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AfDB wins global award for COVID-19 bond issue

AfDB wins global award for COVID-19 bond issue

Appointments
The African Development Bank (AfDB) has been selected from a pool of bond market players as the best issuer of the COVID-19 bond in 2020. The selection is based on its $3 billion Fight COVID-19 social bond issued in March. Speaking during the award ceremony held virtually, Senior Vice President and Chief Finance Officer, AfDB, Ms. Bajabulile Tshabalala, said the Bank was grateful for the market’s recognition of its quick response to the needs of the continent via its Fight COVID-19 Social Bond. She said the bond floated on the Luxembourg Stock Exchange and significantly oversubscribed, was the world’s largest social bond at the time of issuance, and that it was an important instrument in alleviating the impact of the pandemic on African economies. She said with the support from in...
Stakeholders advocate circular economy model for sustained growth

Stakeholders advocate circular economy model for sustained growth

Economy
Stakeholders at an economic summit recently proffered solutions that would rebuild Nigeria back to economic sustainability and resilience through the circular economy. The stakeholders drawn from the Nigerian Economic Summit Group (NESG), the Federal Ministry of Finance, Budget and National Planning in conjunction with the Federal Ministry of Environment spoke on “Increasing Opportunities and Sustaining Resilience through Circular Economy in Nigeria”. Vice-Chairman of the NESG, Niyi Yusuf said the adoption of the circular economy model would lead to higher resource efficiency and waste reduction. He said there was the need for Nigeria to seize the opportunity presented by the COVID-19 pandemic to foster economic development. While delivering the keynote address on “Delivering b...
Africa’s GDP could lose $173.1 billion by year-end, projects AfDB

Africa’s GDP could lose $173.1 billion by year-end, projects AfDB

Economy
The African Development Bank (AfDB), has projected that Africa’s Gross Domestic Product (GDP) could lose about $173.1 billion by year-end, and $236.7 billion in 2021, due to the impact of the on-going COVID-19 pandemic on the continent’s economies. According to the Bank, restrictions and strict lockdown measures imposed at the beginning of the health crisis, some of which are being gradually relaxed, have resulted in mass closures of businesses and millions of job losses. Specifically, President, AfDB, Dr. Akinwumi Adesina, said with the pandemic, Africa has lost over a decade of gains of economic growth, noting that the Bank aims to soften the impact of the anticipated recession . Speaking at the Bank’s 55th yearly meetings, and 46th meetings of the Board of Governors of the ...
AfDB approves $27 million to boost AU’s COVID-19 response initiative

AfDB approves $27 million to boost AU’s COVID-19 response initiative

Business
The African Development Bank (AfDB), has approved about $27.4 million in grants to boost the African Union’s (AU) efforts to mobilize a continental response to curb the COVID-19 pandemic. The approval came on the heels of a meeting of the extended Bureau of the AU Conference of Heads of State and Government with Africa’s private sector, which was chaired by the South Africa President, and current Chairperson, AU, Cyril Ramaphosa. The AU Bureau meeting called for contributions to the African Union’s COVID-19 Response Fund, established by the Chairperson, AU Commission, Moussa Faki Mahamat, in March this year. Speaking during the Board’s approval of the operation, AfDB President, Akinwumi Adesina, said the financing package reaffirms the Bank’s commitment to a coordi...
COVID-19: AFDB tasks Nigeria, others on digital options in food systems

COVID-19: AFDB tasks Nigeria, others on digital options in food systems

Agriculture
African Development Bank (AFDB), has urged Nigeria and other African countries to explore digital options that can be easily deployed to tackle disruptions to food systems, caused by the COVID-19 pandemic. Speakers during a Webinar hosted by the Food and Agriculture Organization (FAO) iInvestment Centre, and the AFDB stressed that Africa must seize the opportunity of the COVID-19 pandemic to deepen the digitalization of agricultural value chains and transform the sector. The online meeting hosted to discuss transforming agriculture in Africa through digitalisation, had in attendance about 500 people, representing agri-tech, telecom, government agency implementers, policymakers, farmers and development partners The panellists included Business Development Manager, Vodacom Busin...
S&P Global affirms AfDB’S AAA rating

S&P Global affirms AfDB’S AAA rating

Business
Ratings agency, S&P Global, has affirmed its ‘AAA/A-1+’ long-and short-term issuer credit assessment of the African Development Bank (AfDB) with a stable outlook. According to a statement from the African continental financing institution in Abidjan, Cote d’ivoire, the rating agency positively assessed AfDB’s very strong financial risk profile, very strong capital adequacy, strong funding and liquidity, extraordinary shareholder support and adequacy of its governance and management. “We are therefore affirming our ‘AAA’ long-term issuer credit rating on the AfDB,” S&P Global stated. The rating agency also noted the AfDB’s $115 billion capital increase, approved by shareholders in October 2019, and the replenishment to the African Development Fund, the bank’s concessional wind...
AFDB injects $10billion to cushion COVID-19 impact on agriculture

AFDB injects $10billion to cushion COVID-19 impact on agriculture

Agriculture
The African Development Bank (AFDB), has provided about $10billion to implement strategic roadmap of projects and programmes of immediate and longer term measures to tackle nutrition and food crisis situation in the Continent. This is part of the measures to assist Nigeria and other African countries mitigate impacts of COVID-19 pandemic on the agriculture sector. The AFDB Feed Africa Response to COVID-19 (FAREC), is part of the banks comprehensive intervention to build resilience, sustainability and regional self-sufficiency in Africa’s food systems and help farmers cope with coronavirus-related disruptions to the agricultural value chain. The Bank’s Vice President for Agriculture, Human and Social Development, Dr. Jennifer Blanke, said the Bank’s response is in effort to add...
For AfDB, One Good Term Deserves Another

For AfDB, One Good Term Deserves Another

Business
In the past few years, Africa has been the focus of global investors because of its growth prospects and high return on investments. Prior to the advent of the COVID-19 pandemic which has brought about severe disruptions to economies in the continent, Africa was seen as the land of opportunities. With a population of 1.2 billion people that is expected to rise to 2.5 billion by 2050, a rising middle class, rapid urbanisation and a labor force that will rise from 705 million today, to well over one billion in the next 10 years, Africa offers huge market and investment opportunities. Unlocking the inherent opportunities in the continent has been the focus of the African Development Bank (AfDB) under its President, Dr. Akinwumi Adesina, since his election in 2015. The Bank under ...
‘Federal Government’s debt profile still aloft’

‘Federal Government’s debt profile still aloft’

Business
As Nigeria continues to battle the Coronavirus (COVID-19) pandemic, currently ravaging the nation’s economy, the Federal Government (FG) has announced plans to borrow as much as $6.9 billion from international lenders. The Minister for Finance, Zainab Ahmed, said the plan to borrow from lenders like the World Bank, African Development Bank (AfDB), Islamic Development Bank (IDB), and International Monetary Fund (IMF), was necessary as the country is struggling to counteract the impact of coronavirus on the economy. The Minister stated this after a recent meeting held with the leaders of the Nigerian Senate, and Federal House of Representatives, seeking the approval to set up a $6.9 billion (N500 billion) intervention fund to fight the COVID-19. She said the government would ask fo...
AfDB Lists $3bn Social Bond on LSE

AfDB Lists $3bn Social Bond on LSE

Business
The African Development Bank’s (AfDB) “Fight Covid-19” social bond, the largest social bond to date to be issued in the capital markets, has been listed on London Stock Exchange (LSE) and is now available through its sustainable bond market. According to a statement, the listing marked an important milestone as the Bank launched its first bond on the LSE. The over-subscribed transaction, which attracted $4.6 billion of interest in the book and raised an exceptional $3 billion, was launched to alleviate the impact of Covid-19 on Africa’s economies and livelihoods. The three-year maturity bond, garnered interest from central banks and official institutions, bank treasuries and asset managers including Environment, Social and Governance (ESG) investors. It disclosed that several ...