure development in Nigeria,” Barrow said in a speech he read on behalf of the Group’s President, Dr. Akinwumi Adesina.

To achieve industrial renaissance, Nasarawa State and Nigeria must accelerate domestic resource mobilization; boost agriculture sector productivity; develop value chains and supportive infrastructure; enhance de-risk investments; prioritize natural resource value addition and beneficiation; strengthen institutional capacity and bridge the skills mismatch to enhance youth employability, he said.

“Nasarawa is known for its huge potential in agriculture, particularly its organized commodity aggregation system, which ensures the marketability and traceability of produce. It is reassuring to note that Nasarawa is prioritizing the development of agricultural value chains for key commodities such as sesame, rice, and ginger. “

Dr. Doris Nkiruka Uzoka-Anite, Minister of Industry, Trade and Investment, representing Nigeria’s President, Bola Ahmed Tinubu, opened the summit. She said the country was proud of Nasarawa State, particularly for the positive strides it had made in the mining sector.

“Nasarawa State has shown great vision in ensuring that their vast lithium deposits are developed and processed, ensuring that raw materials are not exported out of this country without any value addition, in line with the renewed hope agenda,” she said.

In his welcome remarks, the Nasarawa State Governor, Abdullahi Sule, thanked the African Development Bank for its continued support for the industrial and sustainable economic development of the state.

The African Development Bank has financed the construction of the Keffi and Akwanga water supply schemes in Nasarawa, comprising intake works, pumping stations, a 62,850 m3/d treatment plant, 19.9 km of transmission pipes and 42 km of distribution pipes, as well as service reservoirs, drainage, and buildings.

The state is under consideration for participation in Phase II of the Special Agriculture Processing Zone (SAPZ) program in Nigeria. https://apo-opa.co/3wMbTmz

Media contact:
Chukwuemeka Francis Ezekiel,
African Development Bank Nigeria Country Department (RDNG)
media@afdb.org

About the African Development Bank Group: 
The African Development Bank Group (AfDB) is the premier multilateral financing institution dedicated to Africa’s development. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NSF). The AfDB has a field presence in 41 African countries, with an external office in Japan, and contributes to the economic development and social progress of its 54 regional member states.

Rufus N. Darkortey, the Bank’s Executive Director representing The Gambia, Ghana, Liberia, Sierra Leone, and Sudan, reaffirmed this commitment during discussions with Sudan’s Finance Minister and Governor of the African Development Bank, Dr Gebreil Ibrahim Mohamed Fediel.

“The Bank will continue to support Sudan in reducing fragility, stabilising the economy, and fostering recovery,” said Darkortey, acknowledging the severe impact of the conflict on the country. The meeting, held in Cairo, Egypt, rather than Sudan due to the ongoing civil conflict, focused on the Bank’s ongoing support for Sudan, identifying new priorities, and discussing humanitarian aid.

While recognising efforts to grant aid access in Darfur, Darkortey called for expanded access nationwide. He also urged the protection of investments within the country financed by the Bank and development partners during the conflict and lauded the outcome of the recent humanitarian donor conference in Paris, where $2.13 billion was pledged for Sudan.

The Executive Director informed Governor Fediel that the African Development Bank is supporting Sudan both at national and regional levels. The Bank approved $74 million for the Sudan Emergency Wheat Production project, implemented by the World Food Program, which is enhancing food security and wheat production. This project aims to assist Sudan in becoming a net exporter of wheat in the long run.

The Bank has also committed $1 million from its Special Relief Fund to support humanitarian and food security efforts for internally displaced persons, refugees, and vulnerable communities.

Regionally, the Bank is co-financing a $36.4 million emergency project to support the stabilisation and recovery of refugees and host communities in the Lake Chad Basin. It is also exploring further regional support for the displacement crisis resulting from Sudan’s conflict. Minister Fediel expressed gratitude to the Bank and its President, Dr Akinwumi A. Adesina, for their robust support in helping the nation meet its immediate needs. He emphasised the need for continued humanitarian assistance and technical support to assess the conflict’s impact as peace is established. With the farming season approaching, he called on the Bank to provide urgent agricultural support, including seeds and fertilizers.

Governor Fediel pledged the government’s commitment to a stronger African Development Bank by ensuring the settlement of the country’s debt arrears. He reaffirmed Sudan’s commitment to financially contribute to the ADF-17 replenishment cycle starting in 2025, as pledged in a constituency memorandum signed in 2023. This memorandum outlines plans for enhancing domestic resource mobilisation and advancing SME-led private sector growth in constituency member countries.

Both officials thanked the Bank’s Sudan Country Office for its leadership during this challenging period and expressed gratitude to the Egypt Office for hosting the mission.

Darkortey also met with Sudan Country Office staff, affirming the Bank’s ongoing support for their welfare.

Contact:Kwasi Kpodo

Communication and External Relations
media@afdb.org

About the African Development Bank Group:
The African Development Bank Group (AfDB) is the premier multilateral financing institution dedicated to Africa’s development. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NSF). The AfDB has a field presence in 41 African countries, with an external office in Japan, and contributes to the economic development and social progress of its 54 regional member states. For more information: www.AfDB.org

Government representatives gave the commendation during a three-day visit by the African Development Bank Group’s Vice-President for Regional Development, Integration and Business Delivery, Marie-Laure Akin-Olugbade, during which she engaged with several ministers on political dialogue and support for the Bank’s operations.

Jean-Jacques Bouya, Congo’s Minister of State for Regional Development, Infrastructure and Road Maintenance lauded the “very positive cooperation with the African Development Bank in the infrastructure field” and expressed eagerness to expand this partnership, highlighting the Bank’s comparative advantage in funding infrastructure across the continent.

The Bank Group has significantly contributed to Congo’s infrastructure development, including the construction of the Ketta-Djoum road, part of the Yaoundé-Brazzaville corridor, and the first section of the Ndende-Dolisie road linking Congo to Gabon. The Bank also funded fiber-optic networks connecting Congo to Cameroon and the Central African Republic and is financing studies for a road-rail bridge between the two Congos. Alongside Africa50, the Bank is leading efforts in resource mobilization for these projects.

Minister Bouya presented Akin-Olugbade with studies of various road projects funded by the Bank and sought support for hydroelectric dam studies on the River Congo. The Bank committed to reviewing the request to help address Congo’s energy deficit, which is hampering economic and social development. Bouya also indicated that Congo plans to present some bankable projects at the African Investment Forum, 2024 Market Days scheduled to take place in Rabat in December.

Olga Ghislaine Ebouka-Babackas, Minister of Planning, Statistics and Regional Integration, emphasized the need for capacity building to optimize development assistance. She noted the need for the Bank’s support to ensure that management units and sector-specific ministries are adept at navigating financial procedures required by international partners.

Minister of Agriculture, Livestock Farming and Fisheries, Paul Valentin Ngobo, and Akin-Olugbade discussed a mid-term evaluation of the Integrated Agricultural Value Chains Development Project (PRODIVAC). This initiative aims to bolster the maize/cassava sectors and enhance seed production capacities. Ngobo also outlined the Agenda for Agricultural Transformation in Congo (ATAC), a government program to advance the agricultural sector.

Minister for the Environment, Sustainable Development and the Congo Basin, Alerte Soudan-Nonault, highlighted the challenges in mobilizing climate finance and advocated for Congo’s access to all Bank funding mechanisms. Akin-Olugbade mentioned the Bank’s technical support for the ‘Congo Basin Blue Fund’s readiness project and ongoing efforts to create a carbon exchange and incorporate natural resources into GDP calculations for African countries.

Jean-Baptiste Ondaye, Minister of Economy and Finance acknowledged the Bank’s support in Congo’s reforms program with the International Monetary Fund. At the end of 2023, the Bank provided Congo with $92 million in budget support, helping the country address urgent challenges. Ondaye assured that Congo would meet its commitments to the African Development Bank and other partners.

Akin-Olugbade outlined the Bank’s new Ten-Year Strategy (2024-2033), focusing on accelerating the “High 5” strategic priorities, aligning with the Sustainable Development Goals (SDGs) and the African Union’s Agenda 2063, against the background of reforming the international financial architecture. The strategy emphasizes gender equality, youth support, and climate change, particularly mobilizing climate funding.

Discussions included the possibility of opening a Country Office in Congo and the government’s preparations to host the Bank Group’s Annual Meetings in 2026. The upcoming resource replenishment meeting of the African Development Fund, the concessional funding window for low-income African countries, was also highlighted.

Akin-Olugbade introduced Olivier Béguy as the new resident country economist, succeeding Sié Antoine-Marie Tioyé, whose mission had ended.

The Vice-President’s delegation included the Bank’s Director General for Central Africa, Serge N’Guessan, his deputy Solomane Koné, who is also the Country Manager for Congo, outgoing resident country economist Tioyé, Regional Lead economist Hervé Lohoues, and Principal Country Program Officer, Mohamed Coulibaly.

Media contact:
Romaric Ollo Hien,
Communications and External Relations Department,

About the African Development Bank Group: 
The African Development Bank Group (AfDB) is the premier multilateral financing institution dedicated to Africa’s development. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NSF). The AfDB has a field presence in 41 African countries, with an external office in Japan, and contributes to the economic development and social progress of its 54 regional member states.