African countries’ requests for information for tax collection purposes rose by 26% in 2021 over the previous year, signaling continued progress toward tax transparency in spite of a challenging environment. The Tax Transparency in Africa 2022 report by The Africa Initiative launched on Tuesday in Nairobi, Kenya covered 38 countries and documented Africa’s progress in […]
The African Development Bank Group (AfDB) has reported that its cumulative profit over the last 10 years totalled $2.5 billion, close to the $3.6 billion paid by shareholders for the 6th General Capital Increase in 2010, despite the disruptions of the Covid-19 pandemic to the global economic order in the past two and a half […]
Key stakeholders in Africa’s energy sector have canvassed the need for improved investments by governments and the organized private sector (OPS) in order to explore to the fullest the socio-economic opportunities in the sector for sustainable development in the various countries. The stakeholders advocated the option following discussions on the investment in Africa’s energy sector […]
West African representatives from the ministries of planning and finance, environment, and other stakeholders gathered in Abidjan on 5-6 May 2022 for a capacity-building workshop on addressing land degradation and ecosystem restoration. The workshop was a precursor to the UN Convention to Combat Desertification conference, being held in Abidjan from 9 to 20 May. The […]
The African Development Bank (AfDB) and the Economic Community of West African States (ECOWAS) have signed a memorandum of understanding (MoU) for $3.56 million in grant funding to support the development of pharmaceutical industries in West Africa. The Managing Director of the Bank for Nigeria, Lamin Barrow, and ECOWAS Commissioner in charge of Industry and […]
The African Development Bank Group (AfDB) has taken another remarkable financing step to further address the infrastructure gap in African countries with the approval of its first strategic framework for the development of public-private partnerships. The initiative follows approval by the development finance institution’s Board of Directors on 19 January 2022. Analysts estimate that Africa’s […]
The Board of Directors of the African Development Bank (AfDB) has approved a $10 million grant from the Green Climate Fund, for which the Bank is the accredited agency, to improve Liberia’s early warning weather systems. In addition to the grant, the project will also receive $431,969 from the Bank’s ClimDev Africa Special Fund and […]
The World Bank has blacklisted 18 Nigerian companies as well as some individuals over corrupt practices fraud, and collusive practices in its 2021 fiscal year. The list of debarred companies and individuals was contained in the Breton Woods institution’s new Annual Report titled ‘World Bank Group Sanctions System FY21’. According to the report, the sanctions […]
A new report published by the African Development Bank (AfDB) on Foreign Direct Investments (FDIs) in Africa indicated that Nigeria ranked below Egypt but slightly ahead South Africa. The just published report titled ‘Entrepreneurship and Free Trade Volume II – Towards a New Narrative of Building Resilience’ showed that four African countries accounted for 80 […]
The African Development Bank’s Sustainable Energy Fund for Africa (SEFA) has approved a $1 million grant for the modernisation of Africa’s hydropower fleet. A statement on the facility indicated that the modernisation of hydropower stations constituted an opportunity to increase generation capacity at a low cost, with relatively short lead times and minimal environmental impact. […]