The AfDB Has Approved A $11 Million Budget Allocation To Increase Fertilizer Finance For Smallholder Farmers

The AfDB has approved a $11 million budget allocation to increase fertilizer finance for smallholder farmers. The African Development Bank’s (AfDB’s) board of directors has approved a budgetary allocation of $11.7 million for the African Fertilizer Financing Mechanism’s (AFFM’s) 2023 operations, with the goal of enhancing fertilizer supply and production while facilitating smallholder farmers’ access to inputs and technical assistance. The approval included $4.7 million that was carried over from the previous year to strengthen the fertilizer sector through access to finance, supporting the development of long-term policy reforms and $16.4 million that was extended to the facility to support […]



AfDB and Japan Sign A 350-Million Dollar Loan Agreement To Aid Africa’s Private Sector

The African Development Bank (AfDB) and the Japan International Cooperation Agency (JICA) have signed a JPY 44,100,000,000 (350 million dollars) loan agreement to pay for the Bank’s support of African private sector operations. According to a statement issued by the bank on Thursday in Abuja, the loan is under the Enhanced Private Sector Assistance (EPSA) initiative, a component of Japan’s Official Development Assistance to Africa.The Fifth Version of the Four Billion Dollar EPSA was signed in August 2022 in Tunis, Tunisia, at the Eighth Tokyo International Conference on African Development (TICAD 8).JICA President Dr. Tanaka Akihiko and AfDB President Dr.[…]



IMF’s $27 Billion Grant For Africa Will Help Boost Reserves

Akinwumi Adesina, President of the African Development Bank, has stated that the International Monetary Fund’s $650 billion Special Drawing Rights grant, which includes $27 billion for African countries, will help to improve poor countries’ reserves. On Thursday, he announced this in a closed-door meeting with German Chancellor Angela Merkel and chiefs of international development organizations. “The recent IMF release of $650 billion in SDRs, with $27 billion going to Africa, will go a long way in helping to boost reserves for developing countries,” Adesina said in a statement titled “International community must act to avert a two-speed global economic recovery[…]