Latest news with #BankGroup
See - Sada Elbalad
20-05-2025
- Business
- See - Sada Elbalad
Al-Mashat Arrives in Algeria For Islamic Development Bank Group Annual Meetings
Rana Atef Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt's Governor at the Islamic Development Bank Group, arrived in Algeria for the 2025 Annual Meetings of the Bank Group, held from May 19 to 22, 2025, under the theme: 'Diversifying Economies, Enriching Lives', with the wide participation of Ministers of Finance, Economy, Planning, and International Development of the 57 member countries. This is in addition to leaders of global financial institutions, development partners, decision-makers, and representatives of the private sector, featuring strategic discussions aimed at proposing sustainable solutions to the social and economic challenges facing the member countries of the Bank Group, as well as contributing to supporting development and prosperity on a global level. Dr. Rania Al-Mashat's participation agenda includes a wide range of events, including a high-level roundtable on operationalizing the 'Riyadh Global Drought Resilience Partnership', and a panel discussion on accelerating progress towards the SDGs in the middle-income countries of the Islamic Development Bank. In addition, several bilateral meetings are scheduled, including a meeting with Dr. Abdullah Al-Dardari, UN Assistant Secretary-General and Director of the UNDP Regional Bureau for Arab States,, a meeting with Mr. Álvaro Lario, President of the International Fund for Agricultural Development (IFAD), and a meeting with Eng. Adeeb Y. Al Aama, CEO of the International Islamic Trade Finance Corporation (ITFC). The current session of the Islamic Development Bank Group's annual meetings addresses pivotal issues such as economic diversification, strengthening economic resilience, and supporting innovation as a key driver of development, alongside reviewing successful development initiatives and institutional achievements that reflect the progress made by member countries. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized 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
Zawya
15-04-2025
- Business
- Zawya
Nigeria's Cross River State second to commence construction of its Special Agro-Industrial Processing Zone
Nigeria's Cross River State became the second to mark construction of a Special Agro-Industrial Processing Zone after the country's Vice President Kashim Shettima and African Development Bank ( President Dr. Akinwumi Adesina broke ground at the project site on Thursday 10 April. The SAPZ aims to tackle food insecurity, enhance local production, and position Nigeria as a food export leader by leveraging Cross River's ports and research assets to boost global trade, reduce food imports, and drive prosperity through the agro-industrialization of crops like cocoa and cassava. The groundbreaking in Cross River follows that of Kaduna ( which took place few days earlier. Six other states - Kano, Kwara, Imo, Ogun, Oyo, and the Federal Capital Territory – are included in Phase 1 of the $538 million SAPZ program, with plans to expand to the remaining 28 states this year pending the African Development Bank's Executive Board approval for Phase 2 funding. Shettima emphasized the project's priority and need for national collaboration: 'The SAPZ program has been recognized as a national priority for food security in Nigeria.' He noted, 'There is no better time than now for the federal and state governments, development partners, the private sector, and our communities to work hand in hand to ensure the success of the SAPZ project.' Adesina celebrated the milestone, saying, 'Today is a big day for Nigeria,' and added, 'The Special Agro-Industrial Processing Zones is bringing good news to Nigeria, State Governments and Local Governments. Good news to farmers, agribusinesses, and all rural areas of Nigeria. Good news of jobs, wealth, and prosperity with agriculture as a business. 'With the abundant arable land, cheap labor and vast agro-ecological areas, Nigeria should not be importing food,' said Adesina who was accompanied by his wife Grace Yemisi Adesina. The Bank Group president highlighted Cross River's export potential: 'Bakasi deep seaport will turn the state into a logistics hub in Nigeria and the Gulf of Guinea, enabling trade with Cameroon, Equatorial Guinea, and Guinea Bissau.' The 130-hectare Agro-Industrial Hub in Adiabo will leverage the Calabar Sea Port, Bakassi Deep Sea Port, a 23 kVA power plant in Tinapa, and a 630 kVA Calabar Power Plant. Its Agricultural Transformation Centre, supported by the Cocoa Research Institute of Nigeria and the University of Calabar, lies less than 45 minutes from Ikom, Etung, and Boki, boosting cocoa production for global markets. Governor Bassey Otu outlined the state's vision, saying, 'For us in Cross River State, the establishment of clusters of smallholder farmers focused on staple and cash crops such as rice, cassava, millet, cocoa, and oil palm is a vital step toward agro-industrialization.' 'These initiatives are aimed at strengthening food security, diversifying our state's economy toward export-oriented agriculture, and boosting our GDP,' added Governor Otu, saying the state should expect to see a big difference in two years. The African Development Bank Group is investing $210 million, including $50 million from its Africa Growing Together Fund. The Islamic Development Bank is contributing $150 million, the International Fund for Agricultural Development is contributing $100 million, the Green Climate Fund is contributing $60 million, and the government is contributing $18 million. Speaking during the occasion, the International Fund for Agricultural Development's Country Director, Dede Ekoue, noted that the SAPZ will build on the Livelihood Improvement Family Enterprises in the Niger Delta (LIFE-ND) project which has empowered 26,000 youth and women agripreneurs in the Niger Delta, including 4,000 in Cross River, with plans to scale to 100,000 by 2028. The Minister of Agriculture and Food Security, Abubakar Kyari, said, 'The SAPZ program is a powerful catalyst for economic growth and import substitution. By investing in agro-processing development, we are investing in the future of our communities.' The African Development Bank Group has committed $934 million to SAPZs in 11 African countries. The 2024 Africa Investment Forum ( held in Morocco, recorded $2.2 billion in investor interest for 28 Nigerian states, which make up the second phase of the project. Adesina explained that with the Special Agro-Industrial Processing Zones, Nigeria will reduce food imports, conserve foreign exchange, expand local production and processing of food and agricultural commodities, strengthen the Naira, and attract significant private investment into the development of agricultural value chains. The Special Agro-Industrial Processing Zones will also revive and transform rural economies and create millions of jobs. Adesina was accompanied by the African Development Bank Vice President for Agriculture, Human and Social Development Dr Beth Dunford, the Director General for Nigeria Dr Abdul Kamara, Prof Oyebanji Oyelaran-Oyeyinka, Senior Special Adviser on Industrialisation, Director Richard Ofori-Mante, Director of the Agricultural Finance and Rural Development Department, and Dr Yusuf Kabir, National Coordinator for SAPZ, Nigeria. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Link to the photo Album: Contact: Natalie Nkembuh, Communication and External Relations Nkiruka Ugoh, Nigeria Country 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
04-04-2025
- Business
- Zawya
CORRECTION: African Development Bank-Supported Projects in Senegal, Rwanda Clinch Top Honors at 2025 Bonds, Loans & ESG Capital Markets Africa Awards
Two African Development Bank Group ( projects have garnered top honours at the 2025 Bonds, Loans&ESG Capital Markets Africa Awards ( conference. A $500 million sustainable term loan facility in Senegal ( was named Sovereign Syndicated Loan Deal of the Year, while Rwanda's €200 million ESG loan ( was awarded ESG Loan Deal of the Year. Both projects were supported by partial credit guarantees from the African Development Bank Group. The awards celebrate Africa's most innovative and transformative financial deals, highlighting exemplary execution, effective mobilization of new liquidity pools, and innovative deal structuring. In its debut on the international sustainable finance market, announced in March 2024, Senegal raised $500 million in long-term financing – part of it in the CFA franc. The African Development Bank served as a financial advisor in addition to providing a partial credit guarantee. The pioneering transaction, which leveraged the Bank Group's credit guarantee to secure favorable borrowing terms and attract diverse investor segments, was seen as underscoring Senegal's commitment to financing critical sustainable development projects in climate resilience, renewable energy, and social infrastructure. In April 2024, Rwanda secured a partial credit guarantee from the African Development Fund, the Bank's concessional window, paving the way for long-term funding from international commercial banks. The financing is supporting Rwanda's National Strategy for Transformation, which focuses on green urbanization, environmental sustainability, social inclusion, and health and education infrastructure. With the African Development Bank serving as the initial mandated lead arranger, this transaction diversifies Rwanda's financing sources and underlines the growing attractiveness of African sustainable investment opportunities in global markets, while enhancing citizens' quality of life. Ahmed Attout, the Bank Group's Director for Financial Sector Development, said: 'These awards underscore the Bank's steadfast commitment to fostering competitive and sustainable financing solutions. By tailoring partial credit guarantees to the specific needs of member countries, Senegal and Rwanda now have access to competitive international capital, enabling them to mobilize long term funding from international commercial banks for green and social initiatives for the first time.' Max Magor N'diaye, Bank Group Senior Director for Syndication, Co-financing client solutions and the Africa Investment Forum stated: 'The awards shine a spotlight on these innovative transactions, marking a game-changing benchmark for leveraging sustainable financing to drive transformative and social progress. They not only benefit communities but also pave the way for a resilient and prosperous future. ' Bonds, Loans&ESG Capital Markets Africa, held annually at the Cape Town International Convention Center, is an important event for Africa's capital markets, bringing together the public and private sectors, government officials, financial institutions, investors, and industry experts for dialogue. 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 34 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:
Zawya
02-04-2025
- Business
- Zawya
African Development Bank-Supported Projects in Senegal, Rwanda Clinch Top Honors at 2025 Bonds, Loans & ESG Capital Markets Africa Awards
Two African Development Bank Group ( -supported projects have garnered top honours at the 2025 Bonds, Loans&ESG Capital Markets Africa Awards ( conference. A $545 million sustainable term loan facility in Senegal ( was named Sovereign Syndicated Loan Deal of the Year, while Rwanda's €200 million ESG loan ( was awarded ESG Loan Deal of the Year. Both projects were supported by partial credit guarantees from the African Development Bank Group. The awards celebrate Africa's most innovative and transformative financial deals, highlighting exemplary execution, effective mobilization of new liquidity pools, and innovative deal structuring. In its debut on the international sustainable finance market, announced in March 2024, Senegal raised $545 million in long-term financing – part of it in the CFA franc. The African Development Bank served as a financial advisor in addition to providing a partial credit guarantee. The pioneering transaction, which leveraged the Bank Group's credit guarantee to secure favorable borrowing terms and attract diverse investor segments, was seen as underscoring Senegal's commitment to financing critical sustainable development projects in climate resilience, renewable energy, and social infrastructure. In April 2024, Rwanda secured a partial credit guarantee from the African Development Fund, the Bank's concessional window, paving the way for long-term funding from international commercial banks. The financing is supporting Rwanda's National Strategy for Transformation, which focuses on green urbanization, environmental sustainability, social inclusion, and health and education infrastructure. With the African Development Bank serving as the initial mandated lead arranger, this transaction diversifies Rwanda's financing sources and underlines the growing attractiveness of African sustainable investment opportunities in global markets, while enhancing citizens' quality of life. Ahmed Attout, the Bank Group's Director for Financial Sector Development, said: 'These awards underscore the Bank's steadfast commitment to fostering competitive and sustainable financing solutions. By tailoring partial credit guarantees to the specific needs of member countries, Senegal and Rwanda now have access to competitive international capital, enabling them to mobilize long term funding from international commercial banks for green and social initiatives for the first time.' Max Magor N'diaye, Bank Group Senior Director for Syndication, Co-financing client solutions and the Africa Investment Forum stated: 'The awards shine a spotlight on these innovative transactions, marking a game-changing benchmark for leveraging sustainable financing to drive transformative and social progress. They not only benefit communities but also pave the way for a resilient and prosperous future. ' Bonds, Loans&ESG Capital Markets Africa, held annually at the Cape Town International Convention Center, is an important event for Africa's capital markets, bringing together the public and private sectors, government officials, financial institutions, investors, and industry experts for dialogue. 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 34 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:
Zawya
24-03-2025
- Business
- Zawya
Cameroon: African Development Bank Group approves €330 million loan to upgrade Ngaoundéré-Garoua road to improve connectivity and strengthen regional integration
The African Development Bank Group ( has given the green light to a loan of €330.48 million to Cameroon to redevelop and widen a key section of the Douala-Ndjamena economic corridor, a vital part of plans promoting strengthened regional integration. The financing agreement for the 246-km-long Ngaoundéré-Garoua section of the Douala-Ndjamena economic corridor, one of the most strategic corridors in Central Africa, comes under part of Phase 4 of the Transport Sector Support Programme (PAST4). It was signed on 19 March 2025 in Yaoundé by Solomane Koné, the African Development Bank Group's Acting Director General for Central Africa, and Alamine Ousmane Mey, Minister of Economy, Planning and Regional Development and Governor of the Bank for Cameroon. 'The redevelopment of the Ngaoundéré-Garoua road section is crucial to the competitiveness of our economy, due to improved connectivity and easier movement,' said Mey. '[...] It will also enable us to make better use of the agro-pastoral and commercial potential of the areas it crosses, to the great benefit of local communities.' Koné added: 'Phase 4 of the Transport Sector Support Programme, approved by the Board of Directors of the African Development Bank on 13 December 2024, was designed to amplify the impact of the Bank Group's previous actions and to support its leadership and its dynamic cooperation with Cameroon within the transport sector.' The ceremony was attended by Hilarion Etong, Senior Deputy Speaker of Cameroon's National Assembly, and several members of the government, including Jean Ernest Ngallé Bibéhè, Minister of Transport, Emmanuel Nganou Djoumessi, Minister of Public Works, and Ibrahim Talba Malla, Minister Delegate to the Presidency in charge of Public Contracts, as well as local elected representatives and governors of regions such as Adamaoua and the North. The Bank Group will provide 97 per cent of the total cost of Phase 4 of the Transport Sector Support Programme, which amounts to €340.7 million. The Government of Cameroon will contribute €9.14 million. The aim of the programme is to modernise a strategic section of Cameroon's road network, which is essential for transporting people and goods between the north and south of the country. To enhance traffic flow, three interchanges are also planned. The programme includes measures to improve transport and support local residents, specifically through the construction of socio-economic infrastructure such as markets, schools and health centres. Bringing this stretch of road up to international standards will have a highly positive impact on the competitiveness of the economy and the dynamics of integration in the sub-region. 'Cameroon's geostrategic position places our country at the core of the integration challenges facing the CEMAC ( (Economic and Monetary Community of Central Africa) region,' explained Mey. 'An improved Ngaoundéré-Garoua section will undoubtedly boost cross-border trade by significantly increasing traffic on the Garoua-Maroua-Kousseri-Ndjamena road (in Chad) and the Garoua-Magada-Yagoua-Bongor-Ndjamena road.' Phase 4 of the Transport Sector Support Programme is in keeping with Cameroon's National Development Strategy for 2020-2030 (SND30) and the Bank Group's priorities in Cameroon's Country Strategy Paper for 2023-2028, which is aligned with the objective of diversifying Cameroon's economy, in particular by facilitating access to markets for agricultural and industrial producers in the north of the country. The African Development Bank Group and Cameroon are strategic partners, particularly in the infrastructure sector, with investments of $1.88 billion in transport infrastructure. The Bank Group's commitment is reflected in major investments in the construction and upgrading of roads, bridges and strategic corridors, thereby facilitating the movement of people and the transport of goods on a national and regional scale. By adopting an integrated and inclusive approach in line with its Ten-Year Strategy 2024-2033, the Bank Group is stimulating the structural transformation of the economy and regional integration, with a view to sustainable growth and job creation for the benefit of inhabitants. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Media contact: Solange Kamuanga-Tossou Chief Communications and External Relations Officer for Central Africa media@ About the African Development Bank Group: The African Development Bank Group (AfDB) is the premier multilateral financing institution dedicated to Africa's development. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NSF). The AfDB has a field presence in 41 African countries, with an external office in Japan, and contributes to the economic development and social progress of its 54 regional member states. For more information:
