Monday, August 2We Break the News

African Development Bank

Lesotho: African Development Fund extends $4.25 million loan to modernize tax collection, boost revenue

Lesotho: African Development Fund extends $4.25 million loan to modernize tax collection, boost revenue

AFRICA, African Development Bank, Banking World, Ivory Coast
The funds will go to support the Supplemental Financing of the Lesotho Tax Modernization Project ABIDJAN, Ivory Coast, July 21, 2021/ -- The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a loan of $4.25 million to the Lesotho Revenue Authority to provide digital tax services, including e-taxation and e-payment, that will broaden the country’s tax base and boost government revenue.The funds, to be sourced from the African Development Fund, the Group’s concessional lending window, will go to support the Supplemental Financing of the Lesotho Tax Modernization Project. The project follows the Lesotho Tax Modernization Project (LTMP) approved in November 2017, and for which the African Development Bank Group provided $7.09 million, in financi...
African Development Bank, partners, renew commitment to end child stunting in Africa

African Development Bank, partners, renew commitment to end child stunting in Africa

AFRICA, African Development Bank, Banking World, Ivory Coast
Each speaker reaffirmed their commitment to the Partnership and to help countries end child stunting on the continent ABIDJAN, Ivory Coast, July 14, 2021/ -- Urging unity and action to accelerate nutrition targets amid the global Covid-19 pandemic, representatives of the African Development Bank (www.AfDB.org), the Aliko Dangote Foundation and Big Win Philanthropy renewed their commitment to end child stunting and other forms of malnutrition through the Banking on Nutrition Partnership (https://bit.ly/3wEhp4H). The partners convened during a high-level panel discussion held on 8 July, organized by the African Development Bank. They shared lessons learned, experiences, achievements of the Banking on Nutrition Partnership since its inception five years ago. They also discussed its imp...
African Development Bank to provide €39 million loan package for Gabon’s first independent hydropower project

African Development Bank to provide €39 million loan package for Gabon’s first independent hydropower project

AFRICA, African Development Bank, HUMAN INTEREST STORIES, Uganda Banker's association
The project entails the design, construction, and operation of a 34.1-megawatt power plant with a net annual generation of 203-gigawatt hoursABIDJAN, Ivory Coast, July 9, 2021/APO GROUP The Board of Directors of the African Development Bank Group (AfDB.org) has approved a €39 million loan package for the construction of the Kinguélé Aval hydroelectric project in Gabon. The package comprises €20 million from the African Development Bank, €10 million from the Africa Growing Together Fund and €9 million in concessional financing from the Sustainable Energy Fund for Africa, a special multi-donor fund managed by the African Development Bank. Additional financing to meet the project’s €133.8 million budget will come from the International Finance Corporation of the World Bank Group...
Disaster Risk Management: AfDB Grants Sudan $8.56 Million

Disaster Risk Management: AfDB Grants Sudan $8.56 Million

ADVOCACY, AFRICA, African Development Bank, Disaster Preparedness, Sudan
The Board of Directors of the African Development Bank Group has approved a grant of $8.56 million from the   African Development Fund to implement the Africa Disaster Risk Financing Programme (ADRiFi) in Sudan. The project will enhance the nation’s resilience and response to climate shocks by improving the management of climate disaster risks. The five-year (2022 to 2026) project, to be implemented at a total cost of $13.02 million, includes contributions from the Government of Sudan as well as in-kind contribution from the African Risk Capacity. Through ADRiFi, Sudan will strengthen its capacity to evaluate climate-related risks and costs and elaborate subsequent adaptation measures to strengthen resilience and allow a timely response delivery to beneficiaries impacted by drou...
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