S&P Global, a rating agency, has affirmed the 'AAA/A-1+' long- and short-term issuer credit assessment of the African Development Bank (AfDB) with a stable outlook. In a statement on Monday, the AfDB said S&P Global "positively assessed" its strong financial risk profile, capital adequacy, strong funding and liquidity, shareholder support; and the adequacy of its governance and management. "The stable outlook reflects [...]
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Jennifer Blanke, vice president for agriculture, human and social development at the African Development Bank, has resigned. According to a statement released by the bank's corporate communications department, Blanke's resignation will be effective from July 4, 2020. "I thank President Akinwumi Adesina for his strong leadership, guidance and support which have undoubtedly motivated and helped my team and I to play a key [...]
The Africa Development Bank (AfDB) has released the list of 100 finalists for its #AfricaVsVirus challenge. The Jobs for Youth in Africa Initiative of the AfDB organised the #AfricaVsVirus Challenge to create tech and non-tech solutions to the most pressing challenges posed by the novel coronavirus pandemic. A total of 58 Nigerian teams were named among the finalists in a list published [...]
The board of directors of the African Development Bank (AfDB) has approved a $288.5 million loan to help Nigeria tackle the COVID-19 pandemic. In a statement on Saturday, the bank said the loan would support government’s plans to improve surveillance and response to COVID-19 emergencies, ease the impact on workers and businesses, as well as strengthen the social protection system. According to the statement, [...]
Raila Odinga, high representative for infrastructure development at the African Union, has expressed support for Akinwumi Adesina, president of the African Development Bank (AfDB) president. In a statement on Thursday, Odinga said the allegations levelled against Adesina are "attempts to derail and disrupt" the institution at a time the world is focused on addressing the COVID-19 pandemic. "Available information points to some [...]
By RICHARD OGUNDIYA The African Development Bank (AfDB) is currently gearing up for another leadership election. The current President, Mr. Akinwumi Adesina, is already dealing with setbacks and a coup hell bent on removing him from office. This isn’t unexpected, considering the fact that Adesina is running for a second term in office as an unopposed candidate at an annual general [...]
The federal government has launched the $200 million Nigeria Electrification Project (NEP) to provide off-grid energy to over 500,000 people across 105,000 households in rural communities across the country. The project, sourced from the African Development Bank (AfDB), was launched in Abuja, on Tuesday. The off-grid solution, which is expected to commence in the next five months, will also provide clean and reliable energy [...]
Nnamdi Okonkwo (pictured), chief executive officer of Fidelity Bank Plc, says the bank has disbursed N18billion to small and medium scale enterprises in the country. According to a statement released on Monday by Charles Aigbe, a spokesman for the bank, Okonkwo made the remark at 'Giving Her Wings', an event organised by the bank in commiseration of the International Women's Day. Okonkwo [...]
The executive council of the African Union (AU) has endorsed Akinwumi Adesina, president of the African Development Bank (AfDB), for a second term. The council comprises 55 ministers of foreign affairs representing member states of the AU. The decision was reached during the thirty-sixth ordinary session of the council which held during the AU summit in Addis Ababa, Ethiopia, on February 7. "The executive [...]
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The African Development Bank (AfDB) has approved $210 million to boost electricity transmission in Nigeria. In a statement on Thursday, Ndidi Mbah, general manager of public affairs at the Transmission Company of Nigeria (TCN), said the bank made the approval at its board meeting in Abidjan, Cote d'Ivoire, on Wednesday. Mbah said the money will be deployed in the NTEP-1 projects under [...]
Over breakfast and the obligatory cups of coffee somewhere in New York late September, a bright and enterprising Nigerian lady was, as it were, preaching to the converted on the urgency and benefits of private sector investment in infrastructure in Africa. The previous day at the Africa Investment Forum road show held at the Four Seasons Hotel in New York, [...]
President Muhammadu Buhari has nominated Akinwunmi Adesina for a second term as the president of African Development Bank (AfDB). Adesina made this known on Sunday while receiving the Emeka Anyaoku lifetime achievement award presented to him by the Hallmark of Labour Foundation. This comes ahead of the bank's election scheduled to hold in 2020. "When asked by former President Goodluck Jonathan to serve [...]
Some international donors have threatened to withdraw $300 million funding for its proposed Nigeria's "first utility scale solar projects", TheCable can report. In a letter dated September 10 to Marilyn Amebi, managing director of the Nigerian Bulk Electricity Trader (NBET), the African Finance Corporation (AFC) noted that it has been working on the 1,000 megawatts (MW) project for a year with [...]
The Economic Community of West African States (ECOWAS) is seeking additional funds for constructing the $2 billion Lagos-Abidjan highway project. Jeane-Claude Brou, president of the ECOWAS commission, made this known during a signing ceremony between ECOWAS and the African Development Bank (AfDB) in Abuja on Monday. ECOWAS and AfDB signed a $22.7 million agreement for the cross country road project to [...]
The federal government has secured a $200 million loan from the African Development Bank (AfDB) to fund electrification projects in the country. In a statement on Monday, the bank said its board of directors approved the sovereign loan to finance the Nigeria Electrification Project (NEP). While AfDB approved $150 million, the Africa Growing Together Fund (AGTF), a $2 billion facility sponsored by [...]
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