Latest news with #AkinwumiAdesina
Zawya
02-07-2025
- Business
- Zawya
The African Development Bank and the United Nations Human Settlements Programme (UN-Habitat) scale up drive for sustainable urbanization in Africa
The African Development Bank Group ( and the United Nations Human Settlements Programme (UN-Habitat) have signed a Memorandum of Understanding to enhance collaboration and accelerate action on sustainable urban transformation across the continent. Under the agreement, the organizations will jointly develop action plans that combine technical assistance, policy support, capacity-building, and knowledge exchange to local governments in four key spheres: urban governance, housing, municipal finance, and infrastructure development. The agreement was formalized on 1 July 2025 on the sidelines of the Fourth International Conference on Financing for Development (FfD4) in Seville, Spain. The Memorandum of Understanding renews an agreement signed in 2006 by the two entities to collaborate in the water and sanitation sector. The African Development Bank and UN-Habitat also plan to coordinate their efforts to tap into key regional and global platforms to mobilize resources for urban development in Africa, including the World Urban Forum and the Africa Investment Forum. 'I believe that there are ways that we can use the capital markets to develop cities much better,' said African Development Bank President Akinwumi Adesina. 'I am delighted that the Bank and UN-Habitat are partnering on the development of cities – I am very excited about this partnership.' 'Cities are the engine of growth, and we need to mobilize a lot more private capital in the development of cities, which will require a different approach from the conventional public sector capital,' he added. The Executive Director of UN-Habitat, Anacláudia Rossbach, said: 'Urbanization in Africa can either be a driver of prosperity or a deepening of poverty and exclusion. Through this renewed collaboration with the African Development Bank, we aim to help cities become engines of resilience, equity, and climate action, leaving no one behind.' The African Development Bank Group has significantly expanded its urban portfolio in recent years, including through the creation of a dedicated urban development division and the Urban and Municipal Development Fund to support African cities in delivering transformative, climate-resilient urban solutions. Most recently, UN-Habitat and the Bank Group signed a service agreement to prepare the Eswatini EcoCity Masterplan under an integrated urban and agricultural initiative that aims to deliver sustainable housing and create economic opportunities for over 100,000 people in Eswatini. Africa's rapid growth and urbanization – the continent's population is projected to reach 2.4 billion by 2050 –presents both opportunities and challenges. With more than half of urban residents living in informal settlements lacking basic services, adequate housing, and climate-resilient infrastructure, local governments are under increasing strain. Through this renewed partnership, the African Development Bank and UN-Habitat are joining forces to help cities respond to these challenges and harness urban growth as a driver of sustainable development. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Contacts: UN-Habitat Katerina Bezgachina Chief of Communications Gonzalo Ruiz Partnerships Officer +254 714228562 unhabitat-info@ African Development Bank Olufemi Terry Communications and External Relations media@ About UN-Habitat: UN-Habitat is the United Nations entity working for sustainable urbanization. With pro-grammes in over 90 countries, it supports policymakers and communities to create socially and environmentally sustainable cities and towns. UN-Habitat promotes transformative change in urban areas through knowledge, policy advice, technical assistance, and collaborative action. To know more, visit or follow us on social media @ UNHABITAT.
Zawya
30-06-2025
- Business
- Zawya
CORRECTION: African Development Bank, Asian Infrastructure Investment Bank (AIIB) sign Memorandum of Understanding (MOU) renewing their collaboration on sustainable economic development for Africa
The African Development Bank ( and the Asian Infrastructure Investment Bank (AIIB) have signed an agreement strengthening their collaboration on sustainable economic development, designed to boost infrastructure development and economic opportunities across the African continent. The Memorandum of Understanding, which builds on an earlier one in 2018, was signed by African Development Bank president, Dr. Akinwumi Adesina, and AIIB President and Chair of the Board of Directors Jin Liqun on Saturday 28 June. The signing took place on the sidelines of a meeting of Heads of Multilateral Development Banks held in Paris, France, the same day. The agreement outlines continued collaboration from both parties in six priority areas, aligned with the Bank Group's Ten-Year Strategy 2024–2033 as well as AIIB's Corporate Strategy and its Strategy on Financing Operations in Non-Regional Members. The areas are: (i) Green infrastructure (ii) Industrialization (iii) Private capital mobilization including Public - Private Partnerships (iv) Cross-border-connectivity (v) Digitalization; and (vi) Policy-based financing The MOU will promote among other things, co-financing, co-guaranteeing and other forms of joint participation in financial assistance for development projects primarily in sustainable infrastructure. The African Development Bank and AIIB's existing cooperation in this area, includes providing guarantees to support the issuance of Egypt's first Sustainable Panda Bond in 2023, valued at RMB 3.5 billion. This historic issuance—backed by guarantees from both AfDB and AIIB—marked the first African sovereign bond placed in the Chinese interbank bond market. The guarantees provided by the two triple-A-rated multilateral banks were instrumental in de-risking the transaction, enabling Egypt to secure competitive terms and attract investor confidence. 'This partnership continues to be an effective pathway to provide economic development for our member countries, especially in infrastructure. By reaffirming today, we are boosting energy access by accelerating Mission 300 which is targeting to connect 300 million people to electricity by 2030,' Dr Adesina said. Mr. Jin Liqun remarked: "The renewal of our partnership with the African Development Bank reflects AIIB's commitment to supporting sustainable development beyond Asia. Through this collaboration, we can leverage our combined expertise to deliver transformative projects that will benefit millions across the continent and create prosperity through quality infrastructure investment." Distributed by APO Group on behalf of African Development Bank Group (AfDB). Editor's note: This press release is re-issued to correct an error in the number of members AIIB has worldwide. An earlier version issued today 30 June, incorrectly stated that it has 84 members, instead of 110. Contact: Amba Mpoke-Bigg Communication and External Relations Department Email: media@ About the Asian Infrastructure Investment Bank (AIIB): The Asian Infrastructure Investment Bank is a multilateral development bank dedicated to financing 'infrastructure for tomorrow,' with sustainability at its core. AIIB began operations in 2016, now has 110 approved members worldwide, is capitalized at USD100 billion and is AAA-rated by major international credit rating agencies. AIIB collaborates with partners to mobilize capital and invest in infrastructure and other productive sectors that foster sustainable economic development and enhance regional connectivity. 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
30-06-2025
- Business
- Zawya
African Development Bank, Asian Infrastructure Investment Bank (AIIB) sign Memorandum of Understanding (MOU) renewing their collaboration on sustainable economic development for Africa
The African Development Bank ( and the Asian Infrastructure Investment Bank (AIIB) have signed an agreement strengthening their collaboration on sustainable economic development, designed to boost infrastructure development and economic opportunities across the African continent. The Memorandum of Understanding, which builds on an earlier one in 2018, was signed by African Development Bank president, Dr. Akinwumi Adesina, and AIIB President and Chair of the Board of Directors Jin Liqun on Saturday 28 June. The signing took place on the sidelines of a meeting of Heads of Multilateral Development Banks held in Paris, France, the same day. The agreement outlines continued collaboration from both parties in six priority areas, aligned with the Bank Group's Ten-Year Strategy 2024–2033 as well as AIIB's Corporate Strategy and its Strategy on Financing Operations in Non-Regional Members. The areas are: (i) Green infrastructure (ii) Industrialization (iii) Private capital mobilization including Public - Private Partnerships (iv) Cross-border-connectivity (v) Digitalization; and (vi) Policy-based financing The MOU will promote among other things, co-financing, co-guaranteeing and other forms of joint participation in financial assistance for development projects primarily in sustainable infrastructure. The African Development Bank and AIIB's existing cooperation in this area, includes providing guarantees to support the issuance of Egypt's first Sustainable Panda Bond in 2023, valued at RMB 3.5 billion. This historic issuance—backed by guarantees from both AfDB and AIIB—marked the first African sovereign bond placed in the Chinese interbank bond market. The guarantees provided by the two triple-A-rated multilateral banks were instrumental in de-risking the transaction, enabling Egypt to secure competitive terms and attract investor confidence. 'This partnership continues to be an effective pathway to provide economic development for our member countries, especially in infrastructure. By reaffirming today, we are boosting energy access by accelerating Mission 300 which is targeting to connect 300 million people to electricity by 2030,' Dr Adesina said. Mr. Jin Liqun remarked: "The renewal of our partnership with the African Development Bank reflects AIIB's commitment to supporting sustainable development beyond Asia. Through this collaboration, we can leverage our combined expertise to deliver transformative projects that will benefit millions across the continent and create prosperity through quality infrastructure investment." Distributed by APO Group on behalf of African Development Bank Group (AfDB). About the Asian Infrastructure Investment Bank (AIIB): The Asian Infrastructure Investment Bank is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond. Headquartered in Beijing, we commenced operations in January 2016 and have now grown to 84 approved members from around the world. By investing in sustainable infrastructure and other productive sectors today, we will better connect people, services and markets that over time will impact the lives of billions and build a better future. 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:
Gulf Today
29-06-2025
- Business
- Gulf Today
African leaders' call to meet energy needs
At the Africa Energy Forum 2025 which opened at Cape Town in South Africa, there was a sense of urgency as ministers from many of the countries talked of the need to build infrastructure, integrate the grid and go for renewable energy to reach power to 600 million on the continent who do not have access to it. South Africa's Minister for Electricity Dr. Kgosientsho Ramokgopa called out saying, 'Africa can no longer be seen as a passive recipient of imported solutions. We have the natural resources. The human capital, and the ambition to drive our own energy transition.' African Development Bank President Dr. Akinwumi Adesina spelled the magnitude of the energy challenge that Africa faces. He said, 'Africa requires $90 billion in annual energy investment through 2030. This is achievable if the right partnerships, de-risk investment, and focus on sustainable, inclusive models.' By the end of June 17, EnergyNet managing director Simon Gosling, said, 'This forum is not about promises – it's about delivery. Africa stands at a historic crossroads. What we decide to do together in the days ahead will shape our energy future for generations.' The meetings will continue to achieve their goal. For the year and more, African leaders have been speaking clearly, loudly and even differently from other parts of the world. The African governments and leaders are determined to chart an independent path for the African continent. They have realized that depending on the advanced economies of Europe, America and Asia will not help Africa to solve its problems. The African leaders are now thinking differently and loudly. They realize that Africa has to build its own infrastructure, and that it has to be done through cooperation among different African countries, cutting across national and regional boundaries. It is this emphasis on pan-African approach that strikes the perfect, positive note. Given the political volatility prevailing in many parts of Africa, it might seem unrealistic to talk about pan-African approach. But the truth of the matter is that no country, including the relatively well-off and politically strong South Africa, cannot hope to achieve the economic goals that only a united Africa can hope to achieve. The experiment of European Union (EU) seemed a vague dream when it set out on a small scale in 1956, but it had been built brick by brick by sensible European leaders who were wise enough to realise that national rivalries are of not much use in the face of a modern economy. It will be argued and rightly too that to build something akin to the European Union in Africa would take decades. But it is an important fact that some of the African leaders are showing the statesmanship needed to build something for the future. It is going to be a hard struggle for Africa and its leaders. But what will work for them is the fact that their eyes are set on the common goal of strengthening Africa on the energy front. What is important is the recognition of the goal that Africa's needs can be met only at the continental level. Africa is resource rich continent, and its leaders have recognized that European powers, and now the new market agent of Asia, China, have looked to Africa to tap the natural resources which the African people have not tapped for themselves. They now seem to recognize the fact they Africans will have to help themselves. Can the Africans raise the huge amounts they need to build the infrastructure? They have to because they have no option. African leaders have accepted the fact that they need to plan and act together.
Business Insider
26-06-2025
- Business
- Business Insider
AfDB backs $100m project for Africa's first urban cable car in Kigali
The African Development Bank has approved a $500,000 grant to support a feasibility study for the Kigali Urban Cable Car Project, a first-of-its-kind aerial urban transit system in sub-Saharan Africa. The African Development Bank approved a $500,000 grant to support a feasibility study for the Kigali Urban Cable Car Project. The project, featuring a 5.5 km cable car network worth $100 million, aims to revolutionize public transit in Kigali, Rwanda. The initial phase will connect key city sites such as Nyabugogo Taxi Park, the Central Business District, and Kigali Sports City. The African Development Bank has approved a $500,000 grant to support a feasibility study for the Kigali Urban Cable Car Project, a first-of-its-kind aerial urban transit system in sub-Saharan Africa. The initiative, led by Ropeways Transit Rwanda Ltd (RTRL), marks a major step toward revolutionising public transportation in the Rwandan capital with a 5.5 km cable car network valued at $100 million. 'This transformative project aligns perfectly with the Bank's vision for green, climate-resilient infrastructure. By financing Rwanda's urban cable car system, we are investing in a scalable model of low-carbon, inclusive public transport that other African cities can emulate,' African Development Bank President Dr. Akinwumi Adesina said. The first phase of the project will cover two major corridors: from Nyabugogo Taxi Park to the Central Business District (CBD) and from the Kigali Convention Center to Kigali Sports City, linking key public sites like Amahoro Stadium, BK Arena, and Zaria Court. The grant, sourced from the Bank's Urban and Municipal Development Fund (UMDF), will finance the groundwork for a system designed to ease traffic congestion, lower greenhouse gas emissions, and improve access to jobs and essential services for underserved communities in the Rwandan capital. Funding model The $100 million funding structure will comprise a strategic mix of grants, concessional loans, blended finance, and technical assistance. The feasibility study is expected to attract international investment, including through platforms like the Africa Investment Forum (AIF). The UMDF previously funded the feasibility study for Kigali's Urban Transport Improvement Project, demonstrating its commitment to improving urban mobility infrastructure. Construction of the cable car system is slated to begin in late 2026, with completion and commissioning scheduled for 2028. Once operational, the system is expected to transport over 50,000 passengers daily in a seamless 15-minute end-to-end journey, fully integrated with Kigali's current public transport network.
