Latest news with #AkinwumiA.Adesina
Business Insider
28-05-2025
- Business
- Business Insider
AfDB secures record $11 billion in new investments for 2024–2025
The African Development Bank (AfDB) has announced a record $11.1 billion in new investments for 2024–2025. The African Development Bank (AfDB) has announced $11.1 billion in investments for 2024-2025, marking record new commitments. $5.5 billion of the funding is devoted to climate finance to promote inclusive growth and resilience. The Bank's progress aligns with its High 5 strategic pillars, including energy access, food security, industrialization, integration, and quality of life improvement. The African Development Bank (AfDB) has announced a record $11.1 billion in new investments for 2024–2025, as revealed in its latest Annual Development Effectiveness Review, a comprehensive assessment of the Bank's impact over the past year in advancing development across the continent. This marks the highest volume of new commitments in the Bank's history, reinforcing its position as a key financier of Africa's development goals. Of the total, $5.5 billion has been allocated to climate finance, highlighting AfDB's central role in promoting inclusive growth and building resilience across Africa. The report outlines progress made under the Bank's five strategic pillars — known as the High 5s: Light Up and Power Africa, Feed Africa, Industrialise Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa. This year's review also reflects the sharper focus of the Bank's new Results Management Framework (2024–2033), featuring a more streamlined set of indicators. These cover cross-cutting priorities such as youth empowerment, gender equality, economic governance, climate action, and resilience. "Africa's potential is boundless, but realising the opportunities requires strategic investments at scale. In a world confronting its own challenges, this is the moment for African institutions like the Bank to take the lead in driving the continent's transformation,' Dr. Akinwumi A. Adesina, President of the African Development Bank Group said. Impact report According to the report, 14 million people accessed improved healthcare services, while 5 million gained clean water. The Bank's investments created 260,000 direct jobs, reinforcing livelihoods across sectors. In transport, 3.5 million people benefited from improved access, strengthened trade corridors and supported regional integration under the African Continental Free Trade Area (AfCFTA). Energy access also expanded, with nearly 1 million people connected to electricity and over 1GW of new generation capacity, mostly from renewable sources. In agriculture, 1.5 million farmers adopted climate-smart technologies and 25,000 agribusinesses received support, boosting food security and climate resilience.
Zawya
29-01-2025
- Business
- Zawya
Africa Energy Summit, leaders commit to energy transformation with more than $50billion backing from global partners
Thirty African Heads of State and government today committed to concrete reforms and actions to expand access to reliable, affordable, and sustainable electricity to power economic growth, improve quality of life, and drive job creation across the continent. The leaders pledged their commitment in a declaration during the two-day Mission 300 Africa Energy Summit in the Tanzanian commercial capital, Dar es Salaam. Mission 300 partners pledged more than $50 billion in support of increasing energy access across Africa. The Dar es Salaam Energy Declaration represents a key milestone in addressing the energy gap in Africa, where more than 600 million people currently live without electricity. The commitments in the Declaration are a critical piece of the Mission 300 initiative, which unites governments, development banks, partners, philanthropies, and the private sector to connect 300 million Africans to electricity by 2030. The Declaration will now be submitted to the African Union Summit in February for adoption. By addressing the fundamental challenge of energy access, Mission 300 serves as the cornerstone of the jobs agenda for Africa's growing youth population and the foundation for future development. Twelve countries—Chad, Côte d'Ivoire, Democratic Republic of Congo, Liberia, Madagascar, Malawi, Mauritania, Niger, Nigeria, Senegal, Tanzania, and Zambia—presented detailed National Energy Compacts that set targets to scale up electricity access, increase the use of renewable energy and attract additional private capital. These country-specific plans are time-bound, rooted in data, endorsed at the highest level and focus on affordable power generation, expanding connections, and regional integration. They aim to boost utility efficiency, attract private investment, and expand clean cooking solutions. Deploying satellite and electronic mapping technologies, these compacts identify the most cost-effective solutions to bring electricity to underserved areas. 'Tanzania is honored to have hosted such a monumental summit to discuss how, as leaders, we will be able to deliver on our promise to our citizens to provide power and clean cooking solutions that will transform lives and economies,' said H.E. Dr. Samia Suluhu Hassan, President of the United Republic of Tanzania. Implementing the National Energy Compacts will require political will, long-term vision and the full support from Mission 300 partners. Governments are paving the way through comprehensive reforms, complemented by increased concessional financing and strategic partnerships with philanthropies and development banks to catalyze increased private sector investment. Dr. Akinwumi A. Adesina, President of the African Development Bank Group, emphasized the need for decisive action to accelerate electrification across the continent. 'Critical reforms will be needed to expand the share of renewables, improve utility performance utilities, ensure transparency in licensing and power purchase agreements, and establish predictable tariff regimes that reflect production costs. Our collective effort is to support you, heads of state and government, in developing and implementing clear, country-led national energy compacts to deliver on your visions for electricity in your respective countries.' 'Access to electricity is a fundamental human right. Without it, countries and people cannot thrive,' said Ajay Banga, President of the World Bank Group. 'Our mission to provide electricity to half of the 600 million people in Africa without access is a critical first step. To succeed, we must embrace a simple truth: no one can do it alone. Governments, businesses, philanthropies, and development banks each have a role—and only through collaboration can we achieve our goal.' During the summit, partners announced a series of commitments: African Development Bank Group and the World Bank Group plan to allocate $48 billion in financing for Mission 300 through 2030, which may evolve to fit implementation needs Agence Francaise de Development (AFD): €1 billion to support energy access in Africa Asian Infrastructure Investment Bank (AIIB): $1 billion to $1.5 billion to support Mission 300 Islamic Development Bank (IsDB) Group: $2.65 billion in support of Mission 300 and energy access in Africa from 2025-2030 OPEC Fund: An initial commitment of $1 billion in support of Mission 300 with additional financing to follow World Bank Group and the African Development Bank Group: Launched Zafiri, an investment company that supports private sector-led solutions, such as renewable mini-grids and solar home systems. Zafiri anchor partners will invest up to $300 million in the first phase and mobilize up to $1 billion to address the persistent equity gap in Africa in these markets. The firm commitments made by governments and partners at the summit demonstrate the unique power of the Mission 300 partnership. By combining government reforms, increased financing, and leveraging public-private partnerships, African countries are positioned to turn plans into action, delivering tangible benefits to millions of people. The Mission 300 Africa Energy Summit was hosted by the United Republic of Tanzania, the African Union, the African Development Bank Group (AfDB), and the World Bank Group (WBG), with support from the Rockefeller Foundation, ESMAP, Global Energy Alliance for People and Planet (GEAPP), Sustainable Energy for All (SEforALL) and the Sustainable Energy Fund for Africa. Africa Energy Summit microsite ( Pictures ( Distributed by APO Group on behalf of African Development Bank Group (AfDB). About the African Development Bank Group: The African Development Bank Group (AfDB) 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 44 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information:
