Wednesday, 28 October 2020

Roundtable on Integrated Continental Power Systems Masterplan

 AfDB NEWS & EVENTS

WHAT:Stakeholders Roundtable on Continental Power Systems Masterplan
WHO:The African Union Commission (AUC), AUDA-NEPAD and the African Development Bank
WHEN:Wednesday, 28 October 2020; 9.00 am – 4.00 pm GMT
WHERE:Virtual (Closed session)

The African Union Commission (AUC), the African Union Development Agency (AUDA-NEPAD) and the African Development Bank will jointly host a virtual stakeholder roundtable on the Continental Power System Masterplan (CMP) on Wednesday, 28 October 2020, from 9.00 am to 4.00 pm GMT.

African Energy Ministers initiated the Plan in 2018-2019 to develop a Continental Power Systems Masterplan to serve as a blueprint for developing generation and transmission infrastructure for an African electricity market.

The proposed Masterplan will integrate the African Union's sectoral vision with related key continental initiatives, including the African Development Bank’s New Deal for Energy in Africa.

The first phase in the preparation of the Continental Masterplan involved undertaking a baseline study based on the five power pool master plans. The next step will be the actual development of the Plan to connect countries to each other within a single regional power pool and to connect the power pools into a single electricity market promoting energy access and regional integration.

Key stakeholders and experts at the meeting will discuss the baseline study’s main findings and decide on its next phase.

Development finance institutions pledge to sustain COVID-19 mitigation, livelihood recovery

 AfDB NEWS & EVENTS

22-Oct-2020

Multilateral development finance institutions on Wednesday pledged to continue to collaborate in their efforts to mitigate the adverse impact of the COVID-19 pandemic and accelerate the recovery of economies and livelihoods.

At an extraordinary virtual meeting to discuss the impact of their responses to the pandemic and the worsening debt situation, the organizations said that sustaining their joint efforts would protect livelihoods, especially among vulnerable populations, preserve macroeconomic stability and promote a stronger private sector role after COVID-19.  

The meeting, chaired by Hajjar Bandar, President of the Islamic Development Bank Group, was attended by the heads of 12 Multilateral Development Banks (MDBs). They discussed how to achieve maximum impact in their relief efforts, and the debt sustainability of beneficiary countries.
Bandar said the collaboration by the MDBs had proven meaningful in their efforts to swiftly provide crucial financial relief to member countries in the wake of the pandemic.

“In the face of this unprecedented crisis, we have shown our responsibility and unity…The total package has already started disbursing and is bearing fruits,” Bandar said.

The joint effort of the MDBs has seen a COVID-19 response envelope of about $230 billion. In addition, the IMF has provided financing to 81 member countries totaling over $100 billion since mid-March, with further room for member countries to tap into its $1 trillion lending capacity through program arrangements.

He urged members to sustain the collaboration to steer financing towards development, help communities out of poverty and spur digitization and promote education. “This forum is where partnerships make a difference. We need to join forces to support our member countries better.” 

President of the African Development Bank Group, Akinwumi Adesina, said collaboration among development partners has become more vital than ever to help economies recover from the pandemic and attract private financing to rebuild infrastructure.

“We are really…in very extraordinary times. There’s no doubt about it, in terms of the devastation that this pandemic is causing. The challenge is huge and the collective resolve must be strong as MDBs,” he said.

He said efforts must be deepened to help member states mobilize more domestic resources and attract private creditors to participate in financing capital projects.

“It’s time for us to change the paradigm to get the private sector, with incentives, to do a lot of private-public partnerships,” Adesina said, restating the Bank’s commitment to helping Africa rebuild boldly and smartly.

The African Development Bank Group introduced a COVID-19 Response Facility (CRF) of up to $10 billion to support Regional Member Countries and private sector clients in their efforts to address the impacts of the COVID-19 pandemic.

MDBs represented at the meeting include the Islamic Development Bank (IsDB), Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), Council of Europe Development Bank (CEB), the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB), the Inter-American Development Bank (IDB), International Finance Corporation (IFC), International Monetary Fund (IMF), the New Development Bank (NDB), World Bank Group and the African Development Bank.

African Development Bank AgriPitch Competition: $120,000 in prizes on offer during African Youth Agripreneur Forum 3-17 November

 AfDB NEWS & EVENTS

21-Oct-2020

There are just hours to go until the 23 October deadline to enter the African Development Bank’s AgriPitch Competition. Selected entries by African youth agripreneurs will be invited to showcase their agribusiness startup plans and compete for a share of $120,000 in funding seed prizes, a slot of the competition’s business development boot camp, an audience of online panel of experts and investors to pitch their agribusiness plans, as well as receive post-event mentoring and training.

The AgriPitch competition is part of the African Development Bank’s fourth African Youth Agripreneurs Forum (AYAF) – one of the continent’s most exciting platforms for African youth in agriculture start-up scene – to be held online for the first time this 3 -17 November, 2020.

“The African Youth Agripreneurs Forum and AgriPitch Competition has always been a high-energy gathering for young entrepreneurs in agriculture to meet, share experiences – and work the room for that next big investment,” said Edson Mpyisi, Coordinator of the Bank’s Enable Youth Program responsible for the event. “The COVID-19 pandemic may keep us from networking in person in 2020, however, the Bank and partners are gearing up to present a dynamic, knowledge-rich Forum online – as well as the most seed funding AgriPitch has ever awarded competitors,” he added.

In collaboration with partners like UN Women, the African Leaders for Nutrition and the Affirmative Finance Action for Women Africa initiative, this year’s AYAF and AgriPitch competition will have two segments:

  1. AYAF webinars held on 3, 10  and 17  November.
  2. The AgriPitch boot camp training from 2 – 13 November, followed by the finalists pitching on 16 and 17 November.

Under the theme Driving sustainable nutrition and gender inclusivity in Africa’s agri-food systems: youth agripreneurs seize the decade, AYAF and AgriPitch 2020 intends to attract hundreds of participants from across the continent including youth agripreneurs and representatives from agribusiness companies, academia, development organizations, financial institutions and government agencies.

“The event highlights how youth agripreneurs address nutrition and gender inclusivity while serving as entrepreneurial leaders within their communities and being involved in the agribusiness sector,” said Bank Director for Agriculture and Agro-Industry, Martin Fregene. “AYAF and AgriPitch aims to provide the knowledge, confidence, financing and networking boosts to grow their startups and make a greater impact,” he added.

The general public is invited to register for the webinars, scheduled to draw speakers and presenters from across the development, nutrition, gender and agriculture landscape. The weekly sessions will address three topics:

  • Policies for sustainable nutrition and gender inclusivity (3 Nov).
  • Empowering youth and women in agricultural value chains to address nutrition (10 Nov).
  • Strategic partnerships for Equity in Agriculture: Financing Women, Youth and Nutrition (17 Nov).

The AgriPitch competition is open to youth aged 18 to 35 who hold African nationality or citizenship and who submit their application online by 23rd October.

Competition organizers will select agripreneurs with promising proposals to participate in the AYAF/AgriPitch online training platform. In this ‘business development boot camp’, AgriPitch competitors can attend sessions on product development, revenue channel identification, logistics, marketing, business management, investment readiness, financing and other issues, led by coaches, mentors and investors.

At the end of the boot camp, selected agripreneurs will pitch their business proposals to a panel of judges. Competition winners will be named in three categories: early start-up, mature start-up and women-empowered businesses.

In addition to receiving seed funding prizes and post-competition mentoring, winners will be invited for the AYAF online DealRoom. The DealRoom connects expansion-ready, youth-led African businesses with global investors (debt, equity and/or grant).

Tanzania: African Development Fund approves $50.7m Covid-19 crisis response budget support

AfDB NEWS & EVENTS

19-Oct-2020

The Board of Directors of the African Development Fund (ADF) has approved a loan of UA 36 million ($50.7 million) to Tanzania, to finance the nation’s response to the COVID-19 pandemic.

The loan, from the African Development Bank Group’s COVID-19 Response Facility (CRF), will support the Government of Tanzania’s $109 million national COVID-19 response plan, which is jointly supported by the country’s other development partners. The plan is aimed at building economic resilience, while mitigating the socio-economic and health impacts of the COVID-19 pandemic, particularly on local businesses, vulnerable households and the country’s health system.

The pandemic has put increased pressure on Tanzania’s health facilities, social protection systems and has dampened the country’s projected growth of over 6.2% – the average over the last five years, and which had made it the one of the best performers in Eastern Africa. Growth is now projected to decline from the pre-COVID projections of 6.4% to between 3.6% and 2.6%.

Commenting on the operation, Nnenna Nwabufo, the Acting Director-General of the Bank’s East Africa regional office, said it was part of a larger, more comprehensive support package for the Bank’s regional member countries, including Tanzania.

“The evolution of COVID-19 and changing containment measures remain dynamic and unpredictable; the medium and longer-term impacts of the crisis are yet to be fully understood. The African Development Bank Group is stepping up its coordination with governments, as well as with other development partners to adapt and strengthen its monitoring and response to the pandemic,” Nwabufo said.

Sudan’s record wheat harvest is proof that Bank agricultural transformation program will boost breadbasket goal

 

AfDB NEWS & EVENTS

19-Oct-2020

Despite coronavirus-related lockdowns, travel and transport restrictions, Sudan has just recorded its largest wheat harvest. According to Sudanese officials, the nation saw a wheat production level of a 1.115 million-ton harvest from 315,500 hectares of farmland. That’s quite an improvement from just five years ago, when farmers in Sudan working about a quarter-million hectares of land harvested just 472,000 tons of the grain.

Development experts and economists say the nation is on the path to become Africa’s next wheat-sourcing breadbasket, and Sudanese farmers and government leaders are crediting the African Development Bank's Technologies for African Agricultural Transformation program, or TAAT, for delivering the latest technology of heat-tolerant wheat varieties to Sudanese wheat farmers at scale.

“Now, we consistently have good quality wheat and in record numbers,” says Sudan farmer Daf’Allah Mohamed Ahmed, one of more than 1,400 farmers and stakeholders taking part in the TAAT program.

During a recent visit by top-level Sudanese Ministry of Agriculture officials, the Bank’s Director for Agriculture and representatives from TAAT implementing partner the International Center for Agricultural Research in Dry Areas (ICARDA), Ahmed strolled through lush green wheat friends, gesturing for the cameras while describing his agribusiness success.

“My wheat yield increased from 2.5 tons, to 5 tons,” Ahmed says, with a big-bellied laugh and grinning from ear to ear.

Introduced in 2017 and adopted by Sudan in the 2017/2018 wheat season, TAAT is helping the country to boost yields and become self-sufficient in wheat by deploying productivity-enhancing technologies. TAAT aims to raise food output by 100 million tons and lift 40 million people out of poverty by 2025, by harnessing high-impact, proven technologies to raise productivity, mitigate risks, and promote diversification and processing.

Sudan’s bold ambition could be achievable. Agriculture makes up 40% of the national economy and occupies 80% of the workforce. Wheat, sorghum, and millet provide more than half of the calories consumed by Sudanese people every day. 

High temperatures, often exceeding 38°C during Sudan's short wheat growing season, severely limit crop performance and yield, while climate change, lower and inconsistent yields inhibit efforts, and severely reduces farmers’ incomes.

The good news is that advances in crop science mean that the situation is changing. The TAAT Wheat Compact is focusing on accelerated production of high-quality certified seeds of heat-tolerant wheat varieties and ensuring they reach farmers who need them.  

In line with this push for increased wheat production, the Sudanese government, working with ICARDA and the Bank, set up eight innovation platforms to scale up innovative technologies, seed production and distribution in all of the country's major wheat producing areas. 

The TAAT scheme worked with more than a dozen private seed companies to produce more than 45,000 tons of certified wheat seed in 2018/19 – enough to cover targeted wheat production areas in the country with high-yielding seeds better suited to Sudan's hot climate.

“Sudan is optimistically referred to as an awakening giant, and its vast plains are seen by development experts as a potential bread-basket to feed Africa,” according to a report by the Bank’s researchers.

TAAT's work has been a critical and a defining moment in the lives of 15,000 farmers who have benefitted from the program through technology promotion field days. Similarly, farmers like Ahmed along the wheat value chain – 44% youth and women – at innovation platform sites have been trained in wheat grain and seed production, value addition, and innovation.

“To put it in perspective, the additional production will make Sudan 100% self-sufficient in wheat production within the next three years and put the country in the top three producers of wheat on the African continent,” said Martin Fregene, the Bank’s Director for Agriculture and Agro-Industry.

Bank officials say successful TAAT interventions in Sudan are not unique. In Ethiopia, TAAT funds are providing 28,000 farmers with seed that can withstand the lowlands’ high temperatures. TAAT also aims to scale up heat-tolerant wheat production tenfold, creating 220,000 jobs - and doubling farmer incomes.

Zimbabwe intends to leverage TAAT to reach more farmers, as well as drive public-private partnerships and attract anchor investment, among other goals. Since 2018, TAAT has paid for the fall armyworm pesticides used to treat 1,655 tons of drought-tolerant maize seeds. More than 165,500 smallholder farmers benefited from the treated seed.

In Kenya, TAAT established partnerships with 28 seed companies: through its partnership network, the TAAT Maize Compact recorded 1,003,640 direct beneficiaries with climate smart maize hybrids.

The freshwaters of Democratic Republic of Congo provided opportunity for the TAAT Aquaculture Compact to help build a resilient private aquaculture sector. Working with aquaculture SMEs, TAAT has impacted some 2,500 people working in the fish value chain, offering training in best management and practices for fish feed, fish pond management, fish conservation and the production of fish fry.

The Bank is also working with the Zambian government, seed companies and community leaders to distribute pesticide-treated and drought-tolerant wheat, maize and sorghum to farmers. In the last two years, TAAT has provided Zambia with more than 28,000 liters of chemical used to treat close to 5,000 tons of seed that resists Fall Armyworm infestation. Close to half-a-million Zambian farmers have benefited from the treated seed.

“We need collaborating partners such as TAAT, to come in and compliment what the government is already doing,” said Alick Daka Fall, Armyworm Coordinator and Deputy Director of Zambia’s Ministry of Agriculture.

These are just a few nations where TAAT interventions are making a difference. Back in Sudan, agricultural transformation and benefits of these new innovations are set to be felt beyond Sudan's borders. In the next season, Sudan is expected to generate a surplus of seed that could help farmers in countries with similar climates, such as Nigeria, Mali, Niger, and Mauritania. 

Beyond helping farmers like Ahmed in wheat production, TAAT has helped to increase yields in local staples, including maize, rice, wheat, cassava, high-iron beans, sorghum, millet, orange-fleshed sweet potatoes as well as livestock and fish. 

Saturday, 3 October 2020

African Development Bank wins global award for COVID-19 bond issue

 AfDB NEWS & EVENTS

01-Oct-2020

The African Development Bank was selected in a poll of bond market players as the best issuer in 2020 of a COVID-19 bond for its $3 billion dollar-denominated Fight COVID-19 social bond issued on March 27, 2020.

The winners of the GobalCapital Bond Awards 2020 were announced on 30 September at a ceremony held virtually for the first time in 12 years. GlobalCapital is a leading source of information on global capital markets with coverage of all market segments.

“We are grateful for the market’s recognition of the Bank’s effort in responding quickly to the needs of the continent with its Fight COVID-19 Social Bond which is an important instrument in alleviating the impact of the Covid-19 pandemic on African economies and lives. Thanks to the very strong support received by investors, we were able to provide an efficient response at a very challenging time while also catering to the needs of socially responsible investors looking for impactful investments,” said Ms. Bajabulile Swazi Tshabalala, the Bank’s Senior Vice President and Chief Finance Officer.

The Fight COVID-19 bond, floated on the Luxembourg Stock Exchange and significantly oversubscribed, was the world’s largest social bond at time of issuance. The Bank has since listed the bond on both the London Stock Exchange and Nasdaq. Bond proceeds, with a three-year maturity, will go to alleviate the impact of the pandemic on livelihoods and Africa’s economies.

 “The primary debt capital markets’ response to the coronavirus crisis has been resilient and robust.  Institutions all over the world from governments and multilateral development banks, to domestic lenders, to companies have raised vital financing to see them through this extraordinary period,” GlobalCapital noted in its winners’ announcement release.

The bond issue is part of a suite of interventions the Bank has rolled out to strengthen African countries’ responses to the health and economic impacts of the COVID-19 pandemic. This includes a COVID-19 Response Facility of up to $10 billion to provide flexible and emergency assistance to the Bank’s members to shore up their national budget, economies and livelihoods of their citizens. 

“The African Development Bank is proud of the success of its landmark “Fight Covid-19 Social Bond”, launched  to help alleviate the impact of the pandemic on people’s lives and livelihood. This transaction, the largest social bond at the time of issuance, reflects investors’ confidence in the Bank’s Social Bond framework, and its capacity to deliver. We were among the pioneers in the Social Bond market, and would like to thank all our partners, including the arrangers and investors, for their continued trust and support and share this award and success with them,” said Hassatou N’Sele, Treasurer of the Bank.

The Bank is a recognized pioneer in the social bond sphere. In March 2020, it received the Environmental Finance’s 2020 bond of the year award—SSA category— for a successful one billion Norwegian krone (NOK) social bond issued in 2019. It was the first social bond ever launched in the Norwegian market, and the Bank’s first transaction in Norwegian Krone.

In 2018, the Bank was recognized as “Second most impressive social or sustainability bond issuer” at the Global Capital Socially Responsible Investments Awards. Since 2017, the Bank has launched nearly $5 billion worth of such instruments denominated in US dollars, euros and Norwegian krone.

The Bank is rated AAA by all the major rating agencies. In late 2019, the Board of Governors of the Bank Group approved a 125% increase in the General Capital of the Bank, raising its capital from $93 billion to $208 billion, the largest increase in the institution’s history.

African Development Bank flagship annual report wins top international award

AfDB NEWS & EVENTS

01-Oct-2020

The African Development Bank has been recognized by the Stevie International Awards, joining the prestigious list of organizations that have received one of the business world's highest honors.

The Bank was awarded two prizes for its 2019 Annual Report, taking gold in the publication category, and bronze in the video category.

The Stevie International Awards competition was created in 2002 to recognize outstanding organizations and highlight their positive contributions globally. More than 12,000 nominations are received each year.

“I am proud to lead an organization that has consistently been recognized for its commitment to excellence. This award is a great honor for the African Development Bank and especially for its staff for their dedication to exemplary work,” said Akinwumi Adesina, President of the African Development Bank Group.

“Awards like these re-energize our efforts to deliver the highest level of service to the people of Africa,” Adesina said.

“This is an excellent achievement for the Boards of Directors, Management, and the Bank’s staff. The award is a true reflection of the commitment, diligence, dedication, and high-quality of work of the Bank,” said Ahmed Zayed, Executive Director and Chairperson of the Boards' Committee on External Communications and Preparation of the Annual Meetings, African Development Bank.

Recent Stevie International Awards winners include Acer Inc., Apple, BASF, Ford Motor Co., ING, Roche Group, Samsung and the International Finance Corporation of the World Bank Group.

“This award validates the commitment of the staff and management of the African Development Bank Group to produce world-class knowledge products that support the policies and decision-making processes that contribute toward improving the lives of Africans,” said Bank Ag. Vice President and Chief Economist Charles Leyeka Lufumpa, whose Research Department led the preparation of the 2019 annual report.

“The award is a testimony to the African Development Bank’s dedication to excellence and ability to set high standards for corporate delivery to serve Africa. The report is a product of great collaboration across teams of the Bank and with the Board of Directors,” added Hanan Morsy, Director of the Research Department.

The Bank will be recognized during a virtual ceremony to be held on 1 December 2020.

The institution’s annual report is a statutory corporate publication that aims to convey concise information on its activities and achievements during the year under review. The report also highlights financial management and financial statements during the period.