Latest news with #AfricanDevelopmentBank
See - Sada Elbalad
2 hours ago
- Business
- See - Sada Elbalad
Egypt Welcomes Election of Sidi Ould Tah as African Development Bank President
H-Tayea Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation of Egypt, extended her warm congratulations to H.E. Dr. Sidi Ould Tah on his election as the new President of the African Development Bank (AfDB) Group. The election took place during the Bank's Annual Meetings in Abidjan, Côte d'Ivoire, marking the beginning of Dr. Ould Tah's five-year term at the helm of Africa's premier development finance institution. The Minister welcomed the appointment, describing it as timely and significant for the continent. 'We wish the AfDB President success in supporting Africa's development journey, which is undergoing a crucial phase,' she stated. Dr. Ould Tah, a seasoned Mauritanian economist with over 35 years of experience in African and international finance, was elected by the Bank's Board of Governors — comprising Ministers of Finance and Central Bank Governors from the AfDB's 81 regional and non-regional member countries. H.E. Dr. Al-Mashat emphasized that Dr. Ould Tah assumes leadership of the Bank at a time of mounting challenges for Africa, including the ongoing impacts of climate change, global economic volatility, and the growing pressures on multilateralism amid protectionist global trade trends. She expressed full confidence in his ability to steer the Bank forward and contribute to the realization of the African Union's Agenda 2063 and the United Nations Sustainable Development Goals (SDGs). Highlighting his decade-long leadership of the Arab Bank for Economic Development in Africa (BADEA), Dr. Al-Mashat noted the significant achievements under Dr. Ould Tah's tenure. These included quadrupling BADEA's balance sheet, achieving top-tier credit ratings — including an Aa1 rating from Moody's and AAA from Japan's JCR — and advancing strategic development initiatives in food security, energy transition, and infrastructure. The Minister also voiced Egypt's commitment to deepening its partnership with the African Development Bank Group in the coming period. 'We look forward to strengthening cooperation with the AfDB to support our national development priorities and to empower the private sector, especially as we focus on resilience and sustainable growth,' she said. In her remarks, Dr. Al-Mashat extended appreciation to outgoing President Dr. Akinwumi Adesina for his decade of service (2015–2025), during which the AfDB significantly expanded its footprint across Africa, including deepening collaboration with Egypt on infrastructure, energy, and policy support. The African Development Bank Group consists of three entities: the African Development Bank (AfDB), the African Development Fund (ADF), and the Nigeria Trust Fund (NTF). The Group comprises 81 member countries, including 54 African regional and 27 non-regional member states. With this new chapter under Dr. Ould Tah's leadership, Egypt reaffirms its commitment to supporting Africa's development vision and enhancing its active role in international financial cooperation frameworks. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
Scoop
7 hours ago
- Business
- Scoop
New African Development Bank President Has A Chance To Shift The Continent To Clean Energy, For And By Communities
29 May 2025, Abidjan, Côte d'Ivoire. The African continent is on the frontlines of the climate crisis, but the election of Sidi Ould Tah as the new president for the African Development Bank is an opportunity to pave a new path for the continent's energy future - to shift toward a just and transformative approach to energy access, one that harnesses Africa's vast renewable resources and affirms the rights, dignity, and agency of its people. As the debt crisis reaches new heights for the continent, scaling up grant-based, concessional funding is vital to ensure countries are financially able to pursue a clean energy transition that is just, equitable, people-centred, and democratically governed. Now is the time for transformative public finance models which serve the people of Africa, not fossil fuel interests. As UN Secretary-General António Guterres stated, investment in Africa's renewable energy is 'the economic opportunity of the century.' With 60% of the world's best solar resources and wind potential capable of powering the continent 250 times over, Africa is uniquely positioned to lead. It's time for President Sidi Ould Tah to close the gap for the 600 million people who remain without electricity and over 970 million that lack access to clean cooking. Accelerating the adoption of decentralised, community-based renewable energy is not just a technical fix, it is a transformative, justice-driven solution which makes the most economic sense. It can empower local ownership, enhance resilience, create jobs, develop local economies, and reduce dependence on expensive, unreliable, and centralised energy infrastructure. Civil society demands for the President Sidi Ould Tah are: A comprehensive ban on fossil fuel financing by the AfDB, including gas, and rejection of false solutions such as destructive hydropower, carbon capture, usage and storage, and hydrogen for export. A roadmap to 100% renewable energy systems that prioritises decentralised solutions and enables Africa to become a leader in green industrialisation and energy sovereignty. A just transition approach that avoids creating new debt traps and includes local communities in all decision-making through Free, Prior and Informed Consent (FPIC). Karabo Mokgonyana, Just Transition Campaigner from Power Shift Africa, 'The election of Dr. Sidi Ould Tah as President of the African Development Bank marks a critical moment for Africa's energy future. With over 600 million people still living without electricity, just 2% of global clean energy investment reaching the continent, and vast untapped solar and wind potential, the urgency for action could not be clearer. We call on the new President to make renewable energy the cornerstone of his leadership, to drive a just, equitable, and homegrown energy transition that rejects harmful fossil fuels and embraces Africa's immense clean energy promise. These AfDB Annual Meetings have shown us that progress is possible. Now, with bold leadership and renewed clarity, we must turn possibility into power - for every home, every enterprise, and every generation to come.' Fiza Naz Qureshi, Gas Campaigner from Big Shift Global Campaign, said, "With the election of the new President, Sidi Ould Tah, civil society calls for bold leadership that breaks from fossil fuel dependency. Continued support for gas — including through Mission 300 and clean cooking initiatives — risks locking communities, especially women, into harmful energy systems. Women and frontline communities suffer most from extractive projects and weak safeguards. Under new leadership, the AfDB must champion a just energy transition rooted in truly clean, renewable solutions that uplift women, protect people and ecosystems, and fulfill Africa's climate commitments. Africa's future lies in leapfrogging fossil fuels - not repeating their mistakes.' Gloria Kafui Kuzo, Lead on Energy Transition, from Strategic Youth Network for Development (SYND) Ghana said, "Africa's innovation landscape holds immense potential to drive sustainable transformation, and AfDB has a pivotal role in shaping it. We urge that innovation across the continent be driven by solutions that harness Africa's green, resilient human and natural capital. This must be pursued through an inclusive approach that ensures women, youth, and local communities are not merely passive beneficiaries, but empowered as active participants and leaders in the innovation ecosystem. By aligning sustainability with equity and inclusion, AfDB can help catalyze transformative growth that is not only impactful but enduring for all Africans". Mamadou Barry, Executive Director, from Action Solidaire International said, 'While we welcome the ambition of Mission 300 by the AfDB and the World Bank, we firmly call for it to fully exclude fossil fuels like gas. To truly deliver for communities, strong safeguards must be established to prevent the private sector from capturing the benefits at the expense of those most affected — especially women and frontline communities.' Anja Gebel, Policy Advisor for Development Banks and Climate at Germanwatch said: 'In difficult geopolitical times, when climate action is facing headwinds, the new President must keep the African Development Bank on course for climate action. It is important that he honours and continues to implement the bank's Paris alignment commitment. Shareholders should actively support him in this mission and make clear that a just and climate-compatible energy transition is an integral part of Africa's development.' Rajneesh Bhuee, Campaign Manager from Recourse said, 'Congratulations to Mr. Sidi Ould Tah on becoming the new President of the African Development Bank. With millions of Africans still living without electricity, we hope he'll use this moment to double down on public funding for renewable energy that actually reaches people and communities. Mission 300 can be a game-changer, but only if it leaves fossil fuels behind and puts real access first. Civil society is here, as a partner, to help make that happen and hold the Bank to its promises.'
France 24
18 hours ago
- Politics
- France 24
Dozens dead after floods submerge market town in Nigeria
12:43 Issued on: In tonight's edition, dozens of people killed and many still missing after heavy flooding swept through Niger state in Rwanda is seeing an economic rise, but the UN is warning the east African country is leaving too many we are taking a closer look at Sidi Ould Tah now, who's been named President of the African Development Bank.
Zawya
20 hours ago
- Business
- Zawya
In the Democratic Republic of Congo (DRC), the African Development Bank is accelerating the transformation of infrastructure and access to basic social services
Roads in Kenge, Kikwit, Tshikapa, Kamuensha, and Mbuji-Mayi have been completely rehabilitated, new stretches of road built, and urban roads modernized. Numerous examples of socioeconomic infrastructure have also benefited from the financial support of the African Development Bank Group ( helping to transform the daily lives of hundreds of thousands of Congolese. A multi-sectoral mission from the government of the Democratic Republic of Congo (DRC) and the African Development Bank witnessed the impact of these investments during field visits to the five municipalities in western DRC between 5 and 19 May 2025. More specifically, the three projects, financed by the Bank, focus on rehabilitating road infrastructure, enhancing air safety, and improving access to basic social services. Health centres, hydraulic structures equipped with modern technology, provincial rural markets, schools, a refurbished runway in Mbuji-Mayi, and air safety equipment meeting international standards are just some of the successes the joint mission was able to witness. "The mission measured the concrete impact of the projects supported by the Bank in Kasai. From roads to social infrastructure and air safety, progress is visible and is transforming the lives of the population. We pay tribute to the work completed and remain committed to consolidating the gains achieved, in particular with the extension of the Mbuji-Mayi runway to make it a hub that meets international standards," commented Mohamed Coulibaly, Country Programme Manager in charge of the Bank Group's Office in the Democratic Republic of Congo. Opening a key route in the road network The first stage of the mission concerned the project to rehabilitate the Kinshasa/Ndjili-Batshamba section of national road no. 1. The project involves the rehabilitation of 622 kilometres of road between Kinshasa and Batshamba via Kenge and Kikwit, a key route in the Congolese road network. In the past, this strategic corridor was virtually impassable due to the advanced deterioration of the road surface and a series of sinkholes, and took several days or in some cases weeks, to drive along. Thanks to $68.57 million in funding from the African Development Bank, the work carried out now means the route can be travelled safely in less than a day. This improves connectivity between the capital and the provinces of Mai-Ndombe, Kwango, Kwilu and Kasaï. "In addition to asphalting the road, the Bank has financed the construction and equipping of schools, health centres, boreholes, rural markets, social reintegration centres, administrative buildings, a modern market and weigh stations along the route, as well as the rehabilitation of over 700 kilometres of rural roads," explains Jean Luemba, the RN1 project coordinator. The Bank has also provided substantial logistical support (vehicles and IT equipment) to the state structures involved in the projects. Ultimately, this initiative will benefit over 19 million people by facilitating access to markets, improving the availability of agricultural products and food security, and supporting mobility and economic activities. Significant progress in social infrastructure In terms of social infrastructure, the achievements of the second phase of the Project for the Reinforcement of Socioeconomic Infrastructure in the Central Region (PRISE II) are significant: most of the construction work on schools, health centres, public latrines, and rural markets has been completed or is nearing completion. The execution rate is estimated at 75%. As for the 41 schools under construction, most are ready for handover. The same applies to the 40 health centres, whose buildings have been completed. Public markets are also making good progress, with several structures already operational. In addition, the project has planned community awareness-raising and vocational training activities, including training young people in plumbing, promoting hygiene and local water governance. During the joint mission, the national authorities reiterated their willingness to broaden the scope of the "PRISE" project by integrating geophysical studies into the Drinking Water Supply and Sanitation Programme, thus supporting the national ambition of universal coverage in this area. The project's aim is to reach over 870,000 direct beneficiaries in 10 provinces, by improving access rates to water, sanitation, health and education. Advanced airport infrastructure In the air transport sector, a visit to the second phase of the Priority Air Safety Project (PPSA2) revealed remarkable progress in the rehabilitation and extension of the Mbuji-Mayi runway. Around 85% of the 320-metre runway has already been completed. The new tarmac is 95% complete, while the ramp, service road and runway end safety areas (RESA) are 70 to 75% complete. Vital technical infrastructure such as the control tower, power plant, fire station, and lighting system are nearing completion. At Kisangani-Bangoka international airport, the aircraft movement areas, taxiways and tarmac have been completely rehabilitated, and two turn pads have been installed. In addition, six radio navigation systems (DVOR/DME) have been deployed at Goma, Mbuji-Mayi, Kindu, Kinshasa, Lubumbashi, and Mbandaka, enhancing the safety of domestic flights. Eight VHF radio channels have also been installed at several secondary airports to improve aeronautical communication. The upgrading of equipment, combined with capacity-building for technical staff, has reduced the number of air accidents in the DRC from an average of 10 to one a year. The project also includes training for the Régie des voies aériennes staff in the following areas: safety and air bases, maintenance techniques and project management for the Régie, and air transport inspectors for the Civil Aviation Authority. At the end of the visit, the mission underlined the technical quality of the work carried out, the commitment of the contractors and local ownership. In Tshikapa, a local resident declared: "Tshikapa today is the African Development Bank!", testifying to the visibility and tangible impact of the projects on the daily lives of the local population. These results also illustrate the importance of close coordination between the Bank, the Congolese government and technical and financial partners, including the European Union and the World Bank, which were also involved in the construction of certain sections of the RN1. Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Bloomberg
a day ago
- Business
- Bloomberg
Rich Nations Courted by Zimbabwe Non-Committal on $2.6 Billion Bridge Finance
Zimbabwe hasn't received any concrete commitments of financial support from 10 nations it appealed to for help in its long-standing efforts to clear debt arrears. 'Some of them are very warm, some of them not so warm,' Finance Minister Mthuli Ncube said Friday in an interview in Abidjan, the commercial capital of Ivory Coast, where he is attending the annual meetings of the African Development Bank. 'You will get a varied response.'
