03

Jul

AfDB Approves $115 Million Loan For Abia Development Projects

The African Development Bank Group (AfDB) has granted a $115 million loan for Abia State for road reconstruction, erosion prevention, and solid waste management. The initiative will generate long-term employment, particularly for the youth, according to a statement from the AfDB board of directors. Umuahia, the capital of Abia State, and Aba, the business center, are currently dealing with major infrastructure issues as a result of decades of underinvestment amid rapid urbanization, according to forecasts for 2022 of their respective populations of 553,000 and 814,000. “When completed, the 1.37 million residents of these two cities will benefit from decreased travel […]

25

May

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[…]

27

Apr

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.[…]