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Tag: African Development Bank

AfDB commits $600,000 into Abuja IDC

AfDB commits $600,000 into Abuja IDC

Business
The Small & Medium Enterprises Development Agency of Nigeria (SMEDAN) has revealed that the African Development Bank (AfDB) has spent $600,000 on the establishment of Abuja Industrial Development Centre (IDC) as part of its contribution to boosting small scale enterprises in the country. The $600,000 grant was committed expended on the feasibility study that was carried out by the bank. The project situated at Idu Industrial Area of the Federal Capital Territory (FCT) is a one-shop furniture cluster being put in place by SMEDAN to enable furniture-related SMEs to have access to regulatory agencies and the market. The Director-General/Chief Executive of SMEDAN, Dr. Dikko Umar Raddah, stated this when he led the media inspection team to the IDC park. He said, “The whole ...
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...
Nigeria’s debt stock may hit N30tr with new loans

Nigeria’s debt stock may hit N30tr with new loans

Finance
If Nigeria succeeds in borrowing the proposed $6.9bn from international lenders including the World Bank, the African Development Bank and the Islamic Development bank to help counteract the impact of coronavirus on the economy, the country’s debt stock may hit N30 trillion before the end of 2020. Finance Minister Zainab Ahmed had on Monday, said the government will ask for $3.4bn from the IMF, $2.5bn from the World Bank and another $1bn from the African Development Bank (AfDB), an amount totalling N2.48 trillion (N360/$1). According to the National Bureau of Statistics (NBS) the nation’s total public debts, consisting of external and domestic debts, stands at N27.4 trillion as at 31st December 2019. Rating agencies, Fitch, Moody’s and S&P Global had earlier downgraded Ni...