AfDB

The African Development Bank (AfDB) has recently been awarded the prestigious "Infrastructure Deal of the Year" title for 2025 by The African Banker Awards. This accolade honors the Bank's pivotal role in financing the landmark 1.1 GW Suez Wind Power Project in Egypt, the largest wind energy initiative on the African continent to date. The announcement came during the African Development Bank Group’s Annual Meetings in Abidjan, Côte d’Ivoire, poignantly underscoring the institution's leadership and its…

The Africa Carbon Support Facility: A Step Towards Sustainable Growth In a world increasingly aware of its environmental footprint, the Africa Carbon Support Facility (ACSF) emerges as a beacon of hope for African nations. Currently in its design phase, this initiative boasts two pivotal components aimed at reshaping the landscape of carbon trading on the continent. How can a simple concept like carbon credits catalyze monumental change? Let's dive deep into this transformative endeavor. The first component of ACSF is…

A New Era for AfDB: Sidi Ould Tah Steps Up In a significant development for African finance, Sidi Ould Tah from Mauritania has been elected as the new President of the African Development Bank (AfDB) Group. This decision was made during the Bank’s Annual Meetings in Abidjan, Côte d’Ivoire. As an observer of this pivotal moment, one might ask: what does this mean for the future of development in Africa? Stepping into this crucial role, Tah will inherit the leadership from outgoing…

The African Development Bank (AfDB) has made a remarkable announcement: a record $11.1 billion in new investments is earmarked for 2024–2025. This pivotal information surfaced in the latest Annual Development Effectiveness Review, a detailed analysis of the Bank's footprint over the past year in fostering development throughout Africa. Such a financial commitment represents the highest in the Bank's history, further solidifying its role as a cornerstone supporter of Africa's developmental aspirations. It's a…

Mogadishu (AX) — Somalia stands at a critical juncture. The country risks losing millions in unspent reform funds unless it accelerates a much-needed governance overhaul supported by the African Development Bank (AfDB). It's a timely reminder of how the window for progress can close faster than we anticipate. Eighteen months into the $13 million Institutional Support for Economic Governance Project (ISEGP), only 15.2% of the funds have been utilized. This dismal pace has left federal finance officials scrambling to triple…

In a world where development is often stymied by bureaucratic inertia, Sidi Ould Tah, the former Finance Minister of Mauritania, stands at the precipice of change. As he sets his sights on the presidency of the African Development Bank (AfDB), his vision for reform promises not just a shift in policy but a fundamental evolution in how the institution operates. Tah's aspirations will take center stage during the upcoming Board of Governors meeting in Abidjan, where critical decisions affecting the financial landscape of the…

Nigeria’s Five-Year Vision: A New Era of Economic Growth The board of directors at the African Development Bank has made a landmark decision by approving the Country Strategy Paper for Nigeria, which will outline the strategic priorities for the years 2025 to 2030. This five-year plan is not just a document; it is a blueprint for transformative change, aimed at enhancing economic resilience and fostering widespread prosperity in Nigeria. As articulated on the bank's official website, the initiative is designed “to drive…

As anticipation mounts for the upcoming election to lead the African Development Bank (AfDB) on May 29, 2025, five distinguished candidates are stepping into the spotlight, each eager to share their distinctive visions for steering the institution toward a brighter future. With current president Dr. Akinwumi Adesina set to conclude his two-term tenure on August 31, 2025, the stakes couldn't be higher. Adesina has championed social and economic development across the continent during his leadership, leaving a profound impact…

Enhancing Africa's Economic Landscape: Insights from AfDB President Dr. Akinwumi Adesina In a recent statement via social media platform X, Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), captured the essence of Africa's economic dilemma with a poignant observation: “The export of raw materials is the door to poverty. The export of value-added products is the highway to wealth.” This simple yet profound assertion encapsulates a significant challenge facing African nations today. Consider the…

"Africa is fatigued from existing in the shadows. We must illuminate the continent—no exceptions." These compelling words resonated from Akinwumi Adesina in September 2016, mere months after he took on the formidable role as President of the African Development Bank Group (AfDB Group). He underscored a crucial issue: electrification on the continent is not merely a luxury; it’s an imperative. Imagine, if you will, a vast expanse of land where cities pulsate with vibrant energy while remote villages grope in darkness.…