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 »

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 »

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 »

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 »

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 (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 »

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 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 »

On May 14, 2024, Sierra Leone’s President Julius Maada Bio delivered a keynote speech at the Clean Cooking in Africa Summit held at UNESCO Headquarters in Paris, France. He highlighted the urgent need for progress in clean cooking practices across Africa, noting that nearly four out of five Africans still rely on open fires and traditional stoves using polluting fuels. Read More »

The Economic Community of West African States (ECOWAS) Commission, in collaboration with the African Development Bank (AfDB), is hosting a validation meeting for the Spatial Development Initiative (SDI) study for the Abidjan-Lagos Corridor from 14 to 16 May 2024 in Accra, Ghana. This three-day event convenes experts from various organizations and sectors to discuss the SDI study results, which include a comprehensive roadmap for the development of the Abidjan-Lagos corridor. Read More »

President Julius Maada Bio of Sierra Leone has officially inaugurated a four-day conference of the Economic Community of West African States (ECOWAS) Court of Justice. The theme for this year's conference is "Enhancing the role, relevance, and effectiveness of the ECOWAS Court of Justice through the strengthening of synergies between the Court and National Stakeholders". Read More »

The Provisional Register of Electors was made public on Friday, May 10, 2024. Those eligible have until 16:00 on Friday, May 24, 2024, to submit applications for amendments to the Provisional Register. Read More »

The inaugural West African Festival of Arts and Culture (ECOFEST 2024) was officially launched on Saturday, May 11, 2024, at the Palais de la Culture in Abidjan, Republic of Côte d’Ivoire. The event is organized by the Commissions of the Economic Community of West African States (ECOWAS) and the West African Economic and Monetary Union (WAEMU), in collaboration with the Republic of Côte d’Ivoire. The first edition of ECOFEST will take place from September 21 to 28, 2024 in Abidjan, under the theme: “Culture, a catalyst for peace, diversity and economic and social integration... Read More »

Kenya's President, William Ruto, has amplified his call for a significant increase in the African Development Fund, emphasizing the transformative effect of Fund-backed projects within his nation. The Fund operates as the concessional window of the African Development Bank Group. Read More »

The Economic Community of West African States (ECOWAS) commemorated World Portuguese Language Day on May 10th with a vibrant celebration at its Main Hall in Abuja. The event underscored the importance of Portuguese as an official language and its cultural significance within the Lusophone countries in the community. Read More »

On May 9, 2024, the ECOWAS Centre for Renewable Energy and Energy Efficiency (ECREEE) conducted a validation workshop for its 2023-2027 Gender Mainstreaming Strategy and Action Plan Report in Praia. The workshop was part of the Program Promoting a Climate-friendly Energy Market in West Africa (ProCEM-II), supported by GIZ. Read More »

Experts from ECOWAS Member States, regional organisations, and development partners convened in Accra, Ghana on May 9-10, 2024. The meeting was aimed at reviewing the railway component of the ECOWAS Regional Infrastructure Master Plan (RIMP) and ensuring harmonisation of railway infrastructure development within the ECOWAS region. Read More »

By Michael Adaji, Communications Specialist Read More »

Dr. Akinwumi Adesina, President of the African Development Bank Group, has called for a transformation in media coverage of Africa and its development. He emphasized the need for balanced reporting during his keynote speech at the All Africa’s Media summit in Nairobi, which was attended by nearly 300 participants from across the continent. Read More »

In an effort to implement a regional climate strategy, the Economic Community of West African States (ECOWAS) Commission, via its Department of Economic Affairs and Agriculture, has joined forces with the National Council on Climate Change of the Federal Republic of Nigeria. The collaboration resulted in a workshop aimed at socializing Nigeria’s long-term low-carbon development strategy. The event took place on May 7, 2024, in Abuja. Read More »