Connect with us
Anglostratits

Business

African Development Bank Group Board Approves New Strategy to Drive Economic Diversification and Private Sector-led Inclusive Growth in Lesotho

Published

on

African Development Bank

The new strategy aims to address these vulnerabilities by unlocking private sector growth, creating sustainable employment, and building stronger institutions

MASERU, Lesotho, September 24, 2025/APO Group/ –The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a new $209 million Country Strategy Paper (CSP) for Lesotho, setting out a roadmap to accelerate the country’s transition toward economic diversification, resilience, and inclusive growth over the next five years.

The approval comes at a crucial moment for the landlocked country, which continues to face major development challenges, including the impact of a recent 15 percent U.S. tariff on apparel exports, the loss of Official Development Assistance following the cancellation of the $300 million Millennium Challenge Corporation compact, and its reliance on regional economic performance. Nearly half of Lesotho’s population lives in poverty, and youth unemployment remains close to 39 percent.  The new strategy aims to address these vulnerabilities by unlocking private sector growth, creating sustainable employment, and building stronger institutions.

“Lesotho stands at a critical juncture,” said Moono Mupotola, the Bank Group’s Deputy Director General for Southern Africa and Country Manager for Lesotho. “This comprehensive strategy leverages the country’s abundant water resources, strategic location, and demographic dividend to unlock new pathways for inclusive growth and economic diversification.”

The strategy centers on two main priorities: building sustainable infrastructure to drive industrialization and strengthening institutional and human capacities to enhance competitiveness. Key targets include achieving universal electricity access by 2030 through the Mission 300 program, reducing broadband costs to foster a thriving tech start-up ecosystem, and expanding safe drinking water access to thousands more households.

This comprehensive strategy leverages the country’s abundant water resources, strategic location, and demographic dividend

The Bank will also support water and agricultural infrastructure to boost productivity, while also helping the government modernize tax collection systems and strengthen public sector management capacity with new training programs for civil servants.

Catalyzing Private Sector Growth

The Bank will back policy reforms and infrastructure investments that reduce the cost of doing business, expand funding for digital innovation and promote entrepreneurship. Support will be directed to startups and small businesses, including women- and youth-led enterprises, while skills development programs are expected to equip 20,000 young people– 40 percent of them women– with the digital skills required for the modern economy.

With Lesotho highly vulnerable to climate shocks, the Strategy incorporates measures to scale up climate-smart agriculture, strengthen disaster risk management, and expand investments in renewable energy and water infrastructure. These initiatives are designed not only to safeguard livelihoods but also to tackle pressing social issues, such as reducing child stunting, which affects more than a third of children under five.

 Regional Integration Focus

The Bank will help position Lesotho to benefit from integration with larger markets by supporting cross-border infrastructure links to South Africa, trade facilitation under the African Continental Free Trade Area (AfCFTA),  and participation in the regional value chain, particularly in agro-processing. By improving connectivity and reducing economic isolation, the strategy seeks to expand opportunities for Lesotho’s businesses and workers beyond its borders.

The new Country Strategy Paper builds on the lessons of past Bank operations in Lesotho and emphasizes integrated, multisectoral approaches, stronger implementation capacity, and proactive portfolio management. It aligns with Lesotho’s National Strategic Development Plan II (2018-2028), the African Development Bank’s Ten-Year Strategy (2024-2033), the African Union’s Agenda 2063 (https://apo-opa.co/46za6PF), and the United Nations Sustainable Development Goals. To deliver results, the Bank will draw on multiple financing windows, including its concessional African Development Fund, the Regional Operations Window, and the Climate Action Window, while working in close partnership with other development institutions.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Home  Facebook

Events

As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

Published

on

Debate

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

Continue Reading

Business

Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

Published

on

CLG

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

Continue Reading

Business

The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

Published

on

ITFC

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

Continue Reading

Trending