Somalia: African Development Bank Group approves framework to clear nation’s arrears

AfDB NEWS & EVENTS

26-Feb-2020

The African Development Bank and African Development Fund today approved a framework  for $122.55 million to clear Somalia’s arrears, paving the way for the Bank Group to fully reengage with Somalia and opening opportunities for enhanced financing for the country.

The historic Framework for Somalia’s Arrears Clearance and a Policy-based Operation was approved at a meeting of the Boards of Directors held Wednesday.

The framework is premised on Somalia having secured donor support to clear all arrears to the Bank Group. This will result in the lifting of sanctions on the country, opening up new finance opportunities.

In response to the decision, the Finance Minister of Somalia, Dr. Abdirahman Beileh, said, “the African Development Bank has accompanied Somalia through the difficult reforms, which can only make Somalia a better place for all Somalis. We are committed to continuing our reforms as we have seen their benefits to our governance systems and capacity to manage our economy, and, more importantly, to improving government accountability to the people.”

The Bank plans to immediately resume normal cooperation with the Federal Government of Somalia as soon as it clears its arrears to the Bank Group. Additional financial resources will be provided to support ongoing and new reforms necessary for Somalia to reach Completion Point under the Enhanced Heavily Indebted Poor Countries Initiative.

“It is a historic day for us as a Bank. I think collectively we should be very proud of what has happened…difficulties

cannot be allowed to exist forever.. because it defeats the very purpose of why we are here to serve,” President of the African Development Bank Akinwumi Adesina said, commenting on the approval. “The sacrifices of the Somali people under the leadership of the Federal Government of Somalia during the implementation of difficult and wide-ranging reforms has been recognized by the wider international community.”

The Bank commits to supporting the country towards reaching completion point, bearing in mind that more reforms to advance the national development agenda to consolidate peace, ensure inclusive economic growth and reduce poverty are still needed,” Khaled Sherif, the African Development Bank’s Vice President for Regional Development, Integration and Business Delivery, added.

African Development Bank Board bids farewell to Senior Vice President Charles Boamah

AfDB NEWS & EVENTS

“You’ve been a pillar of this institution. You’ve done very well.” – Bright Okogu, Dean of the Board of Directors

26-Feb-2020

“Twenty-three years is not a trivial number of years to spend in an institution. You’ve been a pillar of this institution. You’ve done very well.”

It is with those words that the Executive Director for Nigeria and São Tomé and Príncipe, Bright Okogu, also Dean of the Board of directors of the African Development Bank, commended the outgoing Senior Vice President, Charles Boamah.

 “You are going to leave large pair of shoes to be filled… On behalf of the Bank, I wish to say that we are content with your work, we are content with your commitment to the African Development Bank, we are content with your passion for the continent,” Okogu added. Boamah was attending his last Board meeting following 23 years in service.

Since 1996, SVP Charles Boamah has been a constant steadying presence at the African Development Bank during a tenure full of milestones. Boamah is a globally respected executive with over 35 years of successively challenging leadership experiences in and outside of Africa.  

Before assuming the role of Senior Vice President, he served as Vice-President and Chief Financial Officer of the Bank as Acting First Vice-President and Chief Operating Officer.

Bank President Akinwumi Adesina expressed gratitude and appreciation to “an amazing character and leader. Some of the pioneering initiatives have been led by Charles… Charles has dedicated half of his career to Africa’s development,” Adesina said.

Several Executive Directors echoed the president and dean of the board’s commendations of Boamah for his first-hand understanding and knowledge of the finances, operations, and administration of the Bank and the development space. 

Responding, Boamah said: “I feel very honored and privileged to be have been part of the journey. It’s been a huge privilege to have been given the opportunity to serve. It’s about making a difference, and that’s what brought me to the Bank.

The Senior Vice President has witnessed three of the Bank's capital increases, and seven African Development Fund replenishment cycles. He served three presidents of the Bank.

“I am leaving the Bank, but I can tell you the Bank never leaves you. I expect to continue to be an ambassador of this great institution,” Boamah concluded.

African Development Bank Board bids farewell to Senior Vice President Charles Boamah

AfDB NEW & EVENTS

“You’ve been a pillar of this institution. You’ve done very well.” – Bright Okogu, Dean of the Board of Directors

26-Feb-2020

“Twenty-three years is not a trivial number of years to spend in an institution. You’ve been a pillar of this institution. You’ve done very well.”

It is with those words that the Executive Director for Nigeria and São Tomé and Príncipe, Bright Okogu, also Dean of the Board of directors of the African Development Bank, commended the outgoing Senior Vice President, Charles Boamah.

 “You are going to leave large pair of shoes to be filled… On behalf of the Bank, I wish to say that we are content with your work, we are content with your commitment to the African Development Bank, we are content with your passion for the continent,” Okogu added. Boamah was attending his last Board meeting following 23 years in service.

Since 1996, SVP Charles Boamah has been a constant steadying presence at the African Development Bank during a tenure full of milestones. Boamah is a globally respected executive with over 35 years of successively challenging leadership experiences in and outside of Africa.  

Before assuming the role of Senior Vice President, he served as Vice-President and Chief Financial Officer of the Bank as Acting First Vice-President and Chief Operating Officer.

Bank President Akinwumi Adesina expressed gratitude and appreciation to “an amazing character and leader. Some of the pioneering initiatives have been led by Charles… Charles has dedicated half of his career to Africa’s development,” Adesina said.

Several Executive Directors echoed the president and dean of the board’s commendations of Boamah for his first-hand understanding and knowledge of the finances, operations, and administration of the Bank and the development space. 

Responding, Boamah said: “I feel very honored and privileged to be have been part of the journey. It’s been a huge privilege to have been given the opportunity to serve. It’s about making a difference, and that’s what brought me to the Bank.

The Senior Vice President has witnessed three of the Bank's capital increases, and seven African Development Fund replenishment cycles. He served three presidents of the Bank.

“I am leaving the Bank, but I can tell you the Bank never leaves you. I expect to continue to be an ambassador of this great institution,” Boamah concluded.

Zimbabwe: African Development Bank Executive Directors conduct consultative mission, tour project sites

AfDB NEWS & EVENTS

26-Feb-2020

A seven-member delegation of Executive Directors of the African Development Bank visited Zimbabwe on a week-long fact-finding mission where they held meetings with a number of officials including President Emmerson Dambudzo Mnangagwa.

The delegation also met officials from various ministries, civil society, private sector and multilateral financial institutions, during which they were briefed on the current macro-economic, social and political environment in the southern African nation.

During the meeting with President Mnangagwa, the delegation appreciated ongoing reform efforts initiated since January 2019 as part of the government’s Transitional Stabilization Program 2018 -2020 under the IMF Staff Monitored Program (May 2019 – March 2020). They welcomed the president’s pledge to recalibrate the Program, which aims to implement a coherent set of policies that facilitate a return to macroeconomic stability.

The reforms include introducing necessary policy and institutional reforms for private sector-led growth, addressing infrastructure gaps, and launching quick-wins to stimulate and restore growth.

“I would like to express my gratitude to the Bank for the commitment towards Zimbabwe. We need more assistance as a country, more so, as we embarked on substantive economic reforms based only on domestic resources without help from the international community,” said President Mnangagwa.

Figure 1:  Left to Right: Bank Executive Directors Paal Bjornestad, Amos Kipronoh Cheptoo (partly hidden), Mmakgoshi Lekhethe, Judith Kateera, Mbuyami Ilankir Matungulu, Zimbabwe President Emmerson Mnangagwa and Finance and Economic Development Minister Professor Mthuli Ncube.

The directors noted that despite some positive results, reform coordination in the country remains a challenge, against a backdrop of a continuing general rise in poverty levels, especially in the urban areas.

Zimbabwe is also still feeling the after effects of Cyclone Idai, which hit the country in March 2019, and the 2019/20 drought, which has left more than 8.5 million people (3 million of whom are in urban areas), food insecure.

The delegation also visited several Bank-funded projects, including the Post Cyclone Idai Emergency Recovery and Resilience Programme (PCIREP), implemented in the Chimanimani district, which was severely affected by Cyclone Idai. The project, funded to the tune of 24.7 million, focuses on public infrastructure interventions aimed at re-establishing sustainable livelihoods and kick-starting economic activities of the affected population.

They commended the government’s rebuilding efforts in Chimanimani and other parts of the country, and reiterated the Bank’s commitment to the people of Zimbabwe and the country’ economic development agenda.

The group urged perseverance in the implementation of reforms and called for early normalization of relations with development partners, which would help unlock more substantive external resources for Zimbabwe, including from the African Development Bank.

Travelling to Zimbabwe were Mbuyami Matungulu who represents a constituency covering Burundi, Cameroon, Central African Republic, Chad, Congo and Democratic Republic of Congo); Judith Kateera representing Angola, Mozambique, Namibia and Zimbabwe; Kenyeh Barlay for Gambia, Ghana, Liberia, Sierra Leone and Sudan; Paal Bjornestad for Denmark, Finland, India, Norway and Sweden; Amod Kipronoh Cheptoo, for Eritrea, Ethiopia, Kenya, Rwanda, Seychelles, South Sudan, Tanzania and Uganda); and  Mmakgoshi Lekhethe, for Eswatini, Lesotho and South Africa.

Eugenio Paulo, Senior ED Advisor, and Josephine Ngure, Acting Director General (RDGS) also participated in the mission.

Figure 2:  bank Executive Directors; Mmakgoshi Lekhethe, Mbuyami Ilankir Matungulu, Kenyeh Barlay, Paal Bjornestad, Judith Kateera and Amos Kipronoh Cheptoo at Kopa Bridge over Rusitu River in Chimanimani.

Botswana: African Development Bank supports development finance agency BDC with $80 million Line of Credit

AfDB NEWS & EVENTS

25-Feb-2020

The African Development Bank and the Botswana Development Corporation (BDC) on Friday signed a Line of Credit (LOC) totaling $80 million to help scale up key investments in the southern African country.

BDC will on-lend to specific target groups, focusing on industrialization including manufacturing, transport and service sectors that have significant development impact.

Repayment will be over 10 years, including a two-year grace period.

Signing on behalf of the Bank, Mohamed Kalif, Manager, Financial Intermediation and Inclusion Division, said: “The African Development Bank is excited to collaborate with BDC to promote private sector development, as well as support broad-based economic growth in Botswana.”

Kalif noted that the facility is the largest to be extended to a financial institution in Botswana and that the Bank is very proud of its partnership with BDC, the country’s main development finance agency. The institution is also one of the largest investors and a key promoter of the country’s industrialization agenda.

This support will contribute immensely to BDC’s efforts to broaden access to credit for transformative sectors in Botswana, thereby contributing to building resilience and diversifying the Botswanan economy. The loan “will contribute positively to growing the manufacturing sectors as well as reduce funding constraints on local enterprises,” Kalif added.

The facility will also be used to promote private sector development and to foster broad-based economic growth through job creation, increased productivity and to enhance household incomes. It will complement the government of Botswana’s efforts to diversify, expand and transform the economy and support value chain projects that enhance regional economic activities.

The BDC, wholly owned by the state, was established in 1970 as a limited liability company. Its goal is to promote and facilitate the development of industrial, commercial, and agricultural enterprises in line with the government’s plan for economic development.  

The company is mandated to invest locally and outside of Botswana, linking local businesses with intra-Africa enterprises. It is a key player in the development of industrial parks and warehousing facilities to support industries and logistics enterprises.

The intervention by the Bank is well aligned with its flagship High Five priorities, in particular “Industrialize Africa”, and “Improve the quality of life for the people of Africa”, as well as the Bank’s Ten-year Strategy, which aims to assist African countries to attain inclusive growth and gradually transition to green growth.

Contact: 

First ALSF High-level Members Forum

AfDB NEWS & EVENTS

Event location: 

Abidjan, Cote d’Ivoire

What:	First ALSF High-Level Members Forum
When:	26 and 27 February 2020, 8.30am to 5pm
Where:	Hotel Radisson Blu, Abidjan, Côte d’Ivoire

The African Legal Support Facility (ALSF or Facility) will organize its first High-Level Members Forum, in Abidjan (Côte d'Ivoire) on the following theme: "ALSF Ten years after: Facilitating investment and maximizing resources for national development”

Thirty-four (34) delegations from African States, one non-African State, 4 international organizations confirmed their participation. On the margins of the event, the “ALSF Academy” will be hosting training sessions for at least forty-five (45) confirmed African Law firms and or Legal Counsels.

This High-Level Members Forum will be an opportunity for the ALSF Members to formulate recommendations on the future of the Facility.  

The forty-five African bar lawyers will take part in the two-day ALSF Academy training workshop in connection with the intervention sectors of the Facility:

• The sovereign debt: bond issues and financing agreements.
• The oil and gas sector: production sharing agreements and social and environmental considerations.
• The settlement of disputes: the management of disputes and the tools necessary for their resolution.

Practical sessions of negotiations in the mining sector and Public-Private Partnerships (PPP) as well as role plays will also be organized during this workshop.

During the High-Level Members Forum, an ALSF manual on sovereign debt will be also officially launched.

On 26th February, Mr. Godfred Penn, General Counsel and Director of Legal Services Department at the AfDB and Mr. Steve Karangizi, ALSF CEO and Director will deliver the welcome statements.

On February 27, the opening ceremony of the ALSF Academy training workshop will be pronounced by Mr. Charles Boamah, Senior Vice-President of the African Development Bank Group and Chairman of the ALSF Governing Council.

African Union Executive Council endorses African Development Bank President Adesina for second term

AfDB NEWS & EVENTS

25-Feb-2020

The Executive Council of the African Union has supported Dr. Akinwumi Adesina’s candidacy for a second term as President of the African Development Bank. 

The decision was taken during the thirty-sixth Ordinary Session of the AU Executive Council, held during the AU Summit in Addis Ababa, Ethiopia, 6-7 February 2020.

Adesina was elected to his first term as President by the Bank’s Board of Governors at its Annual Meetings in Abidjan on 28 May 2015. He is the eighth President of the African Development Bank Group and the first Nigerian in the post.

During his first term, the Bank’s shareholders approved a landmark $108 billion capital increase in late October. The increase in the capital base, from $93 billion to $208 billion, signaled strong support from the Board of Governors in the continent’s foremost financial institution.

Adesina is a renowned development economist who has held a number of high-profile international positions, including with the Rockefeller Foundation, and as Nigeria’s Minister of Agriculture and Rural Development from 2011 to 2015.

The African Union Executive Council comprises 55 ministers of foreign affairs representing the member states of the African Union.

In December 2019, the Economic Community of West African States (ECOWAS) also endorsed Adesina for a second term as Bank chief. The election will again take place at the Bank’s Annual Meetings in May in Abidjan.

Senegal: President Macky Sall receives the directors of the African Development Bank on a consultative mission in the country

AfDB NEWS & EVENTS

24-Feb-2020

The President of the Republic of Senegal, Macky Sall, received on Friday February 21 in Dakar, the administrators of the African Development Bank on the last day of their consultation mission in the country.

In the presence of the Minister of Economy, Planning and Cooperation, Amadou Hott, Governor of the Bank for Senegal, President Sall hailed the excellent relations between the Bank and Senegal, which began in 1972. "The support of the African Development Bank, our Bank, was decisive in phase 1 of the emerging Senegal Plan," he said. The most emblematic are the AIBD international airport, the regional express train, the city modernization program and the toll highway. "

President Sall said his government is spending $ 50 million a year on youth entrepreneurship to help tackle unemployment that affects this age group. He suggested assistance from the Bank for the establishment of an investment bank for youth employment across the continent. Job creation will also go through the agropoles, which will reduce post-harvest losses and losses of fruit production through storage and processing, he added.

Speaking of regional integration, "the connectivity infrastructure, especially the railways, will help give meaning to the continental free trade area (Zleca)," said President Sall. The African Development Bank is the bank of Africa. It is not just any bank: it is our bank! It must support the continent in its real problems and its real challenges. He also spoke of the "Sénégambie" bridge over the Gambia river and the Rosso bridge between Mauritania and Senegal, which will strengthen integration in the sub-region.  

In addition, the President of Senegal returned to the challenges of energy, in particular the energy transition, the objective being to reach 30% clean energy by 2021. He emphasized the optimism aroused by the “Desert to power” project led by the Bank.

Regarding the recapitalization of the Bank, President Sall claims to have personally supported it with President Donald Trump and Chancellor Angela Merkel. He also advocated for more private windows.

President Sall said he supported President Adesina's candidacy "because we are very satisfied with the work accomplished and we think that it deserves a second mandate". He took this opportunity to announce Senegal's candidacy to host the Bank's Annual Meetings in 2023, the year "when all the infrastructure will be ready to welcome the guests of Senegal".

The spokesperson for the delegation, Saïd Maherzi, then introduced the various Bank administrators present in Senegal and delivered a comprehensive account of the mission's activities. “We met a lot of partners, project agencies, representatives of civil society and the private sector. We were impressed by the dynamism and the results obtained on the ground. The cooperation between Senegal and the Bank is welcomed everywhere, ”he explained.

He also mentioned certain challenges to be met, in particular “the large share of the informal sector, the mobilization of internal resources, the efficiency in public spending. "

President Sall assured being aware of these challenges, by including the security question which “generates heavy expenses reaching more than 20% of the budget of certain countries. It is untenable! ", He concluded.

Ireland moves closer to becoming the 81st member of the African Development Bank Group

AfDB NEWS & EVENTS

24-Feb-2020

Ireland moved a step closer to becoming a member of the African Development Bank Group after a government delegation on Monday deposited ratification instruments during an official visit to the Bank’s Abidjan headquarters.

The delegation, led by  Paul Ryan, Director, International Finance Division of Ireland’s Department of Finance, included Patrick Mulhall and Renee Martin of the Department of Finance, and Laura Gibbons from the Department of Foreign Affairs and Trade.

“For us, it marks the final moments of our decision to become a member of the African Development Bank Group. It’s been a long road, but a very successful one. We are excited that we are at the end,” said Ryan after submitting the documents. “Africa has been one of our key targets for development cooperation, so joining the Bank gives us the opportunity to work with the continent and share knowledge in areas such as financial technology services, energy and climate change, among others ,” he said, indicating that Ireland would complete the process very shortly.

Ireland’s application to join the African Development Bank Group was approved during the Annual meetings of the Board of Governors of the Bank Group in Malabo, Equatorial Guinea in June 2019. Depositing the Instrument of Ratification of the Agreement Establishing the African Development Fund (ADF) marks an important step in the process, Vice-President for Finance, Bajabulile ‘Swazi’ Tshabalala noted.

“The participation of Ireland will provide many partnership opportunities for Africa’s development, particularly in the Energy, Climate Change and Agri-food sectors. Additionally, Ireland is now a knowledge economy, which we as a Bank, are looking at in terms of future development on the continent, “ Tshabalala added.

The group will spend the next two days in Abidjan to meet with various Bank departments and teams  and to learn more about the Bank’s operations and strategies.

The Bank’s Secretary General, Vincent Nmehielle and General Counsel, Godfred Penn welcomed the representatives and received the Instrument of Ratification, a major administrative step in admitting Ireland as a state participant in the African Development Fund. Director for Resource Mobilization and Partnerships, Désiré Vencatachellum and Victor Oladokun, Director of Communication and External Relations also participated in the meeting.

Ireland’s “Strategy for Africa to 2025” includes a commitment to collaborate with the key financial institution on the continent; as well as to explore new partnerships to support policy development and programme implementation; and deepen engagement in blended finance mechanisms for job creation.

Speaking at the meeting, Nmehielle noted that “Ireland is joining the African Development Bank Group at an opportune time. Its participation in the African Development Fund and membership of the African Development Bank will contribute to Africa’s socio-economic development. This is a welcome and timely addition to our efforts to help accelerate achievement of the UN Sustainable Development Goals and AU Agenda 2063 by African countries.”

The membership process for joining the Bank Group includes signing the Agreements establishing the Fund and Bank, deposit of the instruments of acceptance/approval of the Fund and the Bank agreements, and the payment of the initial subscriptions to the Fund and capital stock of the Bank.

The rules also require that a non-African country be a state participant in the ADF, the concessionary lending arm of the Bank, before becoming a member of the Bank. Ireland will become the 81st member of the Bank Group, once finalized.

Nigeria: All hands on deck to implement Special Agro-Industrial Processing Zones, says Minister Nanono

AfDB NEWS & EVENTS

21-Feb-2020

The African Development Bank, in collaboration with the government of Nigeria, has held a meeting with stakeholders to discuss details around Special Agro-Industrial Processing Zones in Nigeria.

A workshop was held in Abuja from 17 to 18 February to address the categorization and location of the SAPZs, which are meant to kickstart the agriculture sector.

Speaking at the event, Nigeria’s Minister for Agriculture and Rural Development, Alhaji Sabo Nanono, lauded the efforts of the African Development Bank and called for all hands to be on deck in the sustainable implementation of the initiative.

“I am proud that the SAPZ project is taking off, with strong collaboration with the African Development Bank. The project is indeed a promising one for the future of agriculture in Nigeria,” he said.

The well-attended forum presented all stakeholders with the opportunity to follow up on outcomes of previous design interventions. The workshop was attended, among others, by Afreximbank, the International Finance Corporation, the Food and Agriculture Organization, the Development Bank of Nigeria and the Small and Medium Enterprise Development Agency of Nigeria.

The Senior Special Adviser to the President of the African Development Bank, Oyebanji Oyeyinka-Oyelaran, outlined the strategy for Nigeria, saying it would focus on developing key value chains and select the most promising agricultural clusters.

“The strategy will also promote inclusivity, have a positive multiplier effect in the zones of influence, by increasing yields through the use of modern technologies – improved seed, fertilizers, mechanization, digitization, irrigation and maximize positive engagement of youth and women,” he said.

He further explained that value addition through better handling of post-harvest losses and processing of the commodities would be a key feature of this program in order to boost competitiveness.

Special Agro-Industrial Processing Zones are integrated development initiatives designed to concentrate agro-processing activities within areas of high agricultural potential to boost productivity, integrate production, processing and marketing of selected commodities.

These zones enable agricultural producers, processors, aggregators and distributors to operate in the same vicinity to reduce transaction costs and share business development services for increased productivity and competitiveness.

By bringing adequate infrastructure (energy, water, roads, ICT) to rural areas of high agricultural potential, SAPZs attract investments from private agro-industrialists/entrepreneurs to contribute to the economic and social development of rural areas.

“The establishment of SAPZs in Nigeria will boost the structural transformation of the economy by providing opportunities for public and private sector investment in agriculture,” said Ebrima Faal, Senior Director for the African Development Bank in Nigeria.

“When fully operational, the SAPZs will enhance national food and nutritional security, optimize the export of value-added agricultural commodities and improve the quality of livelihoods through wealth creation for rural farming communities,” he added.

Nigeria: All hands on deck to implement Special Agro-Industrial Processing Zones, says Minister Nanono

AfDB NEWS & EVENTS

21-Feb-2020

The African Development Bank, in collaboration with the government of Nigeria, has held a meeting with stakeholders to discuss details around Special Agro-Industrial Processing Zones in Nigeria.

A workshop was held in Abuja from 17 to 18 February to address the categorization and location of the SAPZs, which are meant to kickstart the agriculture sector.

Speaking at the event, Nigeria’s Minister for Agriculture and Rural Development, Alhaji Sabo Nanono, lauded the efforts of the African Development Bank and called for all hands to be on deck in the sustainable implementation of the initiative.

“I am proud that the SAPZ project is taking off, with strong collaboration with the African Development Bank. The project is indeed a promising one for the future of agriculture in Nigeria,” he said.

The well-attended forum presented all stakeholders with the opportunity to follow up on outcomes of previous design interventions. The workshop was attended, among others, by Afreximbank, the International Finance Corporation, the Food and Agriculture Organization, the Development Bank of Nigeria and the Small and Medium Enterprise Development Agency of Nigeria.

The Senior Special Adviser to the President of the African Development Bank, Oyebanji Oyeyinka-Oyelaran, outlined the strategy for Nigeria, saying it would focus on developing key value chains and select the most promising agricultural clusters.

“The strategy will also promote inclusivity, have a positive multiplier effect in the zones of influence, by increasing yields through the use of modern technologies – improved seed, fertilizers, mechanization, digitization, irrigation and maximize positive engagement of youth and women,” he said.

He further explained that value addition through better handling of post-harvest losses and processing of the commodities would be a key feature of this program in order to boost competitiveness.

Special Agro-Industrial Processing Zones are integrated development initiatives designed to concentrate agro-processing activities within areas of high agricultural potential to boost productivity, integrate production, processing and marketing of selected commodities.

These zones enable agricultural producers, processors, aggregators and distributors to operate in the same vicinity to reduce transaction costs and share business development services for increased productivity and competitiveness.

By bringing adequate infrastructure (energy, water, roads, ICT) to rural areas of high agricultural potential, SAPZs attract investments from private agro-industrialists/entrepreneurs to contribute to the economic and social development of rural areas.

“The establishment of SAPZs in Nigeria will boost the structural transformation of the economy by providing opportunities for public and private sector investment in agriculture,” said Ebrima Faal, Senior Director for the African Development Bank in Nigeria.

“When fully operational, the SAPZs will enhance national food and nutritional security, optimize the export of value-added agricultural commodities and improve the quality of livelihoods through wealth creation for rural farming communities,” he added.

The African Development Bank trains its representatives on the boards of directors of companies and financial institutions

AfDB NEWS & EVENTS

21-Feb-2020

The African Development Bank organized, at the beginning of February in Abidjan, a training session for the benefit of its representatives on the boards of directors of companies and national, regional and continental financial institutions.

This training on corporate governance and financial institutions was led by the Bank department in charge of non-sovereign operations and support to the private sector (PINS).

A total of 26 Bank employees who sit on boards of directors or who are involved in the governance system of Non-Sovereign Operations took part in this session provided by the firm Avanz Capital and Mosaic Africa.

“The training was timely, the content was relevant and the participation interactive, inspiring. Adopting best corporate governance practices is essential for success in both the private and public sectors, ”said Henry Paul Batchi Baldeh, one of the participants.

The training workshop enabled them to examine questions related to the representation of investors in the governance bodies of financial institutions and companies, to the roles and responsibilities of the members appointed by the Bank on the boards of directors in order to allow the value of their contributions to be maximized without going beyond their responsibilities.

They were introduced to the corporate governance structures, their roles and functions. These include general meetings of shareholders, boards of directors, board committees, the general secretariat, executive bodies and external and internal auditors.

The session also addressed the corporate governance code, the code of ethics, the problems of governance of international financial institutions (IFI), with the specific case of commercial banks.

Case studies allowed for rich discussions and an interesting sharing of experiences.

The workshop was found to be very useful, especially for new board members. They took the opportunity to ask all the questions useful for the accomplishment of their future missions.

African Development Bank issues call to strengthen fertilizer value chains at Argus Africa Fertilizer Conference

AfDB NEWS & EVENTS

21-Feb-2020

The African Development Bank urged development finance institutions, NGOs, farmer cooperatives, and the private sector to develop more effective financing solutions for Africa’s fertilizer value chains. The Bank’s call to action came during the Argus Africa Fertilizer Conference held on 19 February. The conference’s theme was Supporting the fertilizer value chain to improve agricultural productivity and economic growth in the region.

“Appropriate investment and financing of the entire fertilizer value chain has become a precondition for achieving our continental objectives in the area of agricultural development,” said Marie-Claire Kalihangabo, coordinator of the Africa Fertilizer Financing Mechanism, during a forum on the side-lines of the Conference.  

AFFM is a Fund managed by the African Development Bank to accelerate agriculture development in line with the Bank’s High-5 priority, Africa Food Security Vision, the Sustainable Development Goals and the African Union’s Agenda 2063.

Bank and AFFM staff presented tools and strategies to remove pain points in the fertilizer value chains of African countries, including fertilizer guarantee instruments, loans to support fertilizer production, as well as access to inputs like seeds and crop protectants.

“The success of Africa’s agriculture agenda requires a synergistic approach that will bring down barriers and silos that are still hampering the development of the fertilizer sector in Africa,” said Mahamadou Nassirou Ba, Economic Affairs Officer at the United Nations Economic Commission for Africa.

Participants also discussed the need for closer cooperation between development partners and commercial banks to create exclusive fertilizer financing opportunities throughout Africa and bolster small and medium enterprises in the fertilizer sector. SMEs are thought to represent the key to providing smallholder farmers with quality fertilizer.

Edward Mabaya, Manager of the Bank’s Agribusiness Development Division said digital solutions like the e-wallet in Nigeria could play a more significant role in revitalizing and connecting the fertilizer supply chain. “The digital transformation can greatly help actors of the fertilizer value chain to streamline their processes and achieve better results.” Mabaya said during the AFFM’s forum.

The Forum provided an opportunity for Mali to showcase how effective public-private collaboration and better organization of value-chain actors helped raise the country’s fertilizer use to 50kg of nutrients per hectare. In achieving this, the country met a target set in the 2006 Abuja Declaration on Fertilizer for the African Green Revolution.

“The success story of Mali’s fertilizer expansion is partly due to the presence of inter-professional committees per crop,” said Oumar Guindo, General Manager of the Toguna Agro Industries, a fertilizer company based in Mali.

Senegal: the directors of the African Development Bank listening to civil society and the private sector.

AfDB NEWS & EVENTS

21-Feb-2020

The directors of the African Development Bank met this Thursday with stakeholders from the private sector and Senegalese civil society.

The first exchanges took place, among others, with the National Confederation of Workers of Senegal - Forces du Change (Cnts-Fc), the Council of NGOs for Development (Congad), the National Youth Council and organizations of people with disabilities.

Pape Diallo, of the commission for monitoring public policies, called on the Bank to support the revival of the railway in favor of economic growth and the connection of territories, the development of schools, the creation of jobs and the socio-economic conditions of vulnerable groups.

The president of the federation of disabled people, Yatma Fall, wanted the ergonomics of the infrastructures financed by the Bank to take better account of their mobility difficulties. The demand for more jobs for young people was brought by the representative of the National Youth Council, in line with the “Jobs for young people” program of the Bank within the strategic framework of “High 5”.

The spokesperson of the administrators, Saïd Maherzi, hailing the richness of the interventions, acknowledged that taking disability into account in projects was very important. "The Bank organized the Civil Society Forum" for better dialogue and so that "people affected by the projects have a recourse mechanism," explained the administrator, Catherine Cudré-Mauroux.

In a second discussion, representatives of the private sector called in particular for more accessible information on the financing possibilities offered by the Bank. The private sector was represented, among others, by the Mouvement des entreprises du Sénégal (Meds), the National Employers Council of Senegal and a women-owned investment fund, Women investment capital (WIC). The president of the High Council for Social Dialogue, Innocence Ntab Ndiaye, was also present.

The representative of WIC praised the AFAWA initiative for the financing of women while Mor Talla Kane, executive director of CNES recognized "all the efforts made by the Bank for the accompaniment of States" as well as "the quality of the studies which are used by private actors ”.

Bank Executive Director for West Africa, Marie-Laure Akin-Olugbare, noted that the Bank regularly organizes seminars on business opportunities for the private sector. The opportunities offered by the Africa Investment Forum and the Bank's guarantee mechanism were also presented.

Directors also highlighted the role of the Senegalese private sector in creating jobs for young Africans, taking into account the needs of a healthy business environment and support.