Issue 11: Taking Stock of the African Development Fund’s 16th Replenishment, Achieving Universal Access to Electricity in Africa, and more.
In this edition, we showcase the great successes and announcements that stemmed from #ADFMTR16, highlight details of our ambitious joint #Mission300 effort to power Africa, commemorate our impactful partnership with #Japan, and look back on the Bank’s passionate presence at #UNGA79.
Read on for highlights from this past month’s events.
Mid-Term Review: Taking Stock of the African Development Fund’s 16th Replenishment
The African Development Fund's 16th replenishment (ADF-16) reached a pivotal moment in Cotonou this month, as #Benin announced a $2 million pledge to boost the ADF’s efforts in strengthening food security, promoting economic growth, and improving the lives of local communities in the country.
The #ADF16MTR gathering focused on "Fostering a Climate Smart, Resilient, Inclusive, and Integrated Africa," brought together ministers, donor representatives, and senior leadership to assess the Fund's progress on its $8.9 billion financing cycle.
The Mid-Term Review showcases the Fund’s achievements and signals a new era of African nations becoming state participants in the ADF.
WATCH a recap below and click here for more details.
Mission 300: Achieve Universal Access to Electricity in Africa
A breakthrough partnership is set to transform Africa's energy landscape. Three global powerhouses— the Global Energy Alliance for People and Planet (GEAPP), Sustainable Energy for All (SEforALL) and The Rockefeller Foundation have announced their support for the World Bank and African Development Bank's ambitious #Mission300 initiative to bring electricity to 300 million Africans by 2030.
The coalition commits $10 million to provide technical expertise across 11 African countries.
Bringing electricity to 300 million people in Africa will create jobs, drive economic growth, and significantly reduce poverty across the continent.
Learn more about the #PowerAfrica initiative.
Addressing Youth Unemployment and Closing Gender Gaps In Nigeria
The Bank has taken a significant step in establishing a comprehensive support system for young entrepreneurs in #Nigeria. Through the Nigeria Youth Entrepreneurship Investment Bank (YEIB) initiative, the African Development Bank approved a $100 million loan to increase access to finance for youth—and women-led small and medium-sized enterprises.
Set to create over 161,000 direct jobs and benefit more than 76,000 youth-led enterprises, this game-changing initiative not only combines financing solutions with business development services but also prioritises women's participation with a 40% target across all programs.
See how the African Development Bank is driving sustainable, inclusive growth in Nigeria.
President Akinwumi Adesina on Japan’s Unwavering Support
The African Development Bank Group and the Japan International Cooperation Agency (JICA) have strengthened their partnership through a significant 51.67 billion Japanese yen (US$421 million) concessional donor loan agreement for the African Development Fund.
This support and grant contributions will help Africa’s least developed and most fragile countries address critical challenges, including climate change, infrastructure gaps, and debt management.
"We wouldn't have had a successful ADF-16 replenishment without Japan's continued support for concessional donor lending. It is important to sign these agreements, but it is the lives we touch that matter […] This year alone, 500,000 people have been connected to electricity, one million provided with water and sanitation, 2.5 million to improved transport, and 2.7 million to health services.” -Dr. Akinwumi Adesina, African Development Bank President
More details and photos on this landmark deal.
Championing Africa's Prosperity at the 79th UN General Assembly In New York
The African Development Bank Group took centre stage at the 79th UN General Assembly in New York, championing critical initiatives for Africa's 1.2 billion people.
Bank Group President Dr. Akinwumi Adesina spearheaded discussions on climate action, digital access, and financial reform, including an ambitious $25 billion replenishment target for the African Development Fund.
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At this pivotal gathering, the Bank showcased transformative projects, including its #Desert2Power program to create the world's largest solar energy zone—and the MADE Alliance-Africa initiative, which aims to connect 100 million Africans to the digital economy.
More insights from #UNGA79.
News
#AfDBat60
Celebrations of the African Development Bank’s 60th anniversary are underway in our regional offices! This month, Mozambique, Burundi, and Cameroon have marked six decades of partnership and unveiled plans for future collaboration with the Bank.
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View our full events calendar here.
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4moGreat advice!
Ethics,Integrity Compliance
5moUniversal access to electricity in Africa is a major initiative which needs meaningful support from all stakeholders.
A visionary and results-driven leader in sustainable development and public service, specializing in Bold Strategic AI (SAI) Leadership to drive innovation, efficiency, solutions, and positive global impact.
5moTake your Leadership Career to the Next Global Level. The Executive Search for highly talented experts has never been greater across the globe in 2024. What is Hiring Presence? How to empower teams and drive organizational success with a strategic human-centric approach? As a stellar Servant and Transformational leader, and, also, as a frontline Civil Servant at the forefront of highly complex and strategic operations with hands-on global expertise, I am delighted to participate in the 2024 Annual Meetings of the World Bank Group (WBG) and International Monetary Fund (IMF), bringing together experts, specialists and leaders from 191 countries. Those events take place from Monday, October 21 to 26, in Washington D.C. 1) What is the theme of the World Bank 2024? 2) What is the economic outlook for WBG and IMF in 2024? 3) How to define the mission of the WBG and IMF? What are the ways the IMF and WBG work towards achieving their specific goals? As a lifelong learner, voracious reader and world traveler with an increasingly intellectual curiosity, I am committed to serving, motivating, inspiring, coaching, mentoring, unlocking human potential and unleashing productivity. What is Boldness in Effective Leadership?
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5moIt is inspiring to see the momentum around ADF-16 and the drive to empower Africa through the #Mission300 initiative. The recent announcements, such as Benin's $2 million pledge and the coalition's $10 million commitment to support technical expertise, underscore the unity and vision needed to address Africa's energy and economic needs. Achieving universal access to electricity will undoubtedly pave the way for transformative growth, job creation, and poverty reduction. Congratulations to everyone at #ADFMTR16 and #UNGA79 who are making strides toward a resilient, inclusive Africa!
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