Tag: AFDB

‘From World Bank, AfDB,’ Nigeria’s Electricity Loans Under Tinubu Hit $1.25Bn

Ganiyu Amodu

Nigeria has secured at least $1.25 billion in loans from the World Bank and the African Development Bank (AfDB) to boost electricity supply under the administration of President Bola Tinubu. On December 14, 2023, the World Bank approved the $750 million Distributed Access through Renewable Energy Scale-up (DARES) project in Nigeria. More recently, on July 31, 2024, the African Development Bank Group (AfDB) approved a loan of $500 million to the Federal Republic of Nigeria to help transform the country’s electricity infrastructure and improving access to cleaner energy sources. About…

Read More

Assist Africa’s Fight Against Climate Change With Grants, UNFCC to Partners

Francis KOKUTSE

Financing of climate change projects across Africa should not put the continent back into debt, for this reason, funding for adaptation and mitigation should be in the form of grants, the deputy executive secretary of the United Nations Framework Convention on Climate Change (UNFCC), Mr Ovais Sarmad has said. Speaking on the side-lines at the Africa Climate Week (ACW) in Libreville, Gabon, Mr Sarmad said, the World Bank, International Monetary Fund (IMF) and the Africa Development Bank (AfDB), are all involved in the provision of financing to climate adaptation projects…

Read More

How AfDB carved in for US pressure, began independent probe of Adesina

Fateemah Olonade

  The board of the African Development Bank (AfDB) has agreed for an independent investigation of Akinwumi Adesina, its president. This comes after Steven Mnuchin, US treasury secretary, rejected the investigation and report of the bank’s ethics board which absolved Adesina of allegations of favouritism. Bloomberg reports that the board agreed to an in’dependent probe after “several foreign governments backed Mnuchin’s criticism of a bank-led examination into the allegations”. Denmark, Sweden, Norway and Finland were reported to be among the countries that wrote to the AfDB board backing Mnuchin. The…

Read More