World Bank Approves Fresh $700m Loan For Nigeria

The World Bank has approved a new $700 million loan for Nigeria to improve the education and empowerment of adolescent girls, according to a statement published on its website on Friday. The new loan will provide additional funding for the Adolescent Girls Initiative for Learning and Empowerment, which is an ongoing initiative.The statement read, “The World Bank has approved an additional $700 million for Nigeria to expand the Adolescent Girls Initiative for Learning and Empowerment programme, whose objective is to increase secondary education opportunities for girls in targeted states.”The additional funding will expand project activities from the current seven states […]



African Development Bank Pledges $25 Billion for Climate Finance by 2050

The President of the African Development Bank, Akinwunmi Adeshina, announced on Tuesday that the institution will provide $25 billion for climate finance by 2050. During the second day of the momentous African Climate Summit, this announcement was made at the Kenyatta International Convention Centre in Nairobi, Kenya. The African Climate Summit is a first-of-its-kind initiative in Africa, with a central emphasis on green growth and climate finance, intended to foster a prosperous, carbon-free future for the continent. One of the primary goals of the summit is to establish Africa’s priorities for the 28th annual conference of members of the United[…]



Afreximbank Targets SME Traders With US$400mn China-Backed Loan

The African Export-Import Bank (Afreximbank) and the China Development Bank (CDB) have signed a $400 million term loan facility to enhance access to trade finance for small and medium-sized enterprises (SMEs) on the continent. Afreximbank says it will offer the facility to smaller firms engaged in international and intra-African commerce, as well as those in the productive sectors. Because the facility is provided by the CDB at a comparatively low cost, the organization asserts that it can pass on the financial benefit to end beneficiaries. The facility has a seven-year maturity and will be distributed directly by the multilateral financial[…]