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African Leaders Join African Development Bank’s Call for Action to Reform the Global Financial Architecture at its 2024 Annual Meetings

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African Development Bank

The Annual Meetings bring together the Bank Group’s governors representing 54 African countries and 27 non-African shareholders

NAIROBI, Kenya, May 30, 2024/APO Group/ — 

Host country, Kenya contributes $20 million to Bank’s concessional financing window; pledges increased equity contribution; The African Development Bank: a Solutions Bank, at the heart of Africa’s transformation agenda.

With $200 billion invested in development projects across the continent since its establishment in 1964, the African Development Bank Group is leading the charge in transforming Africa’s development landscape, as a solutions bank.

At the institution’s 2024 Annual Meetings in Nairobi, six African Presidents joined the Group’s President Dr. Akinwumi Adesina’s call for action to reform the global financial architecture to unlock more resources to scale up Africa’s economic transformation.

The Annual Meetings bring together the Bank Group’s governors representing 54 African countries and 27 non-African shareholders.

Kenya’s President William Samoei Ruto emphasized the need for change, saying, “Today, we assert that transforming the international financial architecture is imperative to give Africa a fair chance to turn its immense potential into opportunities to overcome multiple challenges and develop inclusively and sustainably.”

In a show of support for the Bank’s efforts, President Ruto announced that Kenya will spend $100 million over the next three years to increase its shareholding in the African Development Bank, Afreximbank and Trade Development Bank. Additionally, he announced a commitment of $20 million to the African Development Fund, the Bank Group’s concessional window, “as a demonstration of Kenya’s confidence [in the Fund].”

President Ruto praised the commitment of the Bank Group to infrastructure development in Kenya, saying, “Kenya is among the beneficiaries, in a very big way, of the African Development Bank’s financial might, and its innovative financing of projects.”

He cited four Bank Group-financed projects as testament to this commitment: the construction of the Nairobi–Thika Superhighway; the construction of the Thwake Multipurpose Dam, Kenya’s biggest; the completion of water and sanitation projects in 28 Kenyan cities, and a last-mile connectivity project that has provided electricity to more than 10 million households.

Vote of confidence

President Ruto also expressed Kenya’s support for the channeling of IMF Special Drawing Rights (SDRs) through multilateral development banks, a move that the African Development Bank together with the Inter-American Development Bank has championed, with success.

Several heads of state attended the opening ceremony of the Annual Meetings on Wednesday and participated in subsequent presidential dialogues. They included President Denis Sassou Nguesso of the Republic of Congo, Rwanda’s President Paul Kagame, Zimbabwe’s President Emmerson Dambudzo Mnangagwa, the President of the Presidency Council of the Government of National Unity of the State of Libya Mohamed Younis al-Menfi, Somali President, Hassan Sheikh Mohamoud, and African Union Commission Chairperson Moussa Faki Mahamat.

Close to 5,000 delegates are attending the Bank’s Annual Meetings, including heads of multilateral development banks, diplomats, development partners, representatives of civil society organizations and the private sector.

In his keynote address, Adesina highlighted the impact of the Bank’s investments across Africa through its High 5 priorities of Light up and Power Africa; Feed Africa; Integrate Africa; Industrialize Africa and Improve the quality of life for the people of Africa. Over the last eight years, the Bank’s investments have impacted more than 400 million people

Kenya is among the beneficiaries, in a very big way, of the African Development Bank’s financial might, and its innovative financing of projects

Record investments

“In 2023, our financing totalled over $10 billion, across all our High 5 priorities,” he said, adding, “In the past nine years, we have invested well over $50 billion in infrastructure projects on the continent, by far the largest investment of any multilateral development bank or institution.”

Adesina listed several innovative initiatives to demonstrate the Bank’s role as a catalyst for change, driving Africa’s transformation through record investments and partnerships. He highlighted the $10 billion Alliance for Green Infrastructure in Africa (AGIA), a groundbreaking partnership with Africa50 and the African Union, aimed at accelerating the development of sustainable infrastructure projects. This initiative is set to drive the continent’s transition towards a greener and more resilient future.

Adesina also emphasized the Bank’s commitment to supporting the digital economy, citing the $618 million i-DICE program in Nigeria, that will create 6 million jobs and add $6.4 billion to the economy.

Catalyzing Inclusive Development

The Bank’s Affirmative Finance Action for Women (AFAWA), in partnership with the Africa Guarantee Fund, has financed more than 18,000 women-owned businesses, providing them with the capital and support needed to thrive in their respective markets. “By the end of this year, AFAWA would have reached $2 billion in support for up to 30,000 women-owned small and medium sized enterprises,” Adesina said.

Last year, the Bank established Youth Entrepreneurship Investment Banks to provide financial and technical support to businesses owned by youth. The Bank’s Board of Directors has already approved $16 million for Liberia and $12 for Ethiopia to set up Youth Entrepreneurship Investment Banks. More countries have applied to join the initiative.

In eleven African countries—Côte d’Ivoire, Ethiopia, Guinea, Kenya, Mali, Mozambique, Nigeria, Senegal, Tanzania, Togo, and Zambia—the Bank, together with partners, is establishing Special Agro-Industrial Processing Zones (SAPZs), designed to transform Africa’s agricultural sector by creating value-addition hubs.

Mobilizing Financing, Deepening Reforms

Dr. Muhammad Sulaiman Al Jasser, Islamic Development Bank Group President, outlined the benefits of a longstanding cooperation with the African Development Bank. “Between 2017 and 2023, we achieved a record co-financing volume of $2.9 billion with the African Development Bank, enabling us to co-finance 22 operations across diverse sectors,” he said, adding that both banks have recently set new co-financing targets, to deliver greater impact.

African Development Bank Group Boards of Governors’ Chairperson and Cabinet Secretary of the National Treasury of Kenya, Prof. Njuguna Ndung’u urged Governors to “deepen discussions” on growing the Bank’s callable capital. “This will protect the Bank’s triple A rating on sustainable basis against recurrent external shocks, including downgrade of its triple A rated shareholders [and] enable the Bank maintain its lending trajectory and preserve its position as a strategic lender and the premier development finance institution in Africa.”

The African Union Commission Chairperson Moussa Faki Mahamat described the 2024 Annual Meetings as “an appropriate forum” for kickstarting “the process of formulating and working out the African common position on strategic issues” such as the reform of the Bretton Woods system, debt management, climate change financing, and the international tax system.

Leaders also stressed the urgency of mobilizing financing to build climate-resilient African economies. The Bank, Adesina said, “is well on its way to reaching its goal of mobilizing $25 billion in climate finance, and last year we devoted 45% of our total lending to climate finance.”

Strong financial position for greater impact

The only AAA-rated financial institution in Africa, the Bank’s financial records for 2023 put the Bank in an optimal position to better serve Africa and create more significant impact in the continent’s development. Its income from loans and treasury investments increased by 123% from $775 million in 2022 to $1.73 billion in 2023. The Bank also achieved its largest-ever net income before distributions, amounting to $545 million, and allocated a record-high $335 million to reserves.

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

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Aurionpro expands its multi-country transaction banking engagement with Diamond Trust Bank (DTB)

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6 hours ago

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April 30, 2026

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Aurionpro

Aurionpro’s upgraded iCashpro platform for DTB delivers a unified digital experience across payments, trade, virtual accounts, and real-time reporting, enhancing straight-through processing, visibility, and control for both the bank and its corporate customers

MUMBAI, India, April 30, 2026/APO Group/ –Aurionpro Solutions Limited (www.AurionPro.com) (BSE: 532668 | NSE: AURIONPRO), a global leader in banking technology, announced the expansion and upgrade of its transaction banking engagement with Diamond Trust Bank (DTB), to modernize and enhance the bank’s corporate transaction banking capabilities across multiple countries.

Download Document: https://apo-opa.co/4edHUaC

This multi-country transaction banking upgrade covering Kenya, Uganda, and Tanzania aligns with DTB’s intent to enhance customer experience, streamline operations, and support growing transaction volumes as it expands its regional corporate banking footprint. DTB continues to focus on building a more agile, ‘digital-first’ banking experience, particularly around payments for its corporate customers across Africa, and is now well positioned to scale these capabilities. As part of its broader transformation agenda, the bank has been steadily investing in platforms that enhance scale, reliability, and service consistency across markets.

Through this partnership, we are proud to lead the next era of transformation in transaction banking, helping DTB enhance operational agility

Aurionpro’s upgraded iCashpro platform for DTB delivers a unified digital experience across payments, trade, virtual accounts, and real-time reporting, enhancing straight-through processing, visibility, and control for both the bank and its corporate customers. By enabling DTB to standardize and scale its transaction banking operations across countries, the platform ensures consistent service levels, stronger control, and improved efficiency. It also supports enhanced user experience, advanced security, and the flexibility to introduce new features as DTB expands its regional transaction banking footprint.

Murali Natarajan (https://apo-opa.co/48trPdk), Managing Director & CEO, DTB Kenya   commented: “We are delighted to strengthen and broaden our partnership with Aurionpro Solutions as part of DTB’s ongoing digital transformation journey across multiple markets. Our focus on innovation, operational excellence, and customer-centricity continues to guide our technology investments. This upgrade strengthens our transaction banking capabilities, enabling us to deliver greater value to our customers through robust digital channels and seamlessly integrated experiences.”

Ashish Rai, Group CEO, Aurionpro Solutions, commented: “We are pleased to deepen our multi-country engagement with Diamond Trust Bank and support the next phase of its transaction banking modernization. As DTB continues to scale across markets, platform resilience and consistency become paramount. Through this partnership, we are proud to lead the next era of transformation in transaction banking, helping DTB enhance operational agility, deliver superior experiences to corporate customers, and create long-term value across geographies.”

He added, “Aurionpro’s iCashpro lays a strong digital foundation for transaction & wholesale banks across the globe to grow their corporate and SME client portfolio today, while creating a clear roadmap for next- generation capabilities in AI-driven insights, advanced automation and API-led connectivity for businesses in Kenya and across Africa.”

Distributed by APO Group on behalf of Aurionpro Solutions Ltd.

 

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Minerals Council Chief Executive Officer (CEO) Joins African Mining Week (AMW) as South Africa Improves Sectorial Investment Climate

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6 hours ago

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April 30, 2026

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Energy Capital

Minerals Council CEO to share insights on policy, infrastructure and investment trends shaping South Africa’s mining industry

CAPE TOWN, South Africa, April 30, 2026/APO Group/ –The upcoming African Mining Week (AMW) conference will feature Mzila Mthenjane, CEO of the Minerals Council of South Africa, as a speaker. Scheduled for October 14 – 16, 2026 in Cape Town, the event will bring together global investors, policymakers and industry leaders, with Mthenjane’s participation highlighting the council’s commitment to engaging international stakeholders and promoting investment across South Africa’s mining sector.

His participation comes at a critical moment as the Minerals Council works closely with government on finalizing the Mineral Resources Development Bill 2025, a policy framework aimed at strengthening the country’s mining investment climate and the sector’s contribution to GDP. According to the council, the revised legislation will support new investment across the value chain as South Africa seeks to mobilize R2 trillion over the next five years to unlock its critical minerals potential.

The policy reforms come amid shifting production trends in the sector. In 2025, South Africa recorded declines in gold and platinum group metals output of 1.9% and 4.1%, respectively. The new regulatory framework is expected to strengthen public-private partnerships and stimulate investment, enabling South Africa to increase production and capitalize on strong global commodity prices. Increased private sector investments is crucial with South Africa seeking targeting to unlock an estimated R40 trillion in untapped iron ore potential as well as maintain its position as the world’s leading producer of chrome and manganese.

At AMW 2026, Mthenjane is expected to outline these trends, providing insights into how the council is contributing to addressing challenges disrupting the sector. Infrastructure and energy costs remain key concerns for industry players. To support the energy-intensive sector, South Africa approved a 35% reduction in electricity tariffs for major ferrochrome producers, helping stabilize an industry that has faced significant cost pressures after electricity prices surged by roughly 900% since 2008.

Logistics constraints are also a priority area for reform. South Africa’s economy is losing an estimated R1 billion per day due to inefficiencies across rail and port infrastructure. As a result, the government is considering measures supported by the Minerals Council to increase private sector participation in logistics. Planned reforms include rail modernization initiatives targeting 250 million tons of freight capacity by 2029, alongside port upgrades and private operator participation aimed at strengthening mineral exports and improving supply chain efficiency.

Beyond infrastructure and policy reforms, the Minerals Council is advocating for stronger exploration investment to support long-term industry growth.

At AMW, Mthenjane is expected to highlight these developments and outline the steps required to reinforce South Africa’s position in the global minerals supply chain. His insights will offer investors and stakeholders a timely perspective on opportunities within the country’s mining sector.

Distributed by APO Group on behalf of Energy Capital & Power.

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Seychelles Targets Energy Investment Push as Minister Jérémie Joins African Energy Week (AEW) 2026 as a Speaker

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13 hours ago

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April 30, 2026

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African Energy Chamber

Seychelles energy minister will speak at AEW 2026, positioning her to highlight reforms, renewable projects and investment opportunities as the island nation advances its transition toward a diversified energy system

CAPE TOWN, South Africa, April 29, 2026/APO Group/ –Marie-May Jérémie, Minister of Environment, Climate, Energy and Natural Resources for Seychelles will participate as a speaker at this year’s African Energy Week (AEW) 2026, taking place from October 12–16 in Cape Town. Her participation underscores the country’s growing role in shaping Africa’s small-island energy transition agenda.

Minister Jérémie’s presence at AEW 2026 comes at a critical time as Seychelles accelerates efforts to reduce its heavy reliance on imported fossil fuels. The event provides a platform to attract investment, strengthen policy alignment and showcase bankable projects, positioning the country as a viable destination for private-sector participation in island energy systems.

Seychelles is demonstrating how policy reform and innovation can unlock investment in constrained environments

In May last year, international finance institution the World Bank approved the Renewable Energy Acceleration Program, a seven-year initiative aimed at modernizing the grid and increasing renewable energy penetration to 15% by 2030. The program focuses on unlocking private capital while strengthening transmission infrastructure to accommodate variable renewable energy sources.

Project development is gaining traction in the country, particularly in innovative technologies suited to Seychelles’ land constraints. The 5.8 MW Seysun Lagoon floating solar PV project, developed by independent renewable power producer Qair, is under construction and expected online in 2026.

Alongside renewables, Seychelles continues to pursue upstream opportunities to diversify its economy. The government approved new exploration entrants in 2025 and extended exiting petroleum agreements, while securing an infrastructure partnership with China. Multilateral estimates suggest over $800 million in investment will be required over the next 25 years.

Regulatory reform is central to this transition, with Seychelles introducing an independent power producer framework to open the market to private developers. Standardized power purchase agreements, grid access reforms and strengthened public-private partnership structures are being implemented to improve transparency, reduce risk and accelerate project bankability across solar, storage and emerging wind opportunities.

“Minister Jérémie’s participation highlights the strategic importance of island nations in Africa’s broader energy transition,” says NJ Ayuk, Executive Chairman, African Energy Chamber. “Seychelles is demonstrating how policy reform and innovation can unlock investment in constrained environments. Her insights will be critical to advancing dialogue on resilient, low-carbon energy systems across the continent.”

Distributed by APO Group on behalf of African Energy Chamber.

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