To boost private sector African Development Bank approved the Lusophone Compact Guarantee Program (LCGP), with a maximum risk exposure of up to EUR400 million. The new program is designed for new non-sovereign operations (NSOs) in the Lusophone countries of Africa, notably Angola, Cabo Verde, Equatorial Guinea, Guinea- Bissau, Mozambique, and São Tomé and Príncipe
- The program enables the Bank to manage its risk capital over the next five years 2021-2025, while at the same time diversifying and growing its NSO portfolio over the medium to long-term.
- The new Compact offers a big boost to business development initiatives for the Banks non-sovereign portfolio in its Portuguese-speaking African member countries.
The prominent projects and supports by AfDB in last few months featured below:
Nov 2020: To boost renewable energy in Africa, the African Development Bank has approved a $120 million loan to fund the construction of a 50 MW hydropower plant in Western Tanzania.
Nov 2020: To boost information communication technology in Rwanda, the African Development Bank has signed a grant agreement with the Ministry of ICT and Innovation to support the Rwanda Coding Academy.
Nov 2020: Africa African Development Bank has approved, additional funding of approximately $137 million to the support program for improving social protection implemented in Morocco (FA Covid-19).
Sep 2020: African Development Bank had approved, approximately $ 142 million to the Democratic Republic of the Congo, under the Program d budget support in response to the Covid-19 crisis (PABRC).
July 2020: African Development Bank had granted an aid of $68 million to Benin, Togo and Guinea to fight Covid-19 pandemic (PARCovid-19). The funds drawn through Transition Support Facility (TAF-Pillar I), a bank financing mechanism intended for fragile and transition countries to provide an emergency response to the health and socioeconomic crisis.
July 2020: African Development Bank had approved a loan of approximately $288 million to the government of South Africa to fight against COVID-19 pandemic. South Africa battles one of the largest COVID-19 caseloads in the world.
July 2020: The African Development Fund (ADF) is a concessional financing window of the African Development Bank, had approved a grant of approximately $165 million to support Ethiopias response to the health and economic impacts of the COVID-19 pandemic.
June 2020: African Development Bank had approved approximately $254 million loan to finance Egypts Electricity and Green Growth Support Program (EGGSP).
June 2020: African Development Bank has announced around $1.2 million grant to Ethiopia to finance a feasibility study into a standard-gauge railway (SGR) link between Ethiopia and neighbouring Sudan.
June 2020: African Development Bank approved, in Abidjan, a loan of approximately $200 million to Tunisia to finance the program to support the response to Covid-19 by the social inclusion and employment (PARISE).
June 2020: African Development Bank (AfDB) had approved a loan of approximately $95 million to Senegal, hit hard by the novel coronavirus pandemic, in support of the costs of its national COVID-19 Economic and Social Resilience Program.
May 2020: African Development Bank had approved $203 million loan to support the Government of Kenyas efforts to respond to the COVID-19 pandemic and mitigate the related economic, health and social impacts.
April 2020: Sustainable Energy Fund for Africa (SEFA), which is managed by African Development Bank, had approved around $760,000 grant to Empower New Energy AS (EmNEW) , to develop small renewable energy projects across Sub Saharan Africa. As per agreement EmNEW has to develop at least eight small renewable energy projects with capacity ranging from1-10 MW.
April 2020: African Development Bank Group had announced the creation of the COVID-19 Response Facility to assist regional member countries in fighting the coronavirus pandemic.
About African Development Bank (AfDB)
African Development Bank (AfDB) Group is a multilateral development bank, headquartered in Abidjan, Côte dIvoire. AfDB was established in 1963 by the Organization of African Unity (OAU) to promote sustainable economic development in the region. The main objective is to spur sustainable economic development and social progress in its regional member countries (RMCs), and finally help in poverty reduction.