The African Development Bank Group (AfDB) has debarred Sagittarius Nigeria Limited for 18 months over fraudulent practices. The AfDB, in a statement on Tuesday, August 17,…
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The World Bank (WB) and African Development Bank (AfDB) have provided $550 million in funding to the Rural Electrification Agency (REA) in support of the implementation…
The African Development Bank (AfDB) Group has approved a loan of $4.25m to Lesotho to broaden the country’s tax base and boost government revenue. The fund…
The Sustainable Energy Fund for Africa (SEFA) has approved seven high-impact projects worth $54m in 2020 and secured $90m in new funding. According to SEFA’s recently…
The IFC and the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) have announced a new partnership to boost the professional capacities, incomes,…
The African Development Bank has inked a grant financing agreement with Ethiopia in its efforts to end the stunting and malnourishment of children in the country.…
According to the report, the supply of trade finance was affected between the first quarter of 2020 due to the COVID-19 pandemic and the inherent tightening of financial conditions and the heightening balance of payment pressures and liquidity constraints.
The East African countries look to borrow more than $750 million in syndicated loans to cushion the economic impact of the Coronavirus pandemic as Kenya, Uganda, South Sudan, and Tanzania have all been seeking either syndicated loans or special drawing rights from the International Monetary Fund (IMF), as they seek to revive economies experiencing the pandemic-induced shocks.
Africa’s economy contracted by 2.1% in 2020 following the COVID-19 pandemic. The African Development Bank (AfDB) has projected a 3.4% recovery in 2021 as most African economies are reshaping for growth and stability.
The debt spiked up in the full year of 2020 due to the covid-19 impact on the economy, which resulted in increased borrowing from the Bretton Wood Institutions, as well as the African Development Fund.