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Annual Development Effectiveness Review 2024: African Development Bank Group’s vice presidents share positive development impact in 2023

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African Development Bank

$10.1 billion in approvals, a 30 percent increase on 2022

NAIROBI, Kenya, June 5, 2024/APO Group/ — 

Senior officials from the African Development Bank Group (www.AfDB.org) detailed the positive impacts of Bank-supported projects affecting virtually all facets of life across the continent during 2023—a year hailed as one of the most successful in its history.

Bank Vice President Marie-Laure Akin-Olugbade said: “2023 was an exceptional year for the African Development Bank, $10.1 billion in approvals, a 30% increase on 2022—this is the second highest level approvals in the history of the Bank.”

Akin-Olugbade, Vice-President for the Regional Development, Integration and Business Delivery Complex at Africa’s premier development finance institution, was participating in a high-level panel discussion on Thursday, following the publication of the latest edition of the Bank’s Annual Development Effectiveness Review (ADER).

The review—unveiled at the Bank’s Annual Meetings currently taking place in the Kenyan capital, Nairobi—serves as a critical benchmark to assess Bank Group’s progress in advancing Africa’s development priorities.

This 2023 edition highlighted the Bank’s efforts to assist African countries confront global economic headwinds which have hit the continent in recent years.

The ADER 2024 report, titled ‘Investing in Africa’s resilience and inclusive growth,’ concludes that Africa has shown remarkable resilience, steadily charting a course back to economic growth. Despite the challenging operating environment that contributed to implementation delays, the Bank’s project portfolio regained its growth momentum, reaching a value of nearly $60 billion.

Armand Nzeyimana, Director of the Bank’s Development Impact and Results Department stressed how the Bank had created new tools and instruments to measure the impact of its development projects and programmes. He said they could now be followed online, and the results monitored. The Bank now boasts a new state of the art mapping system to track such projects.

The African Development Bank is a very strong bank, we have a very strong profile, and this was confirmed by credit rating agencies

“We are interested in tangible outcomes, such as kilometers of roads built, jobs created – the true measure of success for the Bank is the benefits provided to communities and people across the continent,” he said.

In a wide-ranging discussion, several panel speakers emphasized the direct impacts the Bank’s support had had in the past year in its High 5 strategic priority areas which are essential for creating Africa’s economic transformation. These are: Light Up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa.

The Vice President for Finance and Chief Financial Officer of the Bank Hassatou Diop N’Sele told the gathering that she was delighted to report that the Bank was now on very solid ground and pointed to the Triple AAA rating it received from rating agencies and thanked the Bank’s Boards of Directors and Governors for their approval of a $117 billion general callable capital increase.

“The African Development Bank is a very strong bank, we have a very strong profile, and this was confirmed by credit rating agencies,” she said. But she added work still needed to be done for the Bank to be able to raise even more capital on markets.

Solomon Quaynor, Vice-President for Private Sector, Infrastructure & Industrialization, added that the Bank had enhanced its reputation as the “solutions’ Bank” and continued to focus on infrastructure projects which could change how business was conducted across the continent.

He pointed out that the Bank was focusing on “green minerals” and said that the Bank was prioritizing projects which would ensure that those minerals were never exported simply as raw materials but as part of the Bank-supported wider industrialization process.

“That is the anchor of this project, we are going to build agricultural zones, industrial parks. The core competency of infrastructure development is to combine it with the promotion of economic growth,” he said.

Senior Vice President Swazi Tshabalala, Vice President for President for Power, Energy, Climate and Green Growth Kevin Kariuki and Vice President for Agriculture, Human and Social Development Beth Dunford, shared their complexes’ results during the programme’s panel session.

Click here (https://apo-opa.co/3wRw176) for the full report.

Click here for photos and replay (https://apo-opa.co/4aRlCWC) of the session.

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

Events

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

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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.

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Business

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

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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.

 

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

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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).

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