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AugThe Japanese government and the African Development Bank (AfDB) have formed a $5 billion financial partnership to assist countries in the region experiencing debt crises. According to a statement on the AfDB website, the bank made the vow on Sunday at the eighth Tokyo international conference on African development (TICAD8) in Tunisia. The AfDB stated that the assistance would be provided during the fifth phase of the enhanced private sector assistance for Africa project (EPSA 5) from 2023 to 2025. It stated that the fund will consist of $4 billion from the existing window and an extra $1 billion from […]
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JunAkinwumi Adesina, President of the African Development Bank (AfDB), announced on Wednesday that the multilateral lender would soon establish investment banks for young entrepreneurs on the continent. Speaking at the Commonwealth Business Forum in Kigali, Rwanda, Adesina questioned the structure of the continent’s existing commercial banks. He claimed that Africa’s present financial institution model was not built to benefit youth and that if 21-year-olds tried to receive loans from banks, they would demand 40 years of tax receipts in order to dissuade them from seeking financial assistance. The AfDB president emphasized that the Youth Entrepreneurship Investment Banks would focus on[…]
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MayDr. Akinwumi Adesina, President of the African Development Bank (AfDB), has stated that the financial organization will lend $500 million to women by 2022. This comes as the bank’s Affirmative Action for Women in Africa (AFAWA) initiative raises $5 billion with the help of French President Emmanuel Macron and the G-7. This information is contained in a statement released by Adesina on his official Twitter account on Sunday, May 22, 2022, in which he also stated that the bank gave out $483 million to financial institutions to lend to women businesses in 2021. Adesina’s statement comes as the bank begins[…]