Gabon and the African Development Bank launch renovation work on the drinking water network in Grand Libreville

 AfDB NEWS & EVENTS

01-Apr-2021

The Prime Minister of Gabon, Mrs. Rose Christiane Ossouka Raponda, and the director of the country office of the African Development Bank in Gabon, Robert Masumbuko, proceeded, Wednesday, March 31 in Libreville, to the laying of the first stone marking the beginning rehabilitation and extension work on the drinking water network in Greater Libreville, which is home to more than half of the country's population, ie 300,000 inhabitants.

The Libreville Integrated Drinking Water Supply and Sanitation Program (PIAEPAL) is funded to the tune of CFAF 75 billion (€ 114.5 million) by the Bank. Its objective is the construction of 300 kilometers of drinking water network in Greater Libreville, an urban area which includes the intramural capital and the municipalities of Oweno, Akanda, and Ntoum.

“The government is working to improve the living conditions of its populations. It is a firm instruction from the Head of State (Ali Bongo Odimba) ”, declared Ms. Ossouka Raponda, head of the Gabonese government.

"With the implementation of this project, the African Development Bank is positioning itself firmly by your side in achieving this major objective of improving the quality of life of the inhabitants of Greater Libreville," said Robert. Masumbuko. The days are approaching when all the inhabitants of Greater Libreville will have a supply of tap water, in sufficient quantity and at an affordable price (...) The populations, in particular the women, will no longer wait for hours, at night, for themselves. stock up. "

According to Robert Masumbuko, the African Development Bank is aware of the fact that the water problem in Gabon goes beyond the framework of Greater Libreville alone. In other cities such as Lambaréné, Franceville, Oyem, Makokou, there is also a problem of access to drinking water from the tap. "Rest assured, Madam Prime Minister, that the Bank will also be present for these future projects", he added, in the presence of the project manager, Bruno Zali Zali, and the mayors of the communes of Libreville, Oweno and Akanda. .

Gabon has a considerable potential of water resources estimated at 170 billion m3 per year and has one of the highest levels of annual water resources per capita, around 127,825 m3 per year. However, the country has a significant infrastructure deficit for mobilizing these resources intended to meet all the essential needs of Gabonese. In fact, less than 55% of Gabonese have access to drinking water in urban areas. In rural areas of the country, the rate of access to this basic service is even lower, less than 40% of the population.

Transforming the landscape for African women entrepreneurs

 AfDB NEWS & EVENTS

• "Women are the heart of our economy and key to building a more resilient, inclusive and prosperous society across the continent amidst the global pandemic." -Vanessa Moungar

31-Mar-2021

This month, known to many as International Women’s Month, the African Development Bank Group continues to put a spotlight on women-led businesses and financial institutions set to support them.

The business experiences of African women running small and medium-sized enterprises, as well as financial institutions supporting them, were the subject of an online event held on 8 March 2021, by the African Development Bank and the African Guarantee Fund.

The businesses are all clients of financial institutions participating in the Affirmative Finance Action for Women in Africa (AFAWA) Guarantee for Growth program.

The program is a tri-pillar innovation that aims to unlock up to $3 billion in loans to small and medium enterprises in the next five years. Working through financial institutions, the program addresses the financial and non-financial needs of small and medium enterprises by offering access to finance and technical assistance to enhance their bankability and ability to grow profitable and sustainable businesses.

"Women are the heart of our economy and the keys to building a more resilient, inclusive and prosperous society across the continent amidst the global pandemic," said Vanessa Moungar, the Bank’s Director for Women, Gender and Civil Society, in her welcoming remarks to over 400 online participants.

Participants included women entrepreneurs, women-led business support organizations, development partners, financial institutions, civil society and government stakeholders.

"For my company, I had to borrow collateral to access my first loan, which allowed me to establish Ashleys," said Terry Mungai, CEO of Ashleys beauty and hair care franchise, financed by Equity Bank in Kenya.

Unpacking the obstacles to women’s financing, offering solutions

Business and banking leaders said the Covid-19 crisis had exacerbated existing gender inequalities – further limiting women’s ability to take advantage of equitable economic opportunities.

Financial institutions’ representatives taking part in the webinar included: Mary Wangari Wamae, Executive Director responsible for subsidiary oversight at Equity Bank Kenya; and Etienne Mabunda, Commercial Director at Rawbank.

"Our approach is based on designing tailored lending programs with a social support system for which women don't need collateral. The reality is that women customers are excellent payers. With the AFAWA guarantees, we are more confident to continue giving them loans to expand their businesses," Wamae said.

Helen Walbey, Head of Gender and Inclusive Business at the Alliance for Financial Inclusion said it was important to have a supporting enabling environment. "There is an urgent need to listen to women entrepreneurs, as well as to educate Banks and governments on women's market realities," she added.

"Financial institutions are regulated and expected to work with formal entities. Through the AFAWA regulatory environment framework, the program will work with governments on finding ways to transition women who are in the informal sector to the formal sector, to enhance their ability to access the financing they need," said Esther Dassanou, AFAWA’s Manager.

Mbuaya Kalenga Madhy, who heads a semi-industrial sewing company, Mwinda M Establishments, transitioned from the informal to formal sector. "To all African women, don't hesitate to start the business of your dream. You can do it too," she said.

Program participant Bijou Esther Monga Ilunga Kazadi, who owns Big Five Lodge Establishments in the Democratic Republic of Congo, said banks were starting to create financial products that are adapted to women's SMEs. "And my dream is to see more women-owned entrepreneurs in Africa taking advantage of them," she said.

The AFAWA Guarantee for Growth program is supported by the Group of Seven (G7) countries, as well as by the Netherlands and Sweden.

Watch the recorded full event here:

Watch The AFAWA Guarantee for Growth video here:

African Development Bank brings graduates one step closer to helping their countries access climate finance

 AfDB NEWS & EVENTS

31-Mar-2021

Seventy-four trainees from 26 African countries will join the continent’s community of climate finance experts after successfully completing a training program through the African Development Bank. Eighteen of the 74 graduates who emerged as top achievers qualified as trainers and will continue to build capacity across the continent.

The “training of trainers” program empowered trainees to design proposals that will enable them to access climate finance from the Green Climate Fund (GCF) and teaches them to pass on their skills to others. The 120-hour training program was conducted virtually in three languages: English (45 participants), French (19 participants) and Portuguese (10 participants).

Desire Nemashakwe, a trainee from Zimbabwe, remarked: “The course has boosted my knowledge and skills and understanding of the GCF and how to develop project proposals for GCF funding. I was a consultant for the Government of Zimbabwe on the GCF Readiness programme and managed to lead in the development of the Country Programme and two readiness project proposals. I have been strengthened in my skills to develop proposals which target GCF resources.”

Inadequate access to climate finance remains a major impediment to implementing Africa’s Nationally Determined Contributions (NDCs), a requirement of the Paris climate agreement, partly because of a lack of capacity within national institutions to design project proposals that meet the requirements of global climate funds such as the GCF. The new graduates said they were eager to fill this capacity void by applying the knowledge acquired through this program. Their skills will be relevant to a wide range of actors, including project developers, development institutions and national focal points for all the climate and environment funds.

The training of trainers program complements ongoing work by the African Development Bank to enhance the capacity of African countries to access GCF resources through small grants from the Africa Climate Change Fund.

“The African Development Bank has prioritized inclusive green growth in the delivery of its flagship agenda, the High 5 strategic priorities, and has pledged to scale its climate finance to $25 billion up to 2025. Innovative continental interventions such as Desert to Power, the Great Green Wall Initiative, the Africa Adaptation Acceleration Program, aimed at lifting millions out of poverty while protecting nature, require long-term concessional finance. For regional member countries, acquiring the capacity to design and implement climate projects is a step in the right direction,” said Gareth Phillips, Manager for Climate and Environment Finance at the African Development Bank.

The training was implemented by the Climate Change and Green Growth Department of the African Development Bank, with funding from the Korea-Africa Economic Cooperation Trust Fund (KOAFEC); and conducted by One World Sustainable and CapNet.

Lagos Assembly committee Tasks LG Chairman on council chamber, commends others over performance

Temitope Musowo,Lagos

Chairman of the Lagos State House of Assembly Committee on Local Government and Community Affairs, Hon. Abdulsobur Olawale Olayiwola has urged the chairman of Ikoyi/Obalende Local Council Development Area (LCDA), Hon. Fuad Atanda-Lawal to provide a conducive chamber for the council's legislators.

Hon. Olayiwola spoke during the continuation of the committee's visit to Local Government and LCDAs in the state on Friday, 12th March, 2021.

The Committee Chairman and members of the committee observed that the council chamber lacked proper furniture and ordered the chairman to provide a befitting chamber for the councillors and make provision for a gallery.

The lawmaker stated that the committee embarked on the visit to feel the pulse of the staff and the councils to see what is going on in the various councils and chart the way forward.

Olayiwola however, commended the chairmen of the three councils visited during the tour; Lagos Island LG, Lagos Island East LCDA and Ikoyi/Obalende for bonding with the staff and politicians in the councils.

"Well appreciate the relationship between the management and the councillors and for taking care of the workers. 

"We are here to see some of the projects the councils have done, the ones they have completed and the ones that have not been completed

"It has been a busy and hectic day, but we thank God that we went to three local government and LCDAs today. 

"We went to Lagos Island, Lagos island East LCDA and Ikoyi/Obalende LCDA. We are satisfied with Labour/Management Relationship in the councils. It is very cordial and we are happy as we were informed that what exists between labour and management in the councils is congenial. 

"The councils have really worked hard and it showed that the dividends of democracy is being felt by the people because we visited some project sites in the councils. The various works they are doing in the local governments are encouraging," he said.

In his response, the Chairman of Lagos Island Local Government, Hon. Tijani Adetoyese Olusi said that the visit would encourage the council chairmen to do their work.

Tijani stressed that his government has given the people of the area the dividends of democracy and gave an instance of Aroloya Street that was tarred in the area.

This was corroborated by the Chairman of Lagos Island East LCDA, Hon. Kamal Olawale Salau-Bashua, who said that the visit would make them to be on their feet and that it was meant for checks and balances, saying that this was what governance was all about. 

In his comment, the Chairman of Ikoyi/Obalende LCDA, Hon. Fuad Atanda-Lawal said that what the committee did was an oversight function to see how government funds were being utilized. 

"We need this kind of visit for the people to feel the impacts of the government. 

"The committee has been to one of our Primary Health Care Centres and they have seen that the local government has done well. We can do more for the people. I want to appreciate the chairman of the committee and the members for visiting our local government, he said.

Other lawmakers on the tour were Hon. Rauf Age-Sulaimon (Amuwo Odofin 2),  Hon. Rasheed Makinde (Ifako/Ijaiye 2), Hon. Nurein Akinsanya (Mushin 1) and  Hon. Kehinde Joseph (Alimosho 2).

Lagos Assembly Committee Commends Council Chairmen On Infrastructural Development

Temitope Musowo

The House Committee On Local Government and Community Development of the Lagos state House of Assembly, has commended the Executive Chairmen of Surulere local government, Mr Tajudeen Ajide, Coker/Aguda LCDA, Alhaja Omobolanle Akinyemi-OBE and Itire/Ikate LCDA, Mr Ahmed Apatira, on infrastructural development in their councils.

The committee made the commendation while on oversight tour to Surulere, Coker/Aguda and Itire/Ikate local governments on Thursday.

After inspecting the various projects executed by the Council Chairmen, the Chairman of the House Committee, Hon. Abdulsobur Olawale, said that the committee was surprised with the high level of developmental projects and its quality, saying that the committee noticed a symbiotic relationship between the councils executives and their councillors.

Olawale said that the committee was pleased with how the welfare packages of the councillors were structured, adding that there was a smooth relationship between the labour union and the chairmen of the councils.

He added " In every local government, Labour is the engine room. They are the one who ensure the smooth running of the local government and what we met was very encouraging.

" Lastly, the various projects we inspected were well structured and of quality. We inspected roads constructed at Surulere LGA. At Coker/Aguda, we visited the vocational centre and in Itire/Ikate, we visited Ikale street. By and large, it was a good experience".

Speaking separately with journalists, the Council Chairmen, said that the oversight tour would put them on their toes to do more for the people in their local governments, saying that it let them know that every money spent on projects would be accounted for.

In his comments, the Chairman of Itire/Ikate LCDA, Mr Ahmed Apatira, said that the tour would make council chairmen to do the right thing and to correct where there were mistakes, adding " It is to put us on our toes. It also let us know that public fund is not something you can just deep your hand into, you have to be accountable for  whatever you use the fund for".

The Chairperson of Coker/Aguda LCDA, Alhaja Omobolanle Akinyemi-Obe, said that the visit was insightful and that the committee was particular about ensuring socio-welfare was provided to the staff and the councillors.

Akinyemi-Obe said that it was an eye opener for council chairmen in the state to know where they had erred, saying " Nobody is an island of knowledge ".

Also, the Executive Chairman of Surulere local government, Mr Tajudeen Ajide, said that it was good that the committee was on the tour to know local governments that were performing, assuring that the primary health centre he was building would be completed by April.

African Development Bank to launch African Economic Outlook 2021

 AfDB NEWS & EVENTS

What:	Virtual launch of the African Economic Outlook 2021
Who:	The African Development Bank, with President Akinwumi A. Adesina and Prof. Joseph Stiglitz
When:	Friday, 12 March 2021, 14.00 - 16.30 GMT
Where:	Virtual

 

The African Development Bank will launch its 2021 African Economic Outlook on Friday, 12 March 2021. The theme of this year’s report is From Debt Resolution to Growth: The Road Ahead for Africa, which examines Africa’s growth performance and outlook and presents the socio-economic impact of the COVID-19 pandemic.

Africa is projected to recover in 2021 from its worst economic recession in half a century, but the continent still faces significant challenges related to COVID-19 vaccinations and debt burdens. One of the most significant consequences of the COVID-19 pandemic has been a rise in the borrowing needs of African governments to cover expenditures induced by the health crisis.  

The launch will be attended by African Development Bank President Akinwumi A. Adesina, Nobel laureate Prof. Joseph Stiglitz, government ministers and Governors of the Bank, representatives of the diplomatic corps, researchers and industry experts.

Following a presentation on the African Economic Outlook, a panel of senior policymakers, sovereign debt experts and private sector practitioners will discuss the report and present their views. Panelists will focus on helping African countries build back better from the crisis and manage debt vulnerabilities.

The African Economic Outlook is the Bank’s flagship tool for economic intelligence, policy dialogue, and operational effectiveness. The report is read widely by policymakers, academics, investors, development practitioners and the media.

Fashionomics Africa Webinar Series Episode 6 - African Continental Free Trade Area: Opportunities for Fashion Entrepreneurs

 AfDB NEWW & EVENTS

What:	Fashionomics Africa Webinar Series, Episode 6
Who:	Gender, Women & Civil Society Department of the African Development Bank in partnership with the African Export-Import Bank (Afreximbank)
When:	Friday, 26 February 2021, 12.00 to 14.00 GMT
Where:	Online via Zoom – Click here(link is external) to register

 

The Gender, Women and Civil Society Department of the African Development Bank Group, in collaboration with Afreximbank, will on Friday, 26 February 2021, host the sixth episode of the Fashionomics Africa(link is external) Webinar Series.

The webinar, themed African Continental Free Trade Area: Opportunities for Fashion Entrepreneurs, will discuss this pioneering agreement, which holds enormous opportunities for the continent's prosperity.

The African Continental Free Trade Area came into force on 1 January 2021, with 54 signatory countries, many of which are garment-producing countries such as Egypt, Ethiopia, Kenya, Lesotho, Madagascar, Mauritius, Morocco, South Africa and Tunisia.

The audience will gain insights from the experts on the opportunities that this agreement presents for the creative industries, particularly the fashion sector in Africa.

The panelists are:

• Francis Mangeni, Head of Trade Promotion and Programs, African Continental Free Trade Area
• Barnabas Jatau, Head of Cotton, Textile and Garment Sector (apparel and fashion), Federal Ministry of Industry, Trade and Investment of Nigeria
• Laduma Ngxokolo, Founder and Creative Director, Maxhosa Africa
• Mahlet Afework, Founder and Creative Director, MAFI MAFI

Investing in local production capacity to keep Africa’s fashion industry alive

 AfDB NEWS & EVENTS

19-Feb-2021

Emanuela Gregorio, coordinator of the African Development Bank’s Fashionomics Africa initiative, recently sat down with Alan Kasujja, the presenter of BBC’s Africa Daily podcast, to discuss how the Bank is boosting the continent’s fashion industry.

The two also discussed the impact of second-hand clothing on local industries. Gregorio said investing in production capacity is crucial for the industry’s survival.

Launched in 2015, Fashionomics Africa promotes investment in the textile and fashion sector by leveraging data, information and communication technologies as drivers of development. It aims to increase entrepreneurs’ access to finance while nurturing the business skills and digital tools for start-ups as well as micro, small and medium-sized enterprises (MSMEs).

We invite you to attend the upcoming Fashionomics Africa webinar, which will explore the opportunities the African Continental Free Trade Area offers African fashion entrepreneurs.

African Development Fund: Japan, African Development Bank Group, sign JPY 73.6 billion loan agreement

 AfDB NEWS & EVENTS

The Japan International Cooperation Agency (JICA) and the African Development Fund (ADF) – the concessional arm of the African Development Bank Group – on Tuesday signed a loan agreement of 73.6 billion Japanese yen ($668.1 million) to support the 15th replenishment of the African Development Fund (ADF-15).

During a virtual ceremony, African Development Bank Group President Dr. Akinwumi A. Adesina and Japanese Ambassador to Côte d’Ivoire Kuramitsu Hideaki signed an Exchange of Notes, while the loan agreement was signed by the JICA Chief Representative in Côte d’Ivoire, Fujino Kojiro, and Acting African Development Bank Group Senior Vice President Swazi Tshabalala, in her capacity as Chief Financial Officer.

The concessional donor loan will support the 15th replenishment of the African Development Fund, approved in December 2019 by ADF donor countries. JICA is extending the loan – the largest to ADF-15 – on behalf of the Government of Japan.

Ambassador Kuramitsu Hideaki, whose country has been the fifth-largest contributor to the ADF in cumulative terms, said the loan formed part of Japan’s commitment to promote industrial human resource development, innovation and investment, and to invest in quality infrastructure to enhance connectivity, expressed at the TICAD 7 conference in August 2019. At the same conference, Japan also announced that it would contribute to phase 4 of the Enhanced Private Sector Assistance Initiative (EPSA), a joint flagship project with the Bank.

“I sincerely hope that this loan in yen will allow the (African Development Fund) to execute concessional financing and grants for African countries facing emerging challenges caused by COVID-19 and contribute to the economic and social development of these countries,” he said.

JICA President Kitaoka Shinichi said: “The COVID-19 crisis has accelerated global structural changes. Africa is still in the midst of this crisis, facing serious challenges from coronavirus variants and the cold storage requirements for vaccines. Only a united Africa can defeat this threat to humanity. We should not allow this virus to jeopardize the steady progress of freedoms, independence and democracy that African countries have made so far. I firmly believe that today’s contribution to ADF-15 will further boost our cooperation with African countries and strengthen our partnership with the African Development Bank Group.”

Mimura Atsushi, Deputy Director-General/ADF Deputy, International Bureau, Ministry of Finance Japan, said: “The African Development Fund is a key source of financing for Africa’s low-income countries heavily affected by COVID-19. The Yen Loan we are providing today has a higher grant-element compared to the Yen Loan provided for the last ADF replenishment, with a lower interest rate and longer maturity. Going forward, I would like to see our partnership further developed with the African Development Bank Group.”

Dr. Adesina highlighted the African Development Bank’s long-standing partnership with the Government of Japan, including the Enhanced Private Sector Assistance Initiative, which was launched in 2005. As of February 2021, Japan’s total contribution to the initiative amounts to $4.6 billion.

Adesina pointed out that Japan’s concessional donor loan was almost 10% of the total ADF-15 resources of $7.5 billion. “This is a continuation of the strong leadership role of Japan in providing concessional loans to the African Development Fund. Japan was the largest provider of concessional donor loans to the African Development Fund’s 15th replenishment, just like Japan was also under the African Development Fund’s 14th replenishment,” he said.

“Japan continues to add great value to the overall replenishment cycles of the African Development Fund,” Adesina said, adding that the latest loan “will greatly boost the liquidity of the African Development Fund and allow us to ramp up much-needed support to the ADF countries…especially now at this critical time when they are struggling to cope with and recovery from the COVID-19 pandemic.”

By the end of the ADF-15 period (2020-2022), it is expected that the ADF’s projects will have changed the lives of millions of Africans. Up to 28,000 km of new or improved power distribution lines will have been installed, around 9 million people will have improved access to water and sanitation and up to $1.6 billion of turnover will have been generated from investments in micro, small and medium-size enterprises.

The fifteenth replenishment of the ADF will deliver investments to support Africa’s poorest countries in building economic resilience and reducing systemic vulnerability. It will pay special attention to gender equality, climate change, the private sector, and promoting good governance principles, while emphasizing two Strategic Pillars: sustainable and quality infrastructure that bolsters regional integration; and governance and institutional capacity development to boost decent job creation and inclusive growth.

The African Development Fund is made up of 32 contributing states. It benefits 37 countries, including fragile states that need special support to ensure basic service delivery, and countries that in recent years experienced higher growth rates. The Fund’s resources are replenished every three years.

Sahel: the African Development Bank supports the region facing multidimensional challenges

 AfDB NEWS & EVENTS

The African Development Bank has become, thanks to its many actions with transformative effects, a trusted partner of the Sahel countries facing enormous challenges. Support for the Sahel region responds to the priorities set by the Bank for this region, which relies on its significant opportunities to help realize its development potential.

Over the years, the Bank has broadened its scope and adapted its intervention to the needs of the region. The priority areas of the Bank's engagement in the Sahel are as follows: resilience and the fight against fragilities, infrastructure development, food security, youth employment, women's empowerment, adaptation to climate change, aid to refugees, governance, integration region and fight against the coronavirus.  

The Bank Group has thus provided sustained and diversified support in recent years to development programs in Sahelian countries. As of September 30, 2020, its portfolio in the G5 Sahel countries comprised 105 projects for total commitments of $ 3.2 billion.

In response to the Covid-19 pandemic, the Bank has helped these countries mitigate the health, social and economic consequences, and supported their economic recovery plans. Thus, the Bank granted targeted emergency budget support of US $ 285 million as well as a grant of US $ 20 million to Burkina Faso, Mali, Mauritania, Niger and Chad.

The African Development Bank is a founding member of the Sahel Alliance(link is external), with the World Bank, the European Union, the United Nations Development Program, France and Germany. The Sahel Alliance, which receives decisive support from the Bank, pursues the objective of providing an appropriate and effective response in six priority sectors, in particular: "education and youth employment", "agriculture, rural development, food security" , “Energy and climate”, “internal security”.

The Bank's contributions relate in particular to the financing of the Priority Investment Program (PIP) drawn up by the Executive Secretariat of the G5 Sahel.

In September 2019, the President of the Bank, Akinwumi Adesina, launched, during the summit of the heads of state of the G5 Sahel in Ouagadougou, the initiative “Desert to power” (from the desert to energy), which aims to produce 1.1 gigawatts of solar power by 2030 to provide electricity to 250 million people in nine Sahelian countries.

As part of supporting fragile states, the African Development Bank is supporting the implementation of important transformative programs. In Niger, the Bank is contributing US $ 130 million to the flagship Kandadji dam construction program, for which it is the lead partner for technical and financial partners. With a global cost of approximately US $ 1.2 billion, Kandadji is an integrated and strategic program of national and cross-border scope. The program will transform the lives of more than three million direct beneficiaries and contribute to a marked improvement in the living conditions for ten million people.

In Mali, the Bank is financing the Support Project for the Socio-Economic Reinsertion of the Populations of Northern Mali (PARSEP-NM) , plans to reach 635,000 people, for a total investment of 8.5 billion CFA francs.

The economy of the Sahel is regularly confronted with the effects of climate change with droughts and floods which undermine the means of subsistence of the populations and further accentuate the already precarious living conditions. This situation fuels community conflicts, migration, and is the bedrock of terrorism, maritime piracy and trafficking of all kinds. Young people, faced with inactivity, are particularly exposed to these scourges. To help the countries of the region face these challenges, the Bank has allocated more than $ 2.1 billion over the past ten years to support the activities of the Inter-State Committee for Drought Control in the Sahel (CILSS), including the G5 Sahel countries.

Through the strategy to combat fragility and strengthen resilience in Africa and the Transition Support Facility (TAF) as a financing instrument, the Bank will continue to make the Sahel a priority, by increasing its assistance to countries fragile areas. It is about strengthening their resilience, laying the foundations for lasting peace, and achieving the dual strategic objective of inclusive and green growth and the reduction of extreme poverty. The Bank works for a prosperous, stable and resilient Sahel.

Appointment Announcement: Mr. Ifedayo Orimoloye as The Group Chief Risk Officer

 AfDB NEWS & EVENTS

The African Development Bank Group is pleased to announce the appointment of Mr. Ifedayo Orimoloye as the Group Chief Risk Officer, effective 1 April 2021.

Ifedayo, a US national, brings over 20 years of risk management and corporate finance experience from international and diverse financial institutions in Africa, Europe and North America.

As Bank Group Chief Risk Officer, Ifedayo will lead the preparation and implementation of strategic plans within the Bank’s overall risk management framework, including the Bank’s risk appetite statement, credit risk, operational risk and market risk guidelines, policies and procedures.

Ifedayo, who holds an MBA (Finance) from California State University, started his banking career with Wachovia Bank in 1995 in corporate finance and later moved to senior risk management roles at Citibank, HSBC and Wells Fargo Bank.

Between 2010 and 2017, Ifedayo was the Group Chief Risk Officer at Ecobank Transnational Incorporated, the continent’s largest pan-African banking group, where he provided oversight of risk-taking activities in the 40 African countries and other regions where Ecobank has a presence. Furthermore, he provided the Board of Directors with independent assessments of all sovereign, sub-sovereign and non-sovereign default risks, including the establishment of sectoral, country and cross-border limits on risk assets of $24 billion.

He joined Sterling Bank in 2018 as Chief Risk Officer, a role he positively transformed by implementing a strong framework that ensured rigor in the application of group-wide risk management policies and practices. He also embedded independent oversight and guidance for managing risk and ensuring compliance, including the development and implementation of risk and capital management measures across the organisation.

Ifedayo said he was excited to join the talented senior management team that President Akinwumi A. Adesina has been attracting to the Bank. “I am passionate about the Bank’s development agenda that has attracted global attention as bold and innovative for accelerating Africa’s development. The African Development Bank Group already has a globally acclaimed and high-performing risk management team. I am honored to join to lead the outstanding team to further achieve accelerated development in Africa.”

Commenting on the appointment, President Adesina said: “I am delighted to appoint Ifedayo to lead the Bank’s risk management function. His hands-on risk management experience will be key in safeguarding the Bank’s financial integrity and in providing leadership on all core risk management activities of the Bank. Ifedayo is a respected professional, with a solid track record in risk management and his experience in Africa, Europe and North America, will help to further strengthen the Group’s risk management function.”

KIX Observatory: ADEA and AU-CIEFFA launch a brief on teacher and learner well-being amid the COVID-19 pandemic

 

AfDB NEWS & EVENTS

12-Feb-2021

The Global Partnership for Education (GPE)(link is external) Knowledge and Innovation Exchange (KIX) Observatory on COVID-19 Responses in Educational Systems in Africa, a consortium that includes the Association for the Development of Education in Africa (ADEA(link is external)), has released its first brief, which promotes evidence sharing about policy and education interventions as well as targeted recommendations in response to the COVID-19 pandemic.

The brief, titled Teaching and Learner Well-Being during the COVID-19 Pandemic, focused on these two specific aspects of the COVID-19 crisis. Since mid-March 2020, according to UNESCO, the COVID-19 pandemic has affected an estimated 1.6 billion learners worldwide due to global school closures.

The KIX Observatory, launched in November 2020, collects, synthesizes, and mobilizes evidence about COVID-19 responses in primary and secondary education in Africa, pertaining to the operation of education systems and the well-being of learners.

The observatory is a consortium of ADEA and the African Union’s International Centre for Girls’ and Women’s Education in Africa (AU/CIEFFA(link is external)), with technical support from the African Population and Health Research Centre (APHRC(link is external)), and the UNESCO Institute for Statistics (UIS(link is external)).

200 Days Countdown Event to the 2021 World Forestry Congress

 

AfDB NEWS & EVENTS

• Forests are at the heart of a green recovery from the COVID-19 pandemic

23-Nov-2020

Forests are at the heart of a green recovery from the COVID-19 pandemic – that was the key message that emerged in the 200 Days Countdown Event to the 15th World Forestry Congress.

The event, organised on 9 November by the Korea Forest Service, sought to draw international attention to the upcoming 2021 Congress in Seoul, themed, “Building a green, healthy and resilient future with forests”.

In a video message,(link is external) former United Nations Secretary-General Ban Ki-moon urged nations to “take decisive action” on climate change, which is fuelled by forest destruction. He noted that “COVID-19 may be one of nature’s responses to the climate crisis.”

In his opening ceremony(link is external) remarks Park Chong, the Minister of the Korea Forest Service, said: “Forests can be an imperative solution to the climate crisis…The world should work together to achieve sustainable development.”

Julius Chupezi Tieguhong, Chief Forestry Officer of the African Development Bank’s African Natural Resources Centre, urged leaders to respond to the socio-economic impact of forest destruction. “This requires sustainable solutions at the local, national, regional and international levels,” he said. 

“The effectiveness of desirable climate outcomes will be dependent on adequate allocation of human, financial and material resources, in which case, the role of multilateral development (institutions) cannot be underestimated,” he added.

As countries respond to challenges created by the pandemic, they are also recognising the opportunities such a crisis presents to shift the global development paradigm towards greater sustainability and greener, more inclusive economies.

Sustainable forest management can play a vital role in building resilient economies and societies that can withstand pandemics, climate change and other global challenges.

The World Forestry Congress(link is external), the largest and most significant gathering of the world’s forestry sector, is held every six years. It will take place 24 to 28 May 2021.