Latest news with #AfricaDevelopment
News24
a day ago
- Business
- News24
Africa to get most of Bill Gates' $200bn in next 20 years
For more financial news, go to the News24 Business front page. Africa is set to be the largest beneficiary of the $200 billion (R3.6 trillion) that the Gates Foundation plans to give away over the next two decades, co-founder Bill Gates said. 'The majority of that funding will be spent on helping you address challenges here in Africa,' he told an African Union gathering in Addis Ababa, Ethiopia, Monday, according to an emailed statement from his foundation. The organisation said last month that it plans to give away the money over 20 years before shutting down in 2045. That implies Gates — currently the fifth-richest person in the world — plans to transfer many billions to his foundation as part of a goal to give away 99% of his wealth. He's currently worth about $175 billion, according to the Bloomberg Billionaires Index. The foundation has disbursed more than $100 billion since it was co-founded by Gates and Melinda French Gates in 2000. Originally, the foundation was set to close 20 years after the Microsoft co-founder's death.
Zawya
4 days ago
- Business
- Zawya
Curtain falls on African Development Bank Group 2025 Annual Meetings, New President Elected
Nigeria provides $500 million to extend the Nigeria Trust Fund for another 15 years 'It has been the greatest honour of my life to serve as president of the African Development Bank Group and to serve Africa '– Dr. Akinwumi Adesina The African Development Bank Group's 2025 Annual Meetings ( closed on Friday with a plenary session, following five days of meetings and discussions on Africa's development landscape. The meetings also saw the election of a new president for a five-year term, beginning 1 September. On Thursday, governors of the Group's 81 shareholders elected former finance minister Mauritanian Sidi Ould Tah as the new president of the continent's premier development institution. The meetings were held in Abidjan, Côte d'Ivoire from 26-30 May under the theme: Making Africa's Capital Work Better for Africa's Development —a call for leaders to ditch aid and look inwards to Africa's rich capital to solve its development and economic challenges. Secretary General of the Bank Vincent Nmehielle described the meetings as a 'resounding success'. He thanked Nialé Kaba, Minister of Economy, Planning and Development, outgoing Chairperson of the Boards of Governors, for her 'sterling work, dedication and guidance of her duties over the past year.' He also thanked the 81 governors—finance ministers, economy ministers or central bank governors representing each of the African Development Bank's shareholder countries. Thirteen outgoing executive directors who have finished their term of office were recognized. Together, they represent a 75 percent change in the board composition for the next year. Outgoing President Dr. Akinwumi Adesina expressed his best wishes to the president-elect. 'I am delighted for my brother and friend on his election as president of the African Development Bank Group. Hearty congratulations! I wish you great success in the years ahead,' Adesina said. Participants also heard video congratulatory messages to Adesina from world leaders, including World Bank head Ajay Banga and Ngozi Okonjo-Iweala, director general of the World Trade Organization. The Board of Governors also sent a congratulatory message conveyed through the Bank governor for Zambia, Situmbeko Musokotwan, Minister of Finance and National Planning. 'We thank you for the remarkable results,' he said. The meetings also saw new milestones for the Bank. On Thursday, the Bank signed an agreement with the Finance ministry of Nigeria to extend the Nigeria Trust Fund ( another 15 years. Nigeria provided an additional $500 million to the Nigeria Trust Fund. 'An impressive contribution. Thank you, Nigeria,' Adesina said. The Nigeria Trust Fund, the third arm of the Bank Group, is a self-sustaining revolving fund set up to assist the development efforts of the Bank's low-income regional member countries whose economic and social conditions and prospects require concessional financing. Its resources are allocated to projects, not to countries. 'I am glad this agreement was signed a day before the end of the meetings,' Adesina said. In an emotional farewell, Adesina sang a few of his favorite songs—Johnny Nash's 'I can see clearly now,' and Bob Geldof's 'We are the World.' 'This is my last Annual Meetings as president of the African Development Bank Group, after completing two five-year terms,' Adesina said. 'It has been an extraordinary ten years working together... Thank you for the opportunity, trust and resources you gave me to serve as President of the African Development Bank Group. It has been the greatest honour of my life to serve as President of the African Development Bank Group and to serve Africa.' In a short ceremony Kaba, handed the African Development Bank's flag to Congolese Economy minister Ludovic Ngatse and announced that the 2026 Annual Meetings of the Bank Group will take place in Congo Brazzaville from 25-29 May 2026. Speaking on behalf of Ivorian Prime Minister Robert Beugre, Kaba also thanked all participants 'for contributing to the strategic reflection and solidarity with a view to steering our continent to a better future. and Cote d'Ivoire, the host country.' In addition to the official programme, 60 side events as well as cultural events and a spouse's programme were part of this year's colourful meetings. To review sessions you missed or for any information on the Annual Meetings, click here ( Distributed by APO Group on behalf of African Development Bank Group (AfDB). Contact: Amba Mpoke-Bigg Communication and External Relations Department email: media@ About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information:
Zawya
6 days ago
- Business
- Zawya
2025 Annual Meetings: Africa's Vast Human and Natural Capital Key to Achieving African Union's Agenda 2063, experts affirm
Africa, the world's youngest continent with immeasurable natural resources, has all it needs to achieve the African Union's Agenda 2063, provided the right public policies are implemented, according to government officials and development experts. The experts expressed this shared conviction on Monday during the 2025 Annual Meetings of the African Development Bank Group, taking place in Abidjan, Côte d'Ivoire, under the theme 'Making Africa's Capital Work Better for Africa's Development.' Speaking at a knowledge event titled 'Second Ten-Year Implementation Plan for Agenda 2063: An Opportunity to Develop and Finance Africa's Capital,' Koffi N'Guessan, Ivorian Minister of Vocational Training and Apprenticeships, reaffirmed that Agenda 2063 -- adopted in January 2015 by the African Union – remains the strategic framework for the continent's economic and social transformation. N'Guessan noted that, despite a challenging global environment, the last decade has seen notable progress in Africa, particularly in economic and political integration, gender equality, and access to employment opportunities. However, he acknowledged that previous efforts have often fallen short of addressing the continent's structural transformation needs, including job creation for youth and poverty reduction. 'The second Agenda 2063 implementation plan, adopted in February 2024 by the African Union, offers a crucial opportunity to tackle these challenges and accelerate development outcomes,' he said. According to the Ivorian Minister, Africa is poised to become a major global power, alongside China and India, due to its demographic potential. However, he stressed that African countries should prioritize vocational and technical training to fully harness this demographic dividend. He highlighted a worrying trend: approximately 22.5 percent of young people aged 15 to 24 are unemployed with no education or training. Additionally, 250 million children and young people in low-income countries are not in school, underlining the disconnect between education systems and labor market needs. 'Youth can become a liability if robust training policies are not implemented - from nursery school through to university,' he warned. Taking natural capital into account when calculating GDP Hervé Lohouès, Division Manager in the Country Economics Department at the African Development Bank, emphasized the importance of natural wealth in calculating the GDP of African countries. 'The GDP of a country like the Central African Republic would increase by 300 percent if its natural resources were taken into account in the calculation of its GDP,' he asserted. He added: 'It is essential to go beyond natural enhancement and ensure that all African countries adopt a compulsory development plan. We also need to ensure that governments provide incentives for transformation while considering accountability that can directly help the transition from natural to social infrastructure.' Jide Okeke, Regional Program Coordinator for Africa at the United Nations Development Programme, and Dagmawit Moges Bekele, former Eritrean Minister of Transport and Director of the Peace Fund at the African Union Commission, both stressed the need to leverage human, financial, natural and digital resources to drive inclusive and sustainable development -- key to achieving the objectives outlined in the second decade of Agenda 2063. Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Zawya
27-05-2025
- Business
- Zawya
AfDB 2025 Annual Meetings kick off in Abidjan with over 6,000 delegates from 81 countries
Abidjan - Over 6,000 delegates from 81 countries, including African heads of state and government, finance ministers, central bank governors, development partners, private sector representatives, civil society leaders, academics, think tanks and opinion leaders, NGOs, and other stakeholders, are attending the African Development Bank (AfDB) Group's 2025 Annual Meetings which kicked off on Monday and will run until May 30 in Abidjan, Côte d'Ivoire. During these meetings, held on the theme: "Making Africa's Capital Work Better for Africa's Development," the AfDB Governors will elect a successor to current Group President Dr. Akinwumi Adesina, whose second five-year term ends on August 31. Tunisia is taking part with a delegation led by Minister of Economy and Planning Samir Abdelhafidh, Governor of the Republic of Tunisia Group at the AfDB. Over the next five days, high-level dialogues, strategic discussions and knowledge-sharing events will be held on some of Africa's most urgent and ambitious priorities, ranging from macroeconomic stability and domestic resource mobilisation to energy transition, food systems transformation and climate finance. The agenda includes a presidential dialogue at the launch of the African Economic Outlook report, thematic discussions on mobilising capital in a difficult economic context and institution-building. These Annual Meetings are a platform to rethink how Africa mobilises, maintains and deploys its own wealth to shape its future in a financial context shaped by the many challenges facing Africa, while the outgoing AfDB President will make way in the vote for the new Bank President for Sidi Ould Tah (Mauritania), Amadou Hott (Senegal), Abbas Mahamat Tolli (Chad), Bajabulile Swazi Tshabalala (South Africa) and Samuel Munzele Maimbo (Zambia).
Malay Mail
26-05-2025
- Business
- Malay Mail
Trump-era cuts loom as African Development Bank elects new chief in Abidjan
AfDB kicks off annual meeting in Abidjan Election of new bank president to take place on Thursday New head to confront US funding cuts, other challenges NAIROBI, May 26 — The African Development Bank will meet in Ivory Coast this week to pick a new president at a time when the continent's biggest multilateral lender faces unprecedented challenges from funding cuts by the United States government, analysts said. The US federal government wants to cut US$555 million in funding to the AfDB and its African Development Fund (ADF), which offers low-priced financing to the continent's poor nations. 'This is going to be a major task and it is effectively the new president's first test,' said Hannah Ryder, founder of Development Reimagined, an Africa-focused consultancy. The annual gathering of heads of state and finance officials, taking place this year in the Ivorian city of Abidjan, is one of the biggest finance meetings on the continent. Africa's largest development finance institution is owned by 54 African states and G7 nations like the US and Japan. Its biggest shareholder is Nigeria. The next round of replenishment for the ADF window, which is held on a three-year cycle, is scheduled to take place in November this year. The new president will have to try to persuade the US to reinstate the funding, seek additional funds from non-regional members of the bank like China, or Gulf countries like Saudi Arabia or the United Arab Emirates, in return for more say, or ask African states to contribute more, Ryder said. Five candidates from South Africa, Senegal, Zambia, Chad and Mauritania, are vying to replace outgoing President Akinwumi Adesina, who will step down in September after serving the maximum two five-year terms. The winner, who must secure 50.01 per cent of the votes from the 54 African member states of the bank, and in a second vote from all 81 members, including non-African ones, will be announced on Thursday. The bank is grappling with the challenges of a changing global economy after US President Donald Trump returned to the White House, including higher US import tariffs. 'We expect the meeting to discuss implications of current global events arising from the Trump administration,' said Fred Muhumuza, a lecturer at Makerere University's business school in Kampala. 'Many of the key contributors have been cutting bilateral support to African countries.' — Reuters
