{"id":38372,"date":"2023-01-11T21:42:38","date_gmt":"2023-01-11T21:42:38","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/2022-review-confidence-in-the-african-development-bank-increases"},"modified":"2023-01-11T22:11:07","modified_gmt":"2023-01-11T22:11:07","slug":"2022-review-confidence-in-the-african-development-bank-increases","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/2022-review-confidence-in-the-african-development-bank-increases","title":{"rendered":"2022 Review: Confidence in the African Development Bank Increases!"},"content":{"rendered":"

Africa-Press – Malawi. <\/strong><\/span>2022 was a year of renewed confidence in the African Development Bank Group. Contributing countries mobilized and contributed $8.9 billion to replenish the African Development Fund under ADF-16. Furthermore, they acceded to the request of the Bank Group\u2019s Senior Management to create a Special Climate Action Window under ADF-16.<\/p>\n

Japan, Norway, Portugal, Spain, the Swiss Confederation, Germany, and the Global Energy Alliance are providing significant financial support to the Bank to finance sectors vital to development. Whether it is to boost renewable energies, fight climate change, promote the Lusophone Pact or develop the agricultural sector, their commitment has been exceptional, thus testifying to the shareholders\u2019 increased confidence in the Bank\u2019s efforts to foster the continent\u2019s development.<\/p>\n

For its part, the Board of Executive Directors, led by the Bank\u2019s President, Akinwumi Adesina, took seriously the looming threat of food and social crises in African countries in the wake of Russia\u2019s war in Ukraine. The Board swiftly set up a $1.5 billion African Emergency Food Production Facility, and in less than two weeks, deployed $1.3 billion for this purpose. This year has also allowed Dr. Adesina to witness the impact of the Bank\u2019s work on the ground. He paid working visits to several countries across the continent; Morocco, Cabo Verde, Zimbabwe, Kenya, Senegal, Tanzania, and Mauritania, among others, where he saw at first hand the results of the Bank\u2019s life-changing intervention in these countries and, above all, on the beneficiary populations. Below is a snapshot of the African Development Bank Group\u2019s work in 2022.<\/p>\n

January<\/b><\/p>\n

African Development Bank Group President Akinwumi Adesina visited the $19.5 billion Dangote Industries Limited Crude Oil Refinery and Petrochemical Production Plant in Lagos, Nigeria.<\/p>\n

In Senegal, President Adesina was received by the Head of State, Macky Sall. Dr. Adesina visited Bank-financed projects such as the Dakar-Diamniadio regional express train. He announced support for the Louis Pasteur Referral Laboratory, which will soon start producing messenger RNA (mRNA) vaccines for Covid-19 and other diseases.<\/p>\n

February<\/b><\/p>\n

The Board of Directors of the African Development Bank Group approved $379.6 million in funding for the Desert to Power Facility for G5 Sahel countries (Burkina Faso, Chad, Mali, Mauritania and Niger).<\/p>\n

African Development Bank Group President, Akinwumi Adesina, joins Tanzanian President Samia Suluhu Hassan at the official launch of the construction of the historic Dodoma City Outer Ring Road Project.<\/p>\n

March<\/b><\/p>\n

The Board of Directors of the African Development Bank Group approved a new strategy to address fragility and build resilience in Africa for the period 2022-2026. The strategy proposes a five-year roadmap for building more resilient institutions, economies, and societies across the continent.<\/p>\n

American basketball giant and eight-time NBA All-Star Dikembe Mutombo, and the African Development Bank President, Akinwumi Adesina, accompanied by former legendary Ivorian football team captain, Didier Drogba, inaugurated a first-class sports facility for young orphans in Bingerville, Co\u0302te d\u2019Ivoire<\/p>\n

April<\/b><\/p>\n

President Akinwumi Adesina visited the United Arab Emirates. Several commitments were made in Dubai and Abu Dhabi during the three-day visit. The African Development Bank Group signed a Protocol Agreement with the African Union in Addis Ababa, Ethiopia, to support the implementation of the Pan-African Organization\u2019s Agenda 2063.<\/p>\n

May<\/b><\/p>\n

The African Development Fund, the concessional window of the Bank Group, marked the milestone of 50 years of actions and achievements in Africa\u2019s most fragile countries. Organized within the framework of the Group\u2019s Annual Meetings, the occasion brought together beneficiaries and donors to discuss the Fund\u2019s impact and performance.<\/p>\n

The Bank Group\u2019s 2022 Annual Meetings took place in Accra, Ghana, on the theme: \u201cFostering Climate Resilience and a Just Energy Transition in Africa\u201d.<\/p>\n

[embedded content] Annual Meetings 2022: AfDB President\u2019s speech at the Closing Ceremony<\/p>\n

In Abidjan, the Bank Group\u2019s Board of Directors approved the creation of the $1.5 billion African Emergency Food Production Facility to help African countries avert a looming food crisis that could result from Russia\u2019s war in Ukraine.<\/p>\n

June<\/b><\/p>\n

U.S. President Joe Biden announced support for the African Development Bank\u2019s initiative to significantly increase food production in Africa to avert the looming food crisis which could result from the war between Russia and Ukraine.<\/p>\n

The Bank\u2019s Board of Directors endorsed the creation of the African Foundation for Pharmaceutical Technology. This ground-breaking organization will significantly expand Africa\u2019s access to the technologies underpinning the manufacture of medicines, vaccines, and other pharmaceutical products. The African Development Bank and the Caribbean Development Bank signed a pact to enhance their collaboration.<\/p>\n

July<\/b><\/p>\n

Bank Group President Akinwumi Adesina reassured U.S. investors gathered in Marrakech for the U.S.-Africa Business Summit: \u201cAfrica is a safe, competitive and profitable market.\u201d<\/p>\n

The global credit rating agency, Fitch Ratings, confirmed African Development Bank\u2019s \u201cAAA\u201d long-term credit rating with a stable outlook. This affirmation represented a recognition of the Bank\u2019s strong financial profile and the tremendous support of its shareholders.<\/p>\n

Publish What You Fund, the global aid transparency organization, recognized the African Development Bank as the most transparent organization in the world.<\/p>\n

The Bank\u2019s Board of Directors approved a loan of EUR 121 million to Senegal to implement an emergency agricultural program for 850,000 small-scale producers. It was the first approval under the deployment of the African Emergency Food Production Facility.<\/p>\n

August<\/b><\/p>\n

Japan and the African Development Bank announced financial cooperation, which could reach $5 billion, under the 5th phase of the Enhanced Private Sector Assistance Initiative in Africa, for 2023-2025. They made the announcement in Tunis on the sidelines of the 8th Tokyo International Conference on African Development (TICAD8).<\/p>\n

The largest U.S. organization of African-American journalists and media professionals honored the African Development Bank with the Salute to Excellence Award for its Technologies for African Agricultural Transformation (TAAT) initiative.<\/p>\n

September<\/b><\/p>\n

The Egyptian government and the African Development Bank Group signed a Protocol Agreement to Host the Bank Group\u2019s Annual Meetings in May 2023. The African Development Bank, rated \u201cAAA\u201d by the world\u2019s leading rating agencies (Moody\u2019s, S&P, Fitch and Japan Credit Rating) with a stable outlook, issued a $100 million thematic bond maturing in September 2029.<\/p>\n

Nigeria\u2019s Head of State, Muhammadu Buhari, and the African Development Bank Group President, Akinwumi Adesina, while in New York, urged global businesses and policymakers to invest in Nigeria.<\/p>\n

Bank Group President Adesina undertook an official visit to Mauritania to \u201cgive a new impetus\u201d to the Bank\u2019s partnership with the country: \u201cWe stand by Mauritania to accelerate the increase in capacity and range of its productive sectors such as wheat, red meat, fisheries and mining.\u201d<\/p>\n

October<\/b><\/p>\n

The African Development Bank and its partners launched Nigeria\u2019s $520 million Special Agri-business Processing Zones Programme. The initiative will help modernize agriculture and develop agri-business in the most populous African country. Eleven countries across Africa are implementing the program.<\/p>\n

On the occasion of the Finance in Common Summit, organized in Abidjan, the first time in Africa, five new public development banks \u2013 the Development Bank of Latin America, the Development Bank of Rwanda, Cassa Depositi e Prestiti \u2013 Italian Investment Bank, the Citizen Entrepreneurial Development Agency and the Netherlands Development Finance Corporation \u2013 signed the Paris Declaration on Gender Equality and Women\u2019s Empowerment.<\/p>\n

African Development Bank President Akinwumi Adesina was named \u201cAfrican Man of the Year 2022\u201d by Exclusive Men of the Year, recognizing his leadership and vision at the helm of the Bank, in addition to his outstanding commitment to Africa during his tenure as Nigeria\u2019s Minister of Agriculture.<\/p>\n

November<\/b><\/p>\n

Published by the African Development Bank, the African Union and the United Nations Industrial Development Organization, the Africa Industrialization Index report showed that 37 of the 52 African countries increased their level of industrialization over the past 11 years.<\/p>\n

At COP-27 in Egypt, Germany pledged EUR 40 million to the Bank\u2019s Climate Action Window for fragile African States. The Africa Investment Forum\u2019s \u201cMarket Days\u201d \u2013 the continent\u2019s leading investment platform \u2013 catalyzed $31 billion of interest from African and international investors.<\/p>\n

December<\/b><\/p>\n

After a year of intense negotiations amid a challenging global economic outlook, the African Development Fund\u2019s development partners agreed to commit a total of $8.9 billion for its 2023-2025 financing cycle. The pledged amount is the largest replenishment in the Fund\u2019s history.<\/p>\n

For More News And Analysis About Malawi<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. 2022 was a year of renewed confidence in the African Development Bank Group. Contributing countries mobilized and contributed $8.9 billion to replenish the African Development Fund under ADF-16. Furthermore, they acceded to the request of the Bank Group\u2019s Senior Management to create a Special Climate Action Window under ADF-16. Japan, Norway, Portugal, […]<\/p>\n","protected":false},"author":84,"featured_media":38371,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,371,234],"class_list":["post-38372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-malawi","tag-malawi"],"yoast_head":"\n2022 Review: Confidence in the African Development Bank Increases! - Malawi<\/title>\n<meta name=\"description\" content=\"2022 was a year of renewed confidence in the African Development Bank Group. 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