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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).

Business

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

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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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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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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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