First Independent Mena Newspaper
Africa is hemorrhaging over $580 billion every year through corruption and illicit financial outflows, according to the African Development Bank (AfDB), jeopardizing economic growth and worsening the continent’s nearly $2 trillion debt crisis. AfDB President Akinwumi Adesina, speaking in a recent Bloomberg interview, likened the situation to pouring water into a leaking bucket — “It […]
The African Development Bank (AfDB) has partnered with the International Criminal Police Organization (INTERPOL) to enhance efforts in fighting financial crime and corruption across Africa. The two organizations signed a Letter of Intent last week to strengthen their collaboration in tackling illicit financial flows, cybercrime, and money laundering. This partnership is the first for a […]
Head of the African Development Bank called for an end to loans in exchange for oil or critical minerals, which helped countries like China control vast resources in the continent. In an interview with the Associated press, AFDB chief Akinwumi Adesina explained how such loans lead to undervaluing natural resources of African countries and further […]
There is growing interest in Japan by the government, parliamentarians, mega companies and startups to invest more in Africa, as a delegation from the African Development Bank Group (ADB) found during its recent 5-day visit to Japan. Led by ADB President Akinwumi Adesina, the high-powered delegation aimed to showcase the enormous investment opportunities on the […]
Warning the continent has 600-million people in energy poverty, the right of African countries to use their natural gas reserves should be reflected in any deal at the COP27 climate talks, African Development Bank (AfDB) President Akinwumi Adesina said, even as some nations push to see use of the fuel curtailed. Agreeing to a deal […]
Launched in 2019 by the African Development Bank Group (AfDB) and its partners, the Desert to Power initiative to increase solar generation capacity to provide 250 million people with electricity access across Africa’s Sahel region for socio-economic development continues to attract financial support from around the world. The Desert to Power initiative is designed to […]
This year’s African Investment Forum (AIF), the continent’s premier investment platform, attracted a record $63.8bn in investment pledges for infrastructure projects, but experts warn of historically low success rates in bringing projects into fruition. The vast networking event brings together African entrepreneurs, decision-makers, bankers. In 72 hours, the African Development Bank (AfDB) and its partners […]
Morocco’s renewable energy agency (MASEN) and the African Development Bank (AfDB) agreed to join forces to develop renewable energies in Sub-Saharan Africa. “The goal of this partnership is to support African countries, especially those in the Sahel region targeted by the ‘Desert to Power’ initiative, to develop renewable energy technologies adapted to their natural environments […]
The African Development Bank (AfDB) commended Morocco’s commitment to economic development in Africa, saying that the Kingdom gears 85% of its foreign direct investments to the continent. In a statement issued following the visit of the AfDB President Akinwumi Adesina to Morocco last week, the Bank described the Kingdom as “one of AfDB’s best performing […]