Financial Services 

Fitch Rating Company Verifies Triple A (AAA) Score Of African Advancement Bank, With Steady Outlook

Fitch Rankings, the international credit ranking company, has verified the African Development Bank’s (AfDB) (www.AfDB.org) Long-Term Issuer Default Ranking (IDR) at ‘AAA’, with a steady outlook. According to the agency, “the ‘AAA’ ranking of the AfDB is driven by amazing assistance it receives from its investors, which Fitch Rankings evaluate at ‘aaa’”. It evaluated the Bank’s threat management policies as conservative and outstanding in line with ‘AAA’ ranked local peers. Fitch Scores examined “the Bank’s liquidity profile at ‘aaa’, showing an ‘outstanding’ liquidity buffer and quality of liquid assets”, while…

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Ghana Cocoa Board, African Development Bank and financial partners celebrate first $200 million disbursement of loan to boost cocoa productivity in Ghana

Ghana Cocoa Board (COCOBOD) and lenders have welcomed the first disbursement of $200 million of a syndicated loan facility to boost cocoa productivity in the world’s second-largest producer. The occasion was marked by a ceremony held in Accra, Ghana on Tuesday 23 June, followed online by hundreds of observers across the globe. In attendance were COCOBOD and government representatives and participating lenders, which included development finance institutions: the African Development Bank (https://www.AfDB.org/), the Japan International Cooperation Agency (JICA), the Development Bank of Southern Africa and Cassa Depositi e Prestiti Spa.…

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Financial Services Management 

Representatives Urge AfDB Board to Stop Further Harassment of Adesina

Home of Representatives has advised the Board of African Advancement Bank(AfDB)to stop further harassment of the bank’s President, Akinwumi Adesina. The call was sequel to a consentaneous adoption of a motion of Matter of Public Urgent Value by the Minority Leader of your home, Ndudi Elumelu (PDP-Delta), at plenary on Tuesday. Previously, Mr Elumelu recalled that at a conference of the United Nations Economic Commission for Africa (UNECA) in Khartoum, Sudan, in August,1963, a contract was grabbed the establishment of AfDB. He stated the agreement was co-signed by 23 African…

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Financial Services Healthcare 

African Development Bank Loans Morocco $204 million for Social Protection Improvement

The African Development Bank (AfDB) Group has granted Morocco a loan of $204 million to finance the Social Protection Improvement Support Program (PAAPS). “This is a loan agreement of $204 million dollars (about MAD 2 billion) spread over 4 years whose aim is to accompany an integrated support program for the improvement of social protection in Morocco,” said Minister of Economy, Finance and Administration Reform, Mohamed Benchaaboun on Friday in Rabat, Benchaaboun said the aim is to achieve 80% social security coverage in Morocco by 2023, specifying that the program…

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Agriculture Financial Services 

African Development Bank to approve $14 million for innovative farming in Sierra Leone

Last Sunday, 9th February 2020, the President of the African Development Bank (AfDB), Dr Akinwumi Adesina, held talks with President Julius Maada Bio of Sierra Leone on the margins of the AU Summit, taking place in Addis Ababa, Ethiopia, where both leaders discussed ways to improve farming in Sierra Leone, scale up nutrition and defeat stunting in children. “Mr President, malnutrition accounts for at least 11 per cent of Africa’s Gross Domestic Product. We have 65 per cent of the world’s remaining uncultivated arable land. We have an abundance of…

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