Economic Outlook: AfDB forecasts growth for Madagascar - ITREALMS

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The latest Economic Outlook by the African Development Bank (AfDB) has forecasted growth for Madagascar by 4.5 per cent in 2024 and 5.3 percent in 2025, reports ITREALMS.

The AfDB Group’s Country Report 2024, ITREALMS gathered, forecasted vigorous economic activity for Madagascar, with expected growth of 4.5 percent in 2024, climbing to 5.3 percent in 2025. Growth on the Grande Île was 4.4 percent in 2023, compared with 4.3 percent in 2022.

AfDB appoints Omotosho, Director, Statistics Department - ITREALMS

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The African Development Bank has appointed Dr. Babatunde Samson Omotosho, an economist and statistician, as Director of the Statistics Department, effective June 16, 2024, reports ITREALMS.

Dr Omotosho, a Nigerian national, has more than 21 years experience in developing data strategies to align with the strategic objectives of organisations. He also brings expertise in data compilation, data analytics, macroeconomic research, and policy analysis.

Technologies exist to feed Africa - ITREALMS

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The Group President, African Development Bank (AfDB), Dr. Akinwumi Adesina, has declared there exist some technologies capable of assisting Africa to feed itself, reports ITREALMS.

In his addresss to the African agriculture ministers special session at just concluded United Nations climate summit in Egypt, Adesina said, there platform equally exist to scale up and support Africa achieve this.

Fraud: AfDB places Zhongmei Engineering on 12 months conditional non-debarment - ITREALMS

ITREALMS: 

For engaging in misrepresentation of facts, the African Development Bank Group has placed a 12-month conditional non-debarment on Zhongmei Engineering Group Limited, reports ITREALMS.

The company ITREALMS gathered had submitted a bid for the tender for the upgrading of the Rukungiri-Kihihi-Ishaka/Kanungu Road in Uganda, with a misrepresented fact on its date of incorporation.

So, on Friday, 17 April 2020, AfDB declared its resolve to place the company on a year conditional non-debarment. Zhongmei Engineering Group Limited is an engineering company registered in Uganda.

In addition, ITREALMS reports that an investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that Zhongmei Engineering Group Limited, engaged in fraudulent practice during a bidding process under the Road Sector Support Project 5. 

"While submitting a bid for the tender for the Upgrading of the Rukungiri-Kihihi-Ishaka/Kanungu Road in Uganda, the company misrepresented its date of incorporation," AfDB official confirmed.

With this development, AfDB noted that during the conditional non-debarment period, Zhongmei Engineering Group Limited remains eligible to participate in African Development Bank Group-financed projects provided it undertakes a corporate integrity compliance programme in accordance with the Bank’s Integrity Compliance Guidelines. 

"Otherwise, the conditional non-debarment will convert to a sanction of debarment with conditional release, and the company will then become ineligible to participate in African Development Bank Group-financed projects until the conditions for its release are met," ITREALMS was informed in related press statement.

Further, ITREALMS recalls that the Road Sector Support Project 5 is financed under the African Development Fund, an entity of the African Development Bank Group.

African Development Bank staff and the general public can use secured hotlines to report sanctionable practices within the Bank or operations financed by the Bank Group.

Nenye Dom/Editor

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AfDB appoints Nafissatou N'diaye Diouf, acting Director, Communications & External Relations - ITREALMS

ITREALMS: 

The African Development Bank (AfDB) has named Mrs. Nafissatou N’diaye Diouf as the Acting Director for Communications and External Relations Department (in the bank, reports ITREALMS.

Nafissatou, a Senegalese national, is currently a Division Manager in the Communications and External Relations Department of the African Development Bank Group

Her latest appointment, ITREALMS gathered takes effect from April 1, 2020.

Nafissatou, a Senegalese national, is currently a Division Manager in the Communications and External Relations Department of the African Development Bank Group. A dedicated and results driven communications professional, Nafissatou brings over twenty (20) years of experience to the role, with a comprehensive background in corporate communications, public relations, journalism, digital and media Development.

Since her appointment as Division Manager in 2018, Nafissatou has fostered agile communication strategies, consistently reflecting cohesion with the Bank’s vision. She has built and led a world-class team of editors, writers, digital and media specialists, resulting in exponential increase in coverage and awareness around the Bank’s strategic objectives and projects.

Prior, Nafissatou had served as a communications consultant with the Bank’s Private Sector and Infrastructure Complex and Trade Department from 2016 to 2018, during which she engaged with Regional Integration and Trade Department Senior Management, streamlining communication and public relations strategies across a variety of platforms.

Before joining the Bank, Nafissatou, the founder and Managing Director of 54 Communications company, in Dakar, Senegal from 2011 to 2017 provided leadership for the cross-functional development and delivery of compelling public relations, branding, communication and event management strategies for a broad spectrum of public and private entities.

Nafissatou also worked as Public Relations Director for Francophone Africa ZK Advertising, Johannesburg, South Africa during which she demonstrated a keen aptitude for cross-cultural leadership, managing teams of public relations professionals, account managers and country representatives across seven African countries, including Gabon, Niger, Chad, Madagascar, Burkina Faso, the Democratic Republic of Congo and the Republic of Congo. With a creative and collaborative approach to project management within challenging markets, Nafissatou excels in strategic storytelling, content development, capacity building and mentoring.

Prior to her transition into corporate communication, Nafissatou worked as a journalist with the Associated Press (AP), covering international conflicts and crises west and central Africa including Liberia, Côte d'Ivoire, the Democratic Republic of Congo, Niger, Mauritania, and the Central African Republic. Many of her breaking news stories were featured in global newspapers such as the Washington Post, USA Today, The Boston Globe and the LA Times. Nafissatou also worked as an Open-Source Officer for the Foreign Broadcast Information Service (FBIS), a division of the Central Intelligence Agency's Directorate of Science and Technology.

A native French speaker, Nafissatou holds a Master of Arts degree in Interpreting and Translation from Salford University in the United Kingdom (UK), a Bachelor of Arts (Hons) in Applied Language Studies from Thames Valley University and a Diploma in Journalism and Newswriting from the London School of Journalism.

Commenting on the appointment, Dr. Akinwumi Adesina, President of the African Development Bank said: “Nafissatou is a respected professional in the Communications and External Relations industry. I look to Nafissatou to steer the Department at this critical moment as the Bank responds to the rapidly changing situation of COVID-19 and to continue the excellent work done to date in the Department.”

Chuks Egbune/DoP

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Odetola, 199 others benefit from AfDB's digital skills training - ITREALMS

ITREALMS: 

As a graduate from the University of Ibadan in Nigeria with a degree in Communication and Language Arts in 2016, Olashile Odetola could not find a job. But an online learning program piloted by the African Development Bank has given her two 'gifts': digital skills and a sense of confidence. Odetola, 31, was one of two thousand students who took part in the ‘Coding for Employment’ digital training programme launched by the African Development Bank in partnership with technology firm Microsoft in April 2019 after successful pilots in Nigeria, Kenya, Rwanda, Senegal and Cote d’Ivoire. 46% of the students have been women. Odetola said the skills she acquired from the coding program have made her more competitive in the job market. She was permitted to attend the training class with kids in tow – and was even nursing her last child. “Never in my life would I have thought that I will have this opportunity. For the first time in my life, I feel confident in myself. I am now working from the comfort of my home in the digital field,”she told a packed auditorium at this year’s African Economic Conference (AEC), held in Sharm El Sheikh, Egypt. After completing the five-week programme, Odetola now works providing annotation and labelling for an online company. “It’s helped me to support the family,” she said. “When I saw this opportunity from the Bank, I jumped at it,” she said. Her testimony drew cheers from scores of hopeful young people who had been invited to attend the conference. Her testimony was an illustration of the Bank’s ‘Jobs for Youth in Africa’ strategy, which aims to create 25 million jobs by 2025 and to equip 50 million African youth with competitive skills. “Jobs for Youth is operational and we seek to create impact. Not just any impact but impact that can be scaled. African youth deserve value -- that is what the African Development Bank and her partners sought to create,” Uyoyo Edosio, program task manager at the African Development Bank, told the conference. “We placed all our bets on the youth and for the first time, the private sector, non-governmental bodies and development institutions like the Bank were not speaking profit margin, we were speaking development,” Edosio said. Overall, the goal is to expand the program to 130 centres of excellence across Africa over a 10-year period. The aim is to create nine million jobs and to empower young people to become innovative players in the digital economy. “This is just one step on that journey to empower our youth in Africa to get the greatest jobs in computer science,” Rich Reynolds, General Manager at Microsoft Philanthropies Strategy, said of the Coding for Employment program. Government ministers from Nigeria, Liberia, South Sudan and Eswatini attending the conference, commended the initiative as a pacesetter in tackling the enormous youth unemployment challenge the continent is grappling with. They outlined policies being pursued in their respective countries to address youth employment. The AEC is hosted by the African Development Bank, in partnership with the United Nations Development Program and the United Nations Economic Commission for Africa. This year’s theme was: Jobs, Entrepreneurship, and Capacity Development for African Youth.” *Correspondent/Editor

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*Pix: Olashile

AfDB lures youth with Coding for Employment - ITREALMS

ITREALMS:

The African Development Bank and technology firm, Microsoft have unveiled the ‘Coding for Employment’ digital training platform to provide digital skills to African youth across the continent, reports ITREALMS.

This, ITREALMS gathered came on heels to scale up the programme to 130 centers of excellence across the continent over a 10-year period

The platform, launched at the 2019 African Economic Conference in Sharm El Sheikh, Egypt, aims to promote a continuous learning culture among young people and build their capacity to shape the continent’s future.

The high-level event drew heads of state and government, ministers and leaders from the private sector and academia to discuss how this new tool and other technological innovations could be used to spur development across the continent.

“The youth employment and skills development challenge is a complex issue that requires systemic thinking and bold partnerships … to address the existing skills gap and link youth to decent and sustainable employment,” said Hendrina Doroba, the African Development Bank’s acting director for Human Capital, Youth & Skills Development.

“The skills training platform launched today is a testament to the impact that such partnerships can achieve and the Bank looks forward to strengthening similar partnerships.”

The platform teaches technical courses such as web development, design, data science and digital marketing and will be constantly adapted to respond to market demand. It is accessible on mobile devices, even in low internet connectivity settings and has an affordable, easy-to-navigate, secured and private interface.

“A defining challenge of our time is ensuring that everyone has equal opportunity to benefit from technology,” Ghada Khalifa, Director of Microsoft Philanthropies for the Middle East and Africa, said at the launch.

“Forward-thinking initiatives such as the digital training platform represent our commitment to helping drive the momentum needed. Though there is still much work to be done, we believe that through dynamic partnerships such as these, we can help build a knowledge-based economy in Africa that leaves no person behind.”

The Coding for Employment Program is a crucial part of the African Development Bank’s strategic agenda (https://bit.ly/33Nvq1s) to create 25 million jobs by 2025, and to equip 50 million African youth with competitive skills. The Bank piloted the program in five countries (Nigeria, Kenya, Rwanda, Senegal and Côte d’Ivoire) in partnership with The Rockefeller Foundation and Microsoft and is currently developing 14 ultra-modern centers specialized in ICT and entrepreneurship skills trainings for youth.

The goal is to scale up the program to 130 centers of excellence across the continent over a 10-year period. It will create nine million jobs by building synergies with the public and the private sector globally to deliver demand-driven, agile and collaborative skills to empower young people to become innovative players in the digital economy.

Nenye Dom/Editor

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AfDB to present 2019 African Economic Outlook @32nd AU Summit - ITREALMS

ITREALMS:

The African Development Bank would on Friday, present the 2019 edition of its flagship African Economic Outlook (AEO) report on the sidelines of the 32nd Ordinary Session of the Assembly of the African Union in Addis Ababa, Ethiopia, reports ITREALMS.

The theme for this year’s African Economic Outlook is “Integration for Africa’s Economic Prosperity.” The annual report highlights economic prospects and projections for the continent as a whole and for each of the 54 countries. It offers short- and medium-term forecasts on the main socio-economic factors, while at the same time examining the challenges and progress.

The report is the result of the work and analysis of the Bank's economic experts. It is a tool for policymakers, academics, investors, development and financial industry professionals and the press and is widely used to inform policy dialogue and enhance operational efficiency of institutions.

The presentation of the AEO to development experts, business and political leaders, media and policy makers follows its official launch at the Bank’s Headquarters in Abidjan, Cote d’Ivoire on 17 January, 2019. The Addis Ababa presentation will be one of the key side events of the African Union conference.

The African Economic Outlook 2019 is available in English, French and Portuguese.

#2019AEO

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AfDB approves €17.96m ring-road project in Cameroon - ITREALMS

ITREALMS:

The African Development Bank (AfDB) has approved a €17.96 million loan to the Republic of Cameroon to finance the construction of a Ring-Road Project in the North-West Province of the country, reports ITREALMS.

The Ring Road project, ITREALMS gathered, falls under phase three of the country’s Transport Sector Support Programme, aims to improve the movement of goods and people. It will also strengthen the foundations for strong and sustainable growth by promoting domestic and regional trade.

The loan for the 365 km Ring Road is the Bank’s third intervention in the implementation of this important road network rehabilitation and upgrading project. The loop road crosses five of Cameroon’s seven divisions of the North West Region and includes several links to the Nigerian border.

The project will also include institutional support for the transport sector and related works such as the development of rural roads, the rehabilitation of socio-economic infrastructure for improving women and youth living conditions.

The road project is line with the government’s Growth and Employment Strategy Paper (GESP) 2010-2020, to build an integrated and efficient transport network at low-cost that covers the entire country opening the country to neighbouring countries to effectively enhance economic growth and reduce poverty.

The Transport Sector Support programme under which the project falls is also consistent with Pillar I of the Country Strategy Paper (CSP) 2016-2020 for Cameroon, which focuses on strengthening infrastructure to support agricultural value chains for inclusive growth and aligns with the Bank’s High 5 priorities.

Cameroon’s northwestern region has enormous economic potential, particularly in agriculture, which stands to benefit from the road. Other lucrative sectors include livestock and fisheries; tourism, particularly the spectacular natural landscapes such as the Menchum Falls, Lakes Awing, Oku and Nyos, the Mbengwi Caves.

The project is also expected to have a positive impact on transportation - greatly reducing travel time ; increase in traffic of passenger and goods; foster job creation for women and lead to work for 30,000 youths. The road will result in savings on vehicle operating costs; increase in household income and reduction in post-harvest losses.

The total cost of phase one of the Transport Sector Support Programme is estimated at €255 million (XAF 167.270 billion). It will be implemented from December 2018 to June 2024, with the Bank’s co-financing loan of €179.60 million, an Africa Growing Together Fund (AGTF) loan of €42 million and the Government’s counterpart funding of €32.84 million.

At the end of August 2018, the Bank’s portfolio in Cameroon comprised 24 operations (18 national and five multinational operations) for total net commitments of €1,369.02 million. The public sector accounts for €1,218.03 million for 19 operations, while the private sector accounts for four projects valued at €150.99 million. (Transport and ICT sectors account for 63% of the portfolio).

Since 1972, when the Bank started operations in Cameroon, it has participated in financing 28 transport sector operations.

Nenye Dom/GEE

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ARC applauds Africa Disaster Risks Financing by AfDB - ITREALMS

ITREALMS:

The African Risk Capacity (ARC) has applauded the approval of the Africa Disaster Risk Financing Programme (ADRiFi) Programme by the African Development Bank (AfDB), reports ITREALMS.

The discussions to establish the ADRiFi as a mechanism to enhance the resilience and response to climate shocks and natural disaster risks in Regional Member Countries (RMCs) was formalized in March 2017.

Since then, the African Development Bank and the African Risk Capacity, under the signed technical collaboration agreement began to orchestrate activities to enhance risk management infrastructure and policy across Africa as well as supporting countries in building resilience against climate shocks.

During the African Development Bank Annual Meetings 2018 in Busan, South Korea, a special session on ‘Climate and Disaster Risk Financing’ gave a fresh impetus to the realization of the set objectives.

The ADRiFi programme is a timely response for a premium financing support request from a number of RMCs to bridge the resource gap impeding the necessary participation in the African Risk Capacity insurance pool.

“This is one of those moments when one feels very proud as an African”, stated Mohammed Beavogui, the Director-General of ARC, while reacting to the announcement by the AfDB. “The faithfulness and commitment of President Adesina and his team to the realisation of this initiative begs for emulation by other regional and multilateral partners. This is critical for us to achieve food security in the continent through ensuring that Africa’s vulnerable populations are insured against the often-overwhelming impacts of climate-induced natural disasters.”

Saluting the unstinting support of President Akinwunmi Adesina, and tenacious hard work of the AfDB and ARC teams involved in birthing the ADRiFi programme, the Board Chairperson of African Risk Capacity, Dr Ngozi Okonjo-Iweala, shared her excitement. According to her, “The disaster risk financing landscape in Africa has received an empowering shot in the arm…let us now move quickly to extend our disaster risk insurance coverage to more member countries which, before now, could not join the ARC pool owing to fiscal constraints.”

The CEO of African Risk Capacity Limited, Dolika Banda, equally lent her voice in appreciating the huge commitment from both institutions that went into the realisation of the trailblazing initiative. “We now know that collaborative partnerships work when there is good fidelity. ARC will leverage on the crest of this great achievement to connect with other institutions towards a more inclusive disaster risk insurance coverage for Africa”, she said.

The ADRiFi Programme will focus on national institutional strengthening, policy development, risk profiling, and contingency planning for disasters for participating RMCs.

In line with the agreed structure, it will support countries in developing climate risk profiles, strengthen contingency plans and support risk transfer through premium subsidies of up to 50% over a five-year period. By Year 5 of the programme, the country will be paying the full premium.

The ADRiFi programme is open to all AfDB Regional Member Countries that are ARC Member States and signatory to the ARC Establishment Treaty.

Nenye Dom/GEE

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AfDB shows strong performance ahead of key investment forum - ITREALMS

ITREALMS:

Ahead of its maiden African Investment Forum next month, the African Development Bank continues to see another year of sustained indicators, underlined by a stellar Triple A rating by all three major agencies and sharply increased earnings.

The inaugural Forum takes place 7-9 November 2018 in Johannesburg, South Africa, offering a platform for sourcing funding for bankable African projects, brokering infrastructure deals and providing innovative financial solutions. The event will attract key global companies, financial players, and public officials who will address the continent’s critical infrastructure investment gaps.

The Bank’s performance and ratings are based on the solid support from its shareholders, including in the form of strong callable capital. Net operational earnings for 2017 showed a 63-percent jump to US$597 million from US$109 million in 2016 – capping a five-year upward trend from 2013.

In projects performance, the Bank disbursed a record US$5.1 billion to projects and programs across Africa in 2017, an increase of 14 percent over the previous all-time high of US$4.5 billion in 2016.

The Bank’s financial performance and overall achievements across other key metrics like volume of new development assistance, disbursements and governance, were excellent in spite of a well-recognized difficult operating environment.

“Of all multilateral development banks, African Development Bank operates in the most challenging ‘operating environment’ defined by rating agencies as a reflection of the risks associated with the countries of operation,” Senior Vice President, Charles Boamah, noted.

The Bank’s core agenda targets lifting out of poverty 38 African countries considered as the continent’s most vulnerable and least developed. Since its founding in 1974 the Bank has invested a total of US$45 billion in operations across Africa with significant focus on the LDC countries.

Boamah said the Bank’s challenging operating environment was offset by the institution’s intrinsic financial strength, which prompted shareholders at this year’s Annual Meetings in May to approve the formal commencement of discussions for a possible seventh General Capital Increase for the Bank Group.

Such an increase “would further strengthen the financial base of the Bank, thereby enabling it to further scale up its support to African countries, including those facing conditions of fragility,” Boamah added.

Nenye Dom/GEE with additional report from APO.

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Pix: AfDB President, Adesina

AfDB board endorses policy on non-sovereign operations - ITREALMS

ITREALMS:

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved the Bank’s Policy on Non-sovereign Operations (NSO). The document provides the framework within which the Bank through its private sector lending window may provide financing or investment without sovereign guarantees to private and public entities that meet specific eligibility requirements on non-concessional terms, reports ITREALMS. Non-sovereign Operations (NSOs) refers to financing and investment operations that are not guaranteed by a State, covering mostly private sector transactions. They also cover non-sovereign guaranteed financing of eligible public sector enterprises, as well as financing of regional development finance institutions.  The approval of the Policy comes at a critical moment when the Bank is seeking to accelerate inclusive and sustainable economic growth, and crowd in more private sector funding for strong and inclusive growth  to drive economic transformation and sustainable development in its Regional Member Countries (RMCs).  The NSO Policy will complement the Bank’s overarching 2013 Private Sector Development policy framework, notably, by defining what the Bank will do in the area of non-sovereign lending. Within this context, the objective of the Bank’s non-sovereign operations is to help accelerate the continent’s transformation through various financial support mechanisms and products including loans, lines of credit, guarantees, blended finance, equity investments and trade finance. This would enable the Bank to contribute to the sustainable economic growth and inclusive social development of its RMCs individually and jointly, in fulfilment of the Bank’s mandate.  More specifically, the Bank’s engagement in its selected non-sovereign operations will aim to maximise the catalytic impact of its limited resources, while seeking to promote inclusive growth and the gradual transition to ‘green growth’ in its RMCs. It will also help scale up financing in the Bank’s High 5 priority areas of intervention.  Under this NSO Policy, the Bank would provide financing to non-sovereign operations subject to four conditions: (i) the borrower is a private enterprise or an eligible public sector enterprise; (ii) the operations are financially sound; (iii) the operations should result in satisfactory development outcomes, including supporting or creating opportunities for private sector development; and (iv) the Bank brings additionally, which could be either financial or non-financial. The Policy would ensure that NSOs: (i) are well-prepared with clear value added/additionally brought by the Bank; (ii) are technically, economically and financially sound, and diligently managed, adhering to high ethical norms; (iii) are environmentally and socially sustainable; and (iv) have solid prospects of generating significant development results in the RMCs in which they are implemented. The NSO Policy does not apply to the Bank’s sovereign loans and sovereign-guaranteed loans. Such operations will continue to be governed by the relevant policies that guide the Bank Group’s public sector operations. Ayo Midele/GEE

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All On Partners with AfDB, NDF others to launch a $58 million Off-Grid Energy Access Fund - ITREALMS

ITREALMS:

Nigerian off-grid energy investment company, All On, has announced its partnership with the African Development Bank (AfDB); the Nordic Development Fund (NDF); Global Environment Facility (GEF); and Calvert Impact Capital (CIC) towards a $58 million first close for the Off-Grid Energy Access Fund (OGEF), reports ITREALMS.

OGEF, which is managed by LHGP Asset Management (LHGP), an alternative fund manager with offices in Lagos, London, and Nairobi, is a dedicated debt fund for off-grid energy companies and is part of the AfDB-sponsored Facility for Energy Inclusion (FEI). The FEI is a $500 million finance platform designed to provide loan facilities in both local and hard currencies to support innovative energy access companies.

Dr. Akin Adesina, AfDB President said, “Access to electricity is a fundamental human right. That is why the African Development Bank set up the Fund for Energy Inclusion, to support off-grid energy systems. I am delighted that All On and Shell have joined forces with the African Development Bank to invest private capital in this Fund to help accelerate access to electricity in Nigeria. Together we will close the energy access gap in Nigeria and across Africa.”

OGEF achieves its first close with equity and debt commitments of US $58 million from All On, AfDB, NDF, GEF and CIC, and the structuring process and investments build on support from Shell Foundation, DFID and USAID. FEI OGEF has been designed to provide a flexible range of loan facilities in predominantly local currency, to companies in the household energy access sector including distributors, manufacturers, end-user credit providers and other businesses supporting the ecosystem.

According to Wiebe Boer, the CEO of Nigeria-based All On, an off-grid energy impact investment company backed by Shell, “We see OGEF as a great opportunity for public and private investors to work together to address Africa’s significant access to energy gap.  We look forward to working with LHGP, especially the Nigeria-based team, to build a solid portfolio of off-grid energy companies that are improving livelihoods by providing affordable power to unserved and underserved communities.”

This first close follows the official launch of FEI at the Africa Energy Market Place (AEMP) on July 5 and 6, 2018, where the initiative was presented to the governments’ representatives of five African countries - Côte d'Ivoire, Ethiopia, Egypt, Nigeria and Zambia - as well as leaders from the private sector and the development partner communities.

Nenye Dom/GEE

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Strategic alliance: AfDB, FAO target $100m agro investments - ITREALMS

ITREALMS:

The African Development Bank (AfDB) and Food and Agriculture Organisation (FAO) have entered into a strategic alliance aimed at catalysing agriculture sector investments in Africa to end hunger and malnutrition and increase prosperity throughout the continent, reports ITREALMS.

In terms of the agreement, ITREALMS gathered included that AfDB and FAO are committed to raise up to $100 million over five years, to support joint partnership activities.

The new alliance precisely seeks to enhance the quality and impact of investment in food security, nutrition, social protection, agriculture, forestry, fisheries and rural development.

AfDB President Akinwumi Adesina and FAO Director-General José Graziano da Silva signed the agreement, which builds on a longstanding collaboration between their organizations, at the UN agency's Rome headquarters.

"FAO and the AfDB are deepening and broadening our partnership to assist African countries achieve the sustainable development goals. Leveraging investments in agriculture, including from the private sector, is key to lift millions of people from hunger and poverty in Africa and to ensure that enough food is produced and that enough rural jobs are created for the continent's growing population," said FAO Director-General José Graziano da Silva.

AfDB President Akinwumi Adesina said: "The signing of this supplementary agreement is a milestone moment in the relationship between the African Development Bank and FAO. It signals our joint commitment to accelerate the delivery of high quality programs and increased investment for public-private-partnerships in Africa's agriculture sector. This will help us achieve the vision of making agriculture a business, as enshrined in the Bank's Feed Africa strategy."

The Bank's Feed Africa strategy, launched in 2015, targets to invest $24 billion into African agriculture over a ten-year period. The aim is that of improving agricultural policies, markets, infrastructure and institutions to ensure that agricultural value chains are well developed and that improved technologies are made available to reach several millions farmers.

Ayo Midele/GEE

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Pix: FAO Director General Josè Graziano da Silva and Akinwumi Adesina, President of the African Development Bank, signing the Supplementary Cooperation Agreement between the two Institutions. Courtesy: FAO/Giulio Napolitano.

AfDB, UNIDO partner to accelerate Africa’s industrialization

ITREALMS:

The African Development Bank (AfDB) and the United Nations Industrial Development Organization (UNIDO) have signed a Memorandum of Understanding (MoU) on Monday, to step up collaboration to boost Africa’s industrialization, reports ITRealms.

The duo of Principal Communication Officer at AfDB, Olivia Ndong Obiang, and Communication Officer, Emeka Anuforo, confirmed this to ITRealms, quoting the African Development Bank President Akinwumi Adesina, as saying that the Bank launched in 2016 its Industrialization Strategy for Africa 2016-2025, which was the outcome of collaborative work with UNIDO and the United Nations Economic Commission for Africa.

“The signing of the present MoU is key to our Strategy’s implementation,” he said, stressing that the Bank already benefits enormously from UNIDO’s expertise in developing policies, programmes and knowledge tools which supports our member countries to industrialize.”

Additionally, ITRealms gathered that in 2017, the Bank allocated US $1.2 billion to Industrialize Africa – one of the Bank’s High 5 development priorities – mostly to projects for financial sector operations.

The new agreement facilitates the Bank and UNIDO cooperation on joint activities of shared interest in areas such as agro-industry development, circular economy, eco-industrial parks, investment in innovation and technology, enterprise development, trade and capacity-building, and access to finance, among others. The MoU is in line with objectives set in the Bank’s High 5 strategy, the African Union’s Agenda 2063, the Third Industrial Development Decade for Africa (IDDA III), the UN’s Agenda for Sustainable Development, as well as the G20 Initiative on Supporting Industrialization in Africa.

The Managing Director at UNIDO, Philippe Scholtès, said achieving Africa’s industrial potential will not happen by chance, but “strong partnerships such as the one our two organizations have now formalized are key. This partnership will create significant opportunities and facilitate our work together towards the operationalization of IDDA III (2016–2025).”

The two entities have already initiated working level collaboration including within the framework of UNIDO’s flagship Programme for Country Partnership (PCP) model, which helps synchronize development efforts and mobilize resources to support countries in accelerating industrialization. The Bank and UNIDO recently undertook a joint mission to Morocco as part of the initial development of the PCP and will continue exploring cooperation opportunities in the ongoing PCPs in Senegal and Ethiopia. Collaboration has also been initiated for the establishment of staple crop processing zones in a select number of African countries.

The Memorandum was signed by Adesina and Scholtès in Busan, Republic of Korea, on the sidelines of the Annual Meetings of the Boards of Governors of the African Development Bank Group, held under the theme of “Accelerating Africa’s industrialization.” The signing ceremony was attended by African Industry Ministers, representatives of regional Member States, development partners and private-sector executives.

Nenye Dom/GEE

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AfDB sets up PYAG

ITREALMS:

The President, African Development Bank Group (AfDB), Akinwumi Adesina, has launched the Presidential Youth Advisory Group (PYAG) to provide insights and innovative solutions for job creation for Africa’s youth, as outlined in the Bank’s Jobs for Youth in Africa Strategy (JfYA) , reports ITRealms.

The Jobs for Youth in Africa initiative aims at creating 25 million jobs and impacting 50 million youth over the next ten years by equipping them with the right skills to get decent and meaningful jobs. It is currently the largest effort going on for youth employment in Africa today.

The advisory group, inaugurated on the sidelines of the 6^th EU-Africa Business Forum in Abidjan will work with the Bank to create jobs for Africa’s youth.

“This is a huge opportunity for Africa. If we fix the youth unemployment challenge, Africa will gain 10-20% annual growth. That means Africa’s GDP will grow by $500 million per year for the next thirty years. Africa’s per capita income will rise by 55% every year to the year 2050,” Adesina, said at the inauguration of the Group.

Adesina, who identified Africa’s greatest asset as its youth, observed that out of the 13 million youths that enter the labour market each year, only 3 million (about 33% of African youth) are in wage employment, while the rest are underemployed or in vulnerable employment. The annual gap of more than 8 million jobs is going to worsen, with the number of youth expected to double to more than 800 million in the next decades.

“Africa has an unemployment crisis among its youth,” he stressed, noting that unless employment opportunities are created for them, Africa’s rapidly growing population of youths can give rise to serious social, economic, political and security challenges.

Africa’s youths, though strong and dynamic, cross the desert or the Mediterranean sea because they do not find decent jobs in Africa. Graduates are wandering in the streets, jobless. The low level of employment opportunities is also fueling violence and extremism in Africa. “40 per cent of African youths engaged in armed violence join gangs or terrorist groups because of limited opportunities in their countries,” Adesina said.

“66 million African youths earn less than $2 a day, less than the price of a hamburger,” the AfDB President emphasized. “66 million is 8 times the size of Switzerland, 6 times the size of Belgium, the same size as UK, France or Italy, and 80% of Germany’s population,” he added.

The Presidential Youth Advisory Group (PYAG) comprises nine members under the age of 40 who have made significant contributions to the creation of employment opportunities for African youth.

The PYAG members are: Ashish Thakkar, CEO, Mara Group, Tanzania (Chair); Uzodinma Iweala, award-winning author, Nigeria; Mamadou Toure, Founder / CEO, Africa 2.0 / Ubuntu Capital, Cameroon; Vanessa Moungar, Human and Social Development Director, AfDB and member of President Macron’s Presidential Council for Africa, Chad; Francine Muyumba, President, Panafrican Youth Union, Democratic Republic of Congo; Jeremy Johnson, Co-founder, Andela, USA; Clarisse Iribagiza, CEO, Hehe, Rwanda; Ada Osakwe, CEO, Agrolay Ventures, Nigeria; and Monica Musonda,CEO of Java Foods, Zambia.

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Calling off loans: AfDB denies report, says bank strongly supports Nigeria

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The African Development Bank (AfDB), has denied calling off loans to Nigeria, saying the bank instead is in consultations with the government on how best to continue its support for laudable economic recovery, reports ITRealms.

Director, Communication and External Relations at AfDB, Dr. Victor Oladokun, told ITRealms that the bank categorically refutes the statement that it has “called off loans to Nigeria”, as reported in Reuters and credited to AfDB Vice-President for Power, Energy, Climate and Green Growth Amadou Hott.

According to Oladokun, the African Development Bank is highly encouraged by the economic recovery of Nigeria from recession and salutes the government's efforts towards diversification of the economy.

The bank, he also said, strongly supports the Economic and Growth Recovery Plan of the government and efforts to stem corruption as well as strengthen fiscal consolidation and efficiency.

He pointed out that in November 2016, the Board of the African Development Bank approved a $600-million loan to support Nigeria's efforts to cope with macroeconomic and fiscal shocks that arose from the massive decline in price of crude oil.

“An additional $400 million in support could be considered, if requested and approved by the Board, as part of a larger coordinated effort with other development partners, including the World Bank and the InternationalMonetary Fund,” he said.

AfDB, he insisted is in consultations with the government on how best to continue its support for its laudable Economic and Growth Recovery Plan through investment projects that will help address existing structural challenges, including infrastructure, power, agriculture and support to boost private sector and job creation.

The bank further reassures the Nigerian government of its full support for its continued reforms to diversify the economy and boost economic growth and development.

 Remmy Nweke/ED, Ops

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AfDB mourns Senegalese Babacar Ndiaye, names auditorium after him

ITRealms:

The President of the African Development Bank (AfDB), Dr. Adesina Akinwumi, has named an auditorium at the headquarters of the bank in Abidjan, Ivory Coast, to honour late Babacar Ndiaye, the group’s fifth elected president, reports ITRealms.

Ndiaye, ITRealms gathered was the Bank Group's fifth elected President, who served two terms between 1985 and 1995, and passed away on July 13, 2017 in Senegal.

In an intensely emotional tribute, Adesina said in Abidjan, that Ndiaye who is fondly referred to as AfDB papa and ambassador for Africa’s development, as AfDB icon, a father and mentor to everyone and who emphatically launched the career of the Bank Group's current President.

“He inspired us. In losing him, Africa has lost one of its best sons," he asserted and underlined the personal ties between late Ndiaye and his predecessor, recalling that he knew Ndiaye when he worked for the West Africa Rice Development Association (WADRA), which was then based in Bouaké, Côte d'Ivoire.

"Babacar Ndiaye was charismatic, and left an indelible mark on our continent. His legacy is vast, because he always saw the big picture. He was quite simply magnificent," Adesina said, stressin that during the campaign for the AfDB presidency, he naturally went to see him in Dakar.

“He welcomed me warmly. I took the opportunity to tell him about my vision for the High 5s. He agreed right away, and told me, 'That's what Africa needs to transform itself,'" Adesina revealed.
ITRealms recalls that Ndiaye had arrived at the institution in 1965 as part of the first group of African managers, he climbed the organisational ladder to become Division Chief, Director, Vice-President for Finance, and then President in 1985. Babacar Ndiaye was the first AfDB President to be re-elected to a second term of office.

Under his leadership, the pan-African financial institution obtained its first Triple-A rating in 1984.

The former President was the force behind the increase in the Bank's capital in 1987, which jumped from approximately US $6 billion to $23 billion, a 200% increase, after approving the process of opening the Bank's capital to non-African countries. He was also responsible for bringing the Bank into the international financial market.

"Babacar Ndiaye accomplished tremendous things for the AfDB and for Africa. He always advocated for excellence. He made the AfDB a credible and respected institution internationally," stated Donald Kaberuka, former AfDB President (2005-2015), in a message read on his behalf by Victor Oladokun, AfDB Director for Communication and External Relations.

Remmy Nweke/ED, Ops

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AfDB, FMW joint team visits Abia, inspects Federal Roads in Aba

ITRealms:

A joint team of experts were in Aba, Abia State from the headquarters of the African Development Bank (AfDB) in Abidjan, led by Mr. Mwila Aeron Katambula, the Bank's Transport Specialist, and a team from the Ministry of Works, for the final lap of talks between Abia State Government and AfDB on some developmental projects of interest to the bank in Abia State, reports ITRealms.

The state Governor, Dr Okezie Ikpeazu, who received the team and another team from the Federal Ministry of Works Abuja that accompanied the AfDB team on Wednesday at the Government House Umuahia, said that Abia State can't wait to see the commencement of reconstruction of some major roads in Aba, especially Port Harcourt road and Ikot Ekpene road, among others.  

"Road infrastructure is very important to us in Aba. Apart from being the commercial nerve Centre of Abia, Aba is the SME Centre of Nigeria. Aba is very important to the economy of both Abia and Nigeria. So, the issue of road infrastructure, waste management and storm water management are the challenges we face in Aba. 

"Abia State does not have the resources to do good work at Port Harcourt and Ikot Ekpene roads. With your visit today, you've renewed our hope that help will come very soon and the roads will be fixed.

"On our part we have tried to do what is required of us in terms of ensuring that the ground work is done to enable AfDB come in." The Governor said. 

Speaking on why they're in Abia, Katambula said: "We are eager to participate in the development of Abia State. Our mission today is a follow up to meeting we had before, we want to ensure that everything is ready because we want to fast track the projects that the bank will take up in Abia."

The AfDB and FMW teams later met with the State's Commissioners for Works, Hon. Eziuche Ubani, and that of Finance, Hon. Obinna Oriaku, and other top state government officials.

After several hours of meetings, the Commissioner for Works, Hon. Ubani led the two teams to Aba, to have on the spot assessment of the two key Federal Roads: Port Harcourt and Ikot Ekpene Roads located in the commercial city. 

The inspection tour offered them the opportunity of first hand information of the level of decay of the roads and the trauma and suffering of the residents and travelers in and around these two key roads.

AfDB is currently doing the technical analysis and studies of the roads before releasing funds for repairs of the roads.

This accounts for why the AfDB team had to come with the FMW team to meet face to face with Governor Ikpeazu and his team in Abia. 

During the visit to Aba, the Commissioner for Works, Hon Ubani told the AfDB and FMW team that the state government "is desperate to fix roads in Abia, and Aba in particular to stimulate economic activities and drive development across the state" 

"So far we've done a good number of roads which fall within the responsibility of the state, but unfortunately, we can't fix federal roads without first agreeing on terms of fixing them with the Federal Government. 

"Unfortunately we don't have the amount of money required to fix these roads, especially Port Harcourt and Ikot Ekpene roads that is why we are delighted to have the AfDB here together with a team from the Federal ministry of works, to see the level of deterioration of these roads."

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Pix: the visiting team on inspection.

Nigeria, 19 African countries rides on AfDB Open Data

Nigeria is among 20 African countries to benefit from the African Development Bank (AfDB) open data platforms.

Other countries include Algeria, Cameroon, Cape Verde, Democratic Republic of Congo, Ethiopia, Malawi, Morocco, Mozambique, Namibia, Ghana, Rwanda, Republic of Congo, Senegal, South Africa, South Sudan, Tanzania, Tunisia, Zambia and Zimbabwe.

AfDB in a press statement made available to ITRealms by the African Press Organization, Thursday endorsed by Director, Statistics Department, Mr. Charles Leyeka Lufumpa, said that the programme was part of the AfDB’s recently launched “Africa Information Highway” initiative aimed at significantly improving data management and dissemination on African continent.

According to him, work has commenced to complete platforms for the rest of African countries by July 2013.  

AfDB official explained that the Open Data platform is a user-friendly tool for extracting data, creating and sharing own customized reports, and visualizing data across themes, sectors and countries in tables, charts and maps.

Through the Open Data Platform, he said, users could access a wide range of development data on African countries from multiple international and national official sources.

“The platform also facilitates the collection, analysis and sharing of data among countries and with international development partners,” he said, pointing out that the platform offers a unique opportunity for various users, such as policymakers, analysts, researchers, business leaders and investors around the world, to gain access to reliable and timely data on Africa.

Additionally, he said, users could visualize time series development indicators over a period of time, perform comprehensive analysis at country and regional levels, utilize presentation-ready graphics or create their own, blog, and share their views and work with others, thereby creating an informed community of users.

The director emphasized that the Open Data Platform initiative is a response by the African Development Bank Group aimed at significantly increasing access to quality data necessary for managing and monitoring development results in African countries, including the MDGs.

“It responds to a number of important global and regional initiatives to scale up the availability of quality data on Africa and so foster evidence-based decision-making, public accountability and good governance,” he said.

Once implemented, he said, the Open Data Platform will be used by African countries for all data submission flows to the AfDB and possibly other international development partners, including the International Monetary Fund (IMF), EU Commission, World Health Organization (WHO), UN Food and Agriculture Organization (FAO), African Union Commission (AUC) and UN Economic Commission for Africa (ECA).

“This initiative presents a unique opportunity for African countries to take the lead in implementation and promotion of international statistical standards across all countries in the region and in enhancing the quality of the data disseminated by African countries,” he said.

 
Maintaining that the initiative will also significantly revolutionize data management and dissemination in Africa, and reposition the continent for more effective participation in the global information economy.

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