AFDB approves $14.12mn to support Nigeria’s ATI membership

The African Development Bank (AfDP) Group through its Trade Finance operations, on Tuesday announced the approval of a US$14.12 million facility to support Nigeria’s membership in the African TradeInsurance Agency (ATI). The funding support is critical and mandatory step to enable ATI commence its operations in Nigeria, as the country joins 14 other African countries […]

ARF commends AfDB on ADRiFi’s approval

The African Risk Capacity (ARC) has commended the African Development Bank (AfDB) for its approval of the Africa Disaster Risk Financing Programme (ADRiFi) Programme. Giving the commendation shortly after the AfDB announced the funding arrangement for the programme, the Director-General of ARC, Mohammed Beavogui, said that “this is one of those moments when one feels […]

FEC approves AfDB’s $1.5mn loan for Lagos-Abidjan road project

The Finance Minister, Mrs. Zainab Ahmed, on Wednesday disclosed that the Federal Executive Council (FEC) approved that Nigeria should get $1.5 million loan from the African Development Bank (AfDB) for the Lagos-Abidjan highway project. The fund is part of the $13.5 million approved by the AfDB in 2016 to finance the project, according to the […]

GCF Board approves $100mn for AfDB’s Green Climate projects

The Board of the Green Climate Fund (GCF) has approved funding for three proposals from the African Development Bank (AfDB) totaling over US$110 million. The approvals were granted at the GCF’s 21st Board Meeting held October 17 – 20 2018 in Manama, Bahrain during which the GCF Board, which was co-chaired by Paul Oquist from […]

AfDB approves $50m facility for Fidelity Bank

The African Development Bank has approved a US$50 million line of credit to Fidelity Bank Plc to support small and medium-sized, and women-owned enterprises in selected transformative sectors. The credit will also be accessible to close to 100 SMEs in manufacturing, health and education. According to a statement obtained from AfDB , the credit was […]

FG revenue dips by 33% to N745bn – CBN

  The Central Bank of Nigeria (CBN) has said that there was deep shortfall in the Federal Government’s revenue as its August receipts plunged by almost 33 per cent to N745 billion. In its just-released Economic Report for August 2018, the apex bank observed that the gross federally-collected revenue for August plummeted by close to […]

AfDB extends $50m facility to support Nigeria’s rural populations

The African Development Bank (AfDB) has approved a $50 million line of credit to Nigeria’s Sterling Bank Plc to support micro, small and medium-sized enterprises (MSMEs) in strategic sectors, including agriculture, renewable energy and social sectors such as health and education. The facility, approved by the Bank’s Board on Tuesday, seeks to improve the quality […]

AfDB to invest $24bn in Africa’s agric sector, seeks support

The African Development Bank on Tuesday appealed to global partners to join hands with it to lift one billion people worldwide out of hunger. The bank stated that in demonstration of its commitment to end hunger globally it was and said investing US$24 billion in African agriculture over the next 10 years, being the largest […]

AfDB provides $2mn for job creation for youths in Africa

The African Development Bank’s (AFDB’s) Fund for African Private Sector Assistance (FAPA) has provided US $2 million to support its Jobs for Youth in Africa initiative. On the FAPA, of which the Government of Japan is a major donor, along with the Austrian Government and the African Development Bank, will contribute $923,570 and $988,202 to […]

AfDB’s Board approves policy on non-sovereign operations

The Board of Directors of the African Development Bank Group has approved the Bank’s Policy on Non-sovereign Operations (NSO). The document, which was approved by the Board today, provides the framework within which the Bank through its private sector lending window may provide financing or investment without sovereign guarantees to private and public entities that […]