African Development Bank approves US$20 million loan to support Seychelle’s Covid-19 recovery

SEYCHELLES – The Board of Directors of the African Development Bank Group has approved a US$20 million flexible loan to finance Seychelles’ Governance and Economic Reforms Support Program. This fund is expected to help drive the island nation’s macroeconomic stability and recovery from Covid-19 in the medium-term. The pandemic has severely impacted Seychelles’ macroeconomic performance. Real GDP growth, which averaged 4.2% in 2016-2019, contracted by 12.9% in 2020. The overall fiscal deficit of between -1.4% and 0.7% of GDP in the 2016-2019 period widened to -19.5% in 2020, while public…

Read More

Africa Development Bank reinforces commitment to end child stunting and malnutrition

COTE D’IVOIRE – Africa Development Bank in partnership with the Aliko Dangote Foundation and Big Win Philanthropy have renewed their commitment to end child stunting and other forms of malnutrition through a nutrition partnership. The Banking on Nutrition Partnership was founded 5 years ago to help African countries combat effects of malnutrition in children. Although it performs relatively well against other regions, Africa still experiences a malnutrition burden among children aged under 5 years. The average prevalence of overweight is 4.7%, which is lower than the global average of 5.6%.…

Read More

Officials at the AFDB annual meeting stress on the necessity for investments in healthcare

COTE D’IVOIRE – Officials speaking during the Africa Development Bank meeting have emphasized that Africa’s ability to respond to future pandemics will depend on making investments in health and education. “Ebola was a signal,” John Nkengasong, head of the Africa Centers for Disease Control and Prevention, told participants in a virtual session on healthcare held during the African Development Bank’s 2021 Annual Meetings, with regard to recent outbreaks in West Africa. The Annual Meetings are unfolding against the backdrop of the ongoing Covid-19 pandemic, which has exposed the lack of…

Read More

African Development Bank members show support for plan to tackle COVID-19

COTE D’IVOIRE – The African Development Bank Group’s shareholders have shown strong support for the Bank’s proposals to tackle the Covid-19 pandemic, and this as the continent faces the possibility of a third wave of infection amid poor vaccine access. This emerged from the 56th Annual Meetings of the Bank Group. The three-day event, which ended on Friday, included the 47th meeting of the Governors of the African Development Fund, the Bank’s concessional lending arm. Part of the proposal is that the Bank, the continent’s only development finance institution with…

Read More

African countries win the race against time with testing laboratories thanks to the African Development Bank

IVORY COAST – Daily testing capacity of African countries has risen from 13,200 at the beginning of the epidemic to 105,000 tests at the moment. At the beginning of the pandemic, Africa had its back to the wall, helpless in the face of the magnitude of a virus that appeared in Asia and quickly spread to the entire planet. Only two African countries were able to test for the novel coronavirus at the time, Senegal, with its Pasteur Institute, and South Africa, the most industrialized country on the continent. However,…

Read More