The African Development Fund's Board of Directors approved a $22.7 million budget support grant for Malawi on 15 May 2024. The grant is aimed at implementing a national program to reform the agricultural sector and strengthen resilience to climate change. The Agricultural Productivity and Marketing Program, designed to catalyze economic growth and ensure food security within Malawi, also involves optimizing efficiency, transparency, and accountability in agricultural sector spending, as well as reinforcing disaster preparedness and climate resilience measures. Read More »

The African Development Bank Group (AfDB) and the Inter-American Development Bank (IDB) have expressed their approval of the International Monetary Fund’s Executive Board's decision to allow hybrid capital as an eligible instrument for channeling Special Drawing Rights (SDRs). The SDR-hybrid-capital based solution, proposed by AfDB and IDB, meets the IMF’s statistical criteria for international reserve-asset status. As per IMF rules, countries lending their SDRs through this approach can continue to account for them as reserves. Read More »

The African Development Bank Group (AfDB) has committed $2 billion over the next decade to support clean cooking solutions in Africa. This pledge was made at a landmark summit on Clean Cooking in Africa, held recently in Paris. The bank's president, Dr Akinwumi Adesina, announced that 20% of all AfDB's energy project financing would now be directed towards promoting safe alternatives to cooking with charcoal, wood and biomass. Read More »

On Wednesday, May 15, 2024, His Excellency President Dr Julius Maada Bio of Sierra Leone met with French President Emmanuel Macron in Paris to discuss and bolster bilateral relations between the two nations. Read More »

The African Development Bank Group's Board of Directors has approved a $15 million trade finance package for First Capital Bank (FCB) in Zimbabwe. This move aims to bolster intra-African commerce, aligning with the objectives of the Africa Continental Free Trade Area. The package consists of a $7.5 million trade finance line of credit and a $7.5 million transaction guarantee, projected to catalyse approximately $146 million in trade over the next three years. Read More »

In an area where clean water access is often a challenge, a new drilling project promises to transform the lives of the Luumo Kosam Dairy Cooperative members in Chukun, Kaduna State, Nigeria. The Value Chain Foundation initiated this project with financial backing from ECOWAS and the Swiss Cooperation (DDC), as part of the Regional Program for Support to Farmer Organizations (PRAOP). Read More »

Libassa Ecolodge has launched the Warkolor Jungle Lodge & Forest Reserve in Robertsport, Grand Cape County, Liberia. The event on May 10, 2024, was attended by notable figures such as Catherine Rodriguez, Chargé d’Affaires of the U.S. Embassy in Liberia; Johnny Tarkpah, representative of the President of Liberia; and Hon. Rudolph J. Merab, Managing Director of the Forestry Development Authority (FDA). Read More »

On 15 May 2024, the African Development Bank (AfDB), with a triple-A rating from Moody’s, S&P, and Fitch, successfully launched and priced an inaugural EUR 500 million short 4-year Green Benchmark. This is the second green bond issued under the Bank's new Sustainable Bond Framework, established in September 2023. The bond, due March 2028, pays a coupon of 2.875% with a re-offer yield of 2.947%. The net proceeds from the Notes will be used to finance and/or refinance eligible green projects as outlined in the Issuer’s Sustainable Bond Framework. Read More »

The European Union Delegation to Nigeria, in partnership with the National Counter-Terrorism Centre (NCTC) under the Office of the National Security Adviser, held the Abuja “Road to Schuman Forum on Security and Defence” on May 15, 2024. The event took place at the National Counter-Terrorism Centre in Abuja, Nigeria. The forum was themed “Reducing vulnerabilities through partnerships” and served as a preparatory meeting for the main Schuman Forum on Security and Defence, set to occur on May 28 and 29 in Brussels. Read More »

The Economic Community of West African States (ECOWAS) Directorate of Private Sector has assembled experts and stakeholders from the tourism industry for a five-day conference in Abuja, Nigeria. The gathering is focused on the monitoring and evaluation mechanisms for ECOTOUR 19-29 and the ECOWAS Tourism Accommodation Regulator, with an aim to optimize resource use and improve operational efficiency. Read More »

Benin, in partnership with the African Development Bank, officially initiated the Project to Promote Sustainable Aquaculture and the Competitiveness of Fisheries Value Chains on 15 May 2024. The project aims to enhance the contribution of the fisheries and aquaculture sector to food security and local economies. Read More »

Access Bank Zambia Limited has announced the completion of its acquisition of African Banking Corporation Zambia Limited, also known as Atlas Mara Zambia. This follows the receipt of all necessary regulatory approvals. The two banks will continue to operate separately until all integration processes are finalised. Upon completion, the merged entity is expected to be among Zambia's top five banks by revenue, with potential to rank in the top three by 2027. Read More »

The Executive Council has given its approval to the Immigration Policy 2024 on Tuesday, May 7, 2024. This policy is designed to support an increase in the working-aged population, a factor deemed critical for economic growth and sustainable prosperity for the island. Read More »

Senior Trade Officials from the Economic Community of West African States (ECOWAS) Member States convened in Abuja, Nigeria, from May 15th to 16th, 2024. The gathering aimed to consider regional instruments that could enhance regional economic integration and trade. Read More »

The three-day meeting of Tourism Experts and the Private Sector on the Monitoring and Evaluation Mechanisms of ECOTOUR 19-29 concluded with participants from Member States adopting several key resolutions. The private sector was assigned the responsibility of formulating a funding request for ECOTOUR 19-29 activities, identifying and seeking support from Technical and Financial Partners (TFPs), and initiating a partnership agreement with the ECOWAS Commission to implement a robust regional tourism strategy for economic growth. Read More »

The ECOWAS Commission and the Arab Republic of Egypt are exploring possibilities for enhanced cooperation in peace and security to promote stability in West Africa. This initiative was highlighted during a courtesy call by Egyptian Ambassador to Nigeria and ECOWAS, H.E. Mohamed Fouad, on ECOWAS Commissioner of Political Affairs, Peace and Security, Dr. Abdel-Fatau Musa, on May 16, 2024, in Abuja, Nigeria. Read More »

Delegates from 10 countries within the British Islands and Mediterranean Region (BIMR) arrived at St Helena on May 19, 2024, to commence their annual Commonwealth Parliamentary Association (CPA) BIMR conference. This marks the first time that CPA St Helena has hosted a CPA conference. Read More »

Galliness Conference Hall, Bo City, Tuesday 21 May 2024 – President Dr. Julius Maada Bio addressed ministers, deputies, permanent secretaries, and other senior civil servants at the opening of a two-day Ministerial Retreat in Bo. He urged his cabinet to correct and recalibrate their actions for the national agenda. He described the session as timely and reminded them that the conference was for them to deliver on the promises made to the people of Sierra Leone. Read More »

The Republic of Liberia Executive Mansion, Monrovia – His Excellency Joseph Nyuma Boakai, Sr., President of the Republic of Liberia, has constituted the Council of the Liberia Standards Authority. Those appointed are: Read More »

The Vice-President of the Commission of the Economic Community of West African States (ECOWAS), H.E. Mrs. Damtien L. Tchintchibidja, and the Regional Director – West Africa of the United States Agency for International Development (USAID), Mrs. Jo Lesser Oltheten, held talks on Monday, May 20, 2024, in Abuja, Nigeria. The discussions aimed to finalize a new partnership agreement between their institutions. Read More »