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SepThe 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 […]
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SepThe 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[…]
04
SepThe African Development Bank (AfDB) and the Global Center on Adaptation will initiate a $1 billion climate adaptation initiative for African youth, according to AfDB president Akinwumi Adesina. Adesina made the announcement on Sunday at the African Climate Youth Assembly, which was held in Nairobi, Kenya, prior to the Africa Climate Summit. The initiative, dubbed “Youth Adapt,” will provide seed funding for ideas and enterprises led by young people, according to him. The AfDB president said the programme has in the past funded over 33 businesses of African adolescents across 19 countries, adding that some of the businesses have further[…]