Latest news with #TheAfricanDevelopmentBankGroup
Zawya
25-03-2025
- Business
- Zawya
African Development Bank Group to expand investment in Lesotho to $331 million
The African Development Bank Group ( plans to invest $331 million in key strategic sectors in Lesotho as part of its proposed Country Strategy Paper for 2025-2030 to boost economic growth and industrial competitiveness. During an official visit to Lesotho -- the first by an African Development Bank President -- Dr. Akinwumi Adesina met with His Majesty King Letsie III to discuss strengthening development partnerships and expanding the Bank's investments in the country. His Majesty expressed delight at the Bank President's visit, viewing the mission as a reflection of the Bank and Adesina's appreciation for Lesotho's progress in improving people's lives. 'With haste, we will ensure that the policies and incentives to accommodate the needs of and attract the private sector are in place, especially in healthcare, agriculture, and manufacturing,' the King remarked. King Letsie said he was confident that Adesina, whom he described as a 'man of action,' would help catalyze progress on the Bank's strategic projects in Lesotho. Adesina thanked King Letsie for his strong leadership role as the African Union Nutrition Champion since 2014, his advocacy for improved nutrition and food security on the continent -- especially for women, adolescents, and children -- and his passion for youth development. The African Development Bank president commended His Majesty for his leadership on the King Letsie III Just Energy Transition Fund, which aims to generate approximately 200 megawatts of power through private sector investments. He also briefed King Letsie about the Bank's new 2025-2030 Country strategy paper and planned investments of $331 million to support quality infrastructure, capacity building, energy, integration and interconnectivity, debt management and standards, and strengthening the office of the Prime Minister. Referencing dwindling donor commitments globally, Dr. Adesina said, "Africa must prepare to engage more proactively with the private sector. Every challenge is an investor's dream. Ultimately, capital, like water, will always find a receptive place to go." According to Adesina, the Bank has implemented 87 projects totaling $429 million since Lesotho joined the Bank in 1973. "We have eight ongoing projects worth $60 million, and we look forward to significantly expanding our commitments," Adesina said. The Bank's investment strategy for Lesotho will focus on several priority areas: Energy infrastructure, including electricity transmission lines connecting Lesotho to South Africa Agricultural development to enhance food security and rural livelihoods Climate resilience initiatives to address environmental challenges Digital transformation, including broadband expansion for digital financial inclusion and government service digitalization Water resource management, building on the success of the Lesotho Lowland Rural Water Supply Project Public financial management and debt management support Trade competitiveness enhancements through improved grades and standards for exports The African Development Bank-led Lesotho Rural Water Supply and Sanitation Project has delivered remarkable results: 190 kilometers of pipeline to distribution networks, water storage tanks with a total capacity of 3.48 million liters, and 166 public water points serving approximately 28,266 people across eight zones in Maseru and Berea districts. Responding to King Letsie's request, Dr. Adesina said the Bank will prioritize investments in primary healthcare centers across Lesotho. 'We will work on an integrated project that includes components of energy, a potential multi-partner $2.3 billion water transfer project from Lesotho through South Africa to Botswana, agro-value chains, and trade facilitation in Lesotho,' Adesina said after the meeting with King Letsie III. The Bank is expected to support Lesotho in mobilizing approximately $260 million for the integrated water transfer project, which will supply 308 million cubic meters of water for domestic, agricultural, and industrial use through a 700 km pipe system. The project has the potential to generate up to 22 MW of hydropower. Speaking earlier, Minister of Finance and Development Planning Retselisitsoe Matlanyane indicated that as Lesotho's energy supply will exceed domestic demand by the end of 2026, the country intends to build a substation to export excess power production to South Africa. She reiterated Lesotho's commitment to private sector-friendly policies and engagement. The minister highlighted the importance of primary healthcare and nutrition investments to help combat extreme stunting in several parts of the country. King Letsie is the African Union-appointed African Leaders for Nutrition champion. The initiative, spearheaded by the African Development Bank and championed by African leaders, works to galvanize political will and significant investments to end malnutrition on the continent. Dr. Adesina also met with Prime Minister Samuel Ntsokoane Matekane; and the ministers of Foreign Affairs; Agriculture, Food Security&Nutrition Natural Resources; Health; Communication, Science&Technology and Education&Training. The Bank's delegation to Lesotho included its Executive Director for Lesotho, Dr. Nomfundo X. Ngwenya; Deputy Director General for Southern Africa, Moono Mupotola; and Senior Advisor to the President for Communication and Stakeholder Engagement, Dr. Victor Oladokun. Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Zawya
13-03-2025
- Business
- Zawya
Desert to Power: The African Development Bank Group, Eritrea sign agreement for 12 MW mini-grid project
The African Development Bank Group ( and Eritrea have signed an agreement for $19.5 million in grant funding for the Desert to Power Eritrea 12MW Mini Grid Project. Eritrea's Minister of Finance and National Development, who is also the Bank Group Governor for the country, Dr. Ghiorghish Teklemichae, signed on behalf of the government during a 10 March signing ceremony. The Bank Group's Deputy Director General for East Africa, Dr. Léandre Bassole, represented the institution. The financing, to be sourced from the Bank Group's Transitional Support Facility (TSF), will support the rollout of mini-grids that will generate 12MW of electricity across the regions of Teseney (6MW), Kerekebet (3MW), and Barentu (3MW). The project will be implemented by the national Ministry of Energy, the Eritrea Electricity Corporation (EEC) and local companies under the supervision and guidance of a design and engineering technical consulting firm to be contracted. 'We are proud to say that Africa is working with Africa to bring change to Africa,' Minister Teklemichae said during the signing ceremony. 'This is for the good of our people and we are ready to work with you.' The project is expected to provide improved energy access to more than 235,000 Eritreans, 20 percent of them women and youth. Beneficiaries will include residential households, small-scale farms, agro-processing zones, and water supply systems. The project will additionally benefit over 160 schools and 90 health centers in the Gash Barka region. To build local capacity and ensure project sustainability, 25 local companies will be trained and equipped with tools and machinery. 'The African Development Bank, your Bank, is here to work with you for you,' Deputy Director General Bassole said in his opening remarks. 'Our main objective is that we will accompany countries to drive their own development.' 'Capacity building and knowledge transfer are critical to the success of the project's implementation,' Deputy Director General Bassole said further. 'This will be a continuous process.' The project is aligned with the Bank's Interim Country Strategy Paper 2022-2024 for Eritrea ( which prioritizes developing quality and sustainable infrastructure to support agricultural value-chains for economic diversification and structural transformation. The project also advances the objectives of the 2018 Eritrea National Energy Policy, which aims to increase electrification rates and ensure that renewable energy contributes 20% of electric power by 2030. Photo album: Distributed by APO Group on behalf of African Development Bank Group (AfDB). Media contact: Christin Roby Principal Regional Communication Officer, East Africa Email: Technical contact: Antony Karembu Principal Renewable Energy Specialist Email:
