The African Development Bank (AfDB) on Tuesday announced the debarment of Sargittarius Nigeria Limited and its affiliates, including Sargittarius Henan Water Conservancy Engineering Limited, for 18-month effect from 28 July 2021 over contract tender sharp practices. The development finance institution hinged its decision on the Nigeria-registered entity and its subsidiaries on the findings from an […]
The Africa Renewable Energy Fund II (AREF II) has achieved its first close at €130 million, following a joint investment of €17.5 million from the Sustainable Energy Fund for Africa (SEFA) and the Climate Technology Fund (CTF) through the African Development Bank (AfDB). AREF II, a successor to the original Fund being managed by Berkeley […]
The UK House of Commons’ International Development Committee has commended the African Development Bank (AfDB) on its COVID-19 interventions in various countries in the continent and the UK Government’s support to the bank on its funding interventions. The report was prepared by the Sub-Committee on the Work of the Independent Commission for Aid Impact (ICAI). […]
The Securities and Exchange Commission (SEC) has confirmed that the implementation of its 10-Year Capital Market Master Plan (2015-2025) is gaining traction and expressed appreciation to all stakeholders that have supported its sustained drive to grow the nation’s capital market. Amongst the key objectives of the Plan, which was flagged off about six years ago, […]
The Board of Directors of the African Development Bank (AfDB) has awarded a grant of $320, 535 to the West African Monetary Agency (WAMA) to mainstream gender in ECOWAS’ core digital financial services (DFS) regulatory frameworks. A news report by the African Press Organisation (APO) Group on the funding intervention indicated that the fund would […]
Leading ratings agency, S&P Global, has affirmed its “AAA/A-1+” foreign currency issuer credit rating of the African Development Bank with a stable outlook. The ratings agency, in a letter, dated 29 January 2021, stated that its outlook reflected the expectation that the African Development Bank (AfDB) would, over the next two years, “prudently manage its […]
The opening of a regional office by the Global Center on Adaptation (GCA) on Wednesday has elicited commendations from African leaders who expressed the hope that the step would spur the continent’s efforts to combat climate change. Several regional and global leaders attended the high-level virtual launch. Key speakers included the 8th UN Secretary-General Ban […]
The African Development Bank’s (AfDB’s) Board of Governors has approved the conversion of the Bank-administered multi-donor trust fund, the Sustainable Energy Fund for Africa (SEFA), into a “special fund”, to catalyse the development finance institution’s impact by allowing it to access a wider range of financial instruments beyond the current scope of technical assistance. Currently, […]
The African Development Bank (AfDB) on Friday announced the appointment of a group of renowned experts to the board of the Adaptation Benefits Mechanism (ABM), a continental initiative being undertaken to mobilize financing for resilience to the negative impacts of climate change. The bank stated that it established the interim executive board of the ABM on […]
Despite concerns by some analysts and the International Monetary Fund (IMF) about Nigeria’s rising debt stock, the Federal Executive Council (FEC) has approved another $247.3 million foreign loan for infrastructure development. Nigeria’s domestic and foreign debt had jumped from N12.12 trillion in 2015 to N24.38 trillion in 2018. Giving a breakdown of the loan based […]