Independent News Express

Tag: AfDB

  • Bank Video on President Adesina’s Gender Advocacy Wins Two International Awards

    Bank Video on President Adesina’s Gender Advocacy Wins Two International Awards

    An African Development Bank Group video highlighting Bank President Akinwumi A. Adesina’s commitment to gender equality in Africa has been named a “Bronze Winner” recipient in the 46th Annual Telly Awards and a “Gold Winner” in the 2025 AVA Digital Awards. The two international competitions recognize excellence in communications.

    The Bank’s award-winning online video entry, African Development Bank President Akinwumi Adesina honored as UN Women #HeForShe champion (https://apo-opa.co/4m2pH04), was shown during the 2024 United Nations General Assembly as part of a celebration of Dr. Adesina and other global champions of gender equality.  The two awards bring to eleven the international honors won by Bank communications related to agriculture, human and social development in the last decade.

    The Telly Awards, which honor achievement in video and television across all screens, received more than 12,000 submissions from five continents. Other winners this year include Pixar Animation Studios, ESPN, LinkedIn and the North Atlantic Treaty Organization (NATO).

    “I am blown away by this year’s submissions. The Tellys are unique in our ability to lift up truly excellent video work, no matter the platform, the screen or the method of production,” said Telly Awards Managing Director Amanda Needham.

    The Bank’s Affirmative Finance Action for Women in Africa (AFAWA) produced the 75-second video to highlight some of President Adesina’s gender achievements including the creation of AFAWA, which has disbursed more than $1.33 billion in financing through 185 financial institution partners to women-led businesses in 45 African countries.

    Earlier in 2025, the U.S.-based Association of Marketing and Communication Professionals presented the Bank Group with a gold AVA Digital Award in its short-form web video tribute category. The awards celebrate exceptional work by creative professionals involved in the concept, direction, design and production of media that advances digital communication.

    In a February 2025 statement about the award, the Association of Marketing and Communication Professionals congratulated the African Development Bank Group for its tribute video honoring African Development Bank Group President Akinwumi A. Adesina’s commitment to advancing gender.

    “We aimed to succinctly visualize how President Adesina made mainstreaming gender central to his African Development Bank Group presidency, including hearing from women who have benefitted from initiatives created by the twice-elected leader of the Bank Group. We are thrilled to be recognized by the Telly Awards and AVA Digital Awards,” said Dr. Beth Dunford, the Bank’s Vice President for Agriculture, Human and Social Development.

    “Africa’s women entrepreneurs are the engines of African economies. Our digital communications help showcase the real-world impact of how AFAWA is scaling up access to finance to the continent’s women-led businesses – and demonstrates how the Bank is transforming demographic into dividend,” said Dr. Jemimah Njuki, the Bank’s Director for Gender, Women and Civil Society.

    Watch the Bank’s award-winning video tribute to Dr. Adesina: https://apo-opa.co/4m2pH04

  • Adesina Reiterates Commitment To Africa’s Development As He Bows Out Of AfDB On 1 Sept

    Adesina Reiterates Commitment To Africa’s Development As He Bows Out Of AfDB On 1 Sept

    BY OKAFOR AUGUSTINE IZUCHUKWU

    Dr Akinwumi Adesina says his passion to mobilise global capital for Africa’s development will continue way beyond his presidency of the African Development Bank, which ends on September 1, 2025.

    In a keynote speech titled “Tilting Global Capital for Unlocking Investment Opportunities in Africa”, delivered at the Standard Chartered Africa Summit on July 31, in Lagos, Adesina said: “Together, let us tilt global capital to unlock Africa’s assets. As I step into a new future, you can be sure this will be my focus! For I will always have Africa in my heart and in my sight.”

    The Standard Chartered Africa Summit, with the theme, “Africa to the Globe: Innovation, Resilience, and Growth”, brought together corporate leaders, policymakers, investors and other stakeholders. Attendees included Africa’s richest man, Aliko Dangote; Nigeria’s Minister of Trade and Investment, Dr. Jumoke Oduwole; Hakeem Belo-Osagie, Chairman, FSDH Group and Senior Lecturer at Harvard Business School; and award-winning author, Chimamanda Adichie.

    Adesina kicked off by alluding to his signature optimism about Africa’s prospects. “When I was approached to consider delivering the keynote speech, I did not hesitate. How can someone known as ‘Africa’s Optimist in Chief’ not accept to speak on Africa,” he said.

    Highlighting the African Development Bank’s focus on bold financial innovation in the last decade, Adesina declared, “The African Development Bank is not just waiting for more capital, we are innovating to do more with the capital we have. Through our balance sheet optimization initiatives, we are stretching every dollar of risk capital further. Our ambition is threefold: free up capital, crowd in investors and amplify development impact.”

    He outlined several ambitious and innovative financing solutions pioneered by the African Development Bank, supported by its AAA rating which it has maintained over the last decade:

    • Over $102 billion in low-cost financing to Africa since 2015
    • Capital raise from $93 billion in 2015 to $318 billion in 2024, the highest in the Bank’s sixty-year history
    • Spearheading, in partnership with the Inter-American Development, the rechanneling of the IMF’s Special Drawing Rights (SDRs) to multilateral development banks – a move that will of the rechanneled SDRs as hybrid capital, which can be leveraged by 4-8 times.
    • The Africa Investment Forum, launched by the Bank in collaboration with strategic partners, has mobilized over $225 billion in investment interest across infrastructure, energy, agribusiness, manufacturing and other critical sectors, since 2018
    • The biggest social bond issuance by multilateral development banks, amounting to $14 billion in the past eight years.
    • $10 billion of long-term global benchmark bonds issued in 2025 alone to finance projects across Africa
    • The first-ever synthetic securitization of a non-sovereign portfolio by a multilateral development bank, involving the transfer of mezzanine risk of a $1 billion portfolio of private sector loans.
    • The first-ever private sector hybrid capital transaction by a multilateral development bank, valued at $750 million – with over 275 investors participating with a book order of $5.1 billion, making it the largest ever book order achieved by the African Development Bank.
    • A Room to Run Sovereign offering that created an estimated $2 billion in new sovereign lending headroom
    • 16 partial credit and partial risk guarantees valued at close to $3 billion, mobilizing $ 5 billion for the continent
    • A $250 million partial credit guarantee that allowed Egypt to raise the first ever Panda Bond by an African country on the Chinese capital market, valued at $500 million.

    Adesina praised Standard Chartered Bank’s successful partnership with the African Development Bank’s successful partnership, which notably delivered a partial credit guarantee for Côte d’Ivoire in 2023 – a deal that won “Sovereign Syndicated Loan Deal of the Year” at the 2025 Bonds, Loans & ESG Capital Markets Africa Awards in Cape Town, South Africa, in April.

    “The Standard Chartered Bank participated as the sole lender in the 2023 Cote d’Ivoire’s sustainable loan partial credit guarantee transaction. The African Development Bank was able to unlock €533 million from the Standard Chartered Bank in support of the country’s financing needs.”

    He also congratulated Standard Chartered on being named Best Transaction Bank at the Asset Triple A Treasurise Awards in Hong Kong. “Your record breaking 127 accolades reflects an exceptionally strong track record of excellence in banking and finance, globally.”

    Adesina urged global financial institutions to partner more strategically with the African Development Bank and other multilateral development banks, to scale up capital flows to Africa.

    He called for greater use of risk mitigation and credit enhancement instruments, mainstreaming of best practices in Environmental, Social and Governance (ESG), and increased collaboration to scale up local currency financing solutions.

    Adesina’s delegation included the Bank Group’s Vice President for Private Sector, Infrastructure and Industrialization Solomon Quaynor, and the Director General of the Nigeria Country Department, Dr. Abdul Kamara.

    The African Development Bank’s current active portfolio in Nigeria is the largest in the Bank, valued at $5.1 billion and comprising 52 operations, equally distributed between the public and private sectors, with 26 projects each. National operations account for 84% of the portfolio, while multinational operations constitute the balance of 16%.

    The Bank Group is set to establish a Youth Entrepreneurship Investment Bank in Nigeria, as part of a pan-African portfolio designed to create and finance entrepreneurship opportunities for young Africans.

    The Bank is also rolling out Phase 1 of its Special Agro-Industrial Processing Zones across 8 States, including the Federal Capital Territory. Construction has already begun in four States of Kaduna, Cross River, Oyo and Ogun. Phase 2, which will cover the remaining 28 states, is scheduled to take off from September 2025. 

  • AfDB, UN-Habitat Scale Up Drive For Sustainable Urbanisation In Africa

    AfDB, UN-Habitat Scale Up Drive For Sustainable Urbanisation In Africa

    The African Development Bank Group and the United Nations Human Settlements Programme (UN-Habitat) have signed a Memorandum of Understanding to enhance collaboration and accelerate action on sustainable urban transformation across the continent.

    Under the agreement, the organizations will jointly develop action plans that combine technical assistance, policy support, capacity-building, and knowledge exchange to local governments in four key spheres: urban governance, housing, municipal finance, and infrastructure development.

    The agreement was formalized on 1 July 2025 on the sidelines of the Fourth International Conference on Financing for Development (FfD4) in Seville, Spain.

    The Memorandum of Understanding renews an agreement signed in 2006 by the two entities to collaborate in the water and sanitation sector.

    The African Development Bank and UN-Habitat also plan to coordinate their efforts to tap into key regional and global platforms to mobilize resources for urban development in Africa, including the World Urban Forum and the Africa Investment Forum.

    “I believe that there are ways that we can use the capital markets to develop cities much better,” said African Development Bank President Akinwumi Adesina. “I am delighted that the Bank and UN-Habitat are partnering on the development of cities – I am very excited about this partnership.”

    “Cities are the engine of growth, and we need to mobilize a lot more private capital in the development of cities, which will require a different approach from the conventional public sector capital,” he added.

    The Executive Director of UN-Habitat, Anacláudia Rossbach, said: “Urbanization in Africa can either be a driver of prosperity or a deepening of poverty and exclusion. Through this renewed collaboration with the African Development Bank, we aim to help cities become engines of resilience, equity, and climate action, leaving no one behind.”

    The African Development Bank Group has significantly expanded its urban portfolio in recent years, including through the creation of a dedicated urban development division and the Urban and Municipal Development Fund to support African cities in delivering transformative, climate-resilient urban solutions. Most recently, UN-Habitat and the Bank Group signed a service agreement to prepare the Eswatini EcoCity Masterplan under an integrated urban and agricultural initiative that aims to deliver sustainable housing and create economic opportunities for over 100,000 people in Eswatini.

    Africa’s rapid growth and urbanization – the continent’s population is projected to reach 2.4 billion by 2050 –presents both opportunities and challenges. With more than half of urban residents living in informal settlements lacking basic services, adequate housing, and climate-resilient infrastructure, local governments are under increasing strain. Through this renewed partnership, the African Development Bank and UN-Habitat are joining forces to help cities respond to these challenges and harness urban growth as a driver of sustainable development.

  • African Development Bank President Wins Obafemi Awolowo Leadership Prize

    African Development Bank President Wins Obafemi Awolowo Leadership Prize

    The President of the African Development Bank Group, Akinwumi Adesina, has been awarded the prestigious Obafemi Awolowo Prize for Leadership.

    The award which promotes the legacy and democratic ideals of the late Nigerian nationalist and federalist leader Chief Obafemi Awolowo, also “recognises and celebrates excellence in leadership.”

    The Foundation’s Executive Director, Ambassador Dr Tokunbo Awolowo-Dosumu said, “Dr Adesina was the unanimous choice of the Foundation’s Selection Committee, which described Adesina as possessing the attributes for the award to the highest degree.”

    According to Ambassador Awolowo-Dosunmu, “The attributes considered to have characterised Chief Awolowo’s excellent leadership, include integrity, credibility, discipline, courage, selflessness, accountability, tenacity of purpose, visionary and people-centred leadership.”

    The former Nigerian President, Goodluck Ebele Jonathan was one of several world leaders who nominated Adesina. “He epitomises and combines qualities of extraordinary leadership that are often rare to find: great visionary, incredible courage, the ability to take on huge and difficult challenges, extraordinary dedication and commitment to deliver programmes and policies that transform the lives of millions of people,” Jonathan said.

    Former British Prime Minister Tony Blair also praised Adesina’s leadership. “His contributions to the African continent and global leadership have been exceptional. Under his leadership the African Development Bank has delivered bold interventions to address some of the greatest challenges of our time,” he said.

    Another globally renowned figure, Ambassador Kenneth Quinn, President Emeritus of the World Food Prize Foundation, saluted Adesina’s commitment to food security: “President Adesina has traversed the African continent evangelising his profound vision to end childhood stunting through enhanced nutrition; uplifting smallholder farmers, the great majority of them women; providing critical financing for a broad array of infrastructure projects so critical to development and modernisation.”

    Former UN Secretary-General Ban Ki-moon and Global Center on Adaptation CEO Prof. Dr Patrick Verkooijen, jointly said, “We can think of no person more highly qualified or deserving of this prestigious award. Dr Adesina is forged in the same mould as Chief Obafemi Awolowo, a shining example of leadership.”

    Dr Akinwumi Adesina is the third recipient of the Award. Others include Nigerian writer and Nobel Laureate Wole Soyinka and the former South African President Thabo Mbeki.

    An award ceremony is scheduled for 6 March 2024, and will include keynote lecture by the honouree.

    The Obafemi Awolowo Foundation, founded in 1992, is a non-profit non-partisan organisation.

  • AfDB Boss, Adesina To African Mayors: Let Us Act To Transform Africa’s Cities

    AfDB Boss, Adesina To African Mayors: Let Us Act To Transform Africa’s Cities

    By 2050, the number of people living in African cities is expected to double from about 600 million to 1.2 billion, representing the most rapid rate of urbanisation in the world. This poses significant development challenges, which will require innovative, African-led solutions.

    In rousing remarks to the mayors of 15 African cities gathered for the inaugural forum of the African Mayoral Leadership Initiative (AMALI), African Development Bank Group President, Dr Akinwumi Adesina, provided highlights of how city leaders—supported by national governments—can rapidly transform urban development on the continent, in sustainable ways.

    AMALI is a partnership between the African Centre for Cities (ACC) at the University of Cape Town and Big Win Philanthropy.

    According to Dr Adesina: “There is need to provide greater autonomy and fiscal responsibility to cities and towns and for national governments to allow them to raise financing to meet the huge needs of development. Instead of simply depending more on transfers from national governments, cities and towns should build their institutional capacity to raise their own financing.”

    Dr Adesina noted the critical role that initiatives like AMALI can play in sharing best practices across cities and helping leaders overcome the challenges that urbanisation poses. He also highlighted the African Development Bank’s commitment to working with city leaders to transform their cities, noting that, on average, the Bank’s board approves more than $2 billion per year for projects and programmes that have a direct positive impact on urban areas across Africa.

    The Bank’s support includes the establishment of an Urban and Municipal Development Fund to provide technical assistance and capacity building for integrated urban planning, governance, project preparation, and broader urban management, including municipal fiscal management. The Fund provides support in more than 15 cities—to help improve the lives of millions of urban residents.

    In a clear call to action to Africa’s city leaders, Dr Adesina said,”The Africa we want must be one where our cities are well planned to become drivers of greater economic growth and prosperity for Africa. This cannot happen by chance. The future is not created by a roll of the dice. So let us act to transform Africa’s cities,” Dr Adesina said.

    Speaking at the event, Dr Nkosazana Dlamini-Zuma, Minister of Cooperative Governance and Traditional Affairs of South Africa, exhorted African city leaders to always put people first. To reduce urban migration, she urged African countries to invest in rural areas and small towns. The Minister also encouraged African countries to prioritise the skills revolution, citing the African continent’s skills gap as a barrier to development.

    Speaking at the event, Alan Winde, Premier of the Western Cape, highlighted strategic ways in which regional and national governments can support mayors to transform their cities—creating impact that extends well beyond the city limits.

    “I believe in decentralisation. I believe, where possible, it gives local authorities the power to dream big, to have visions, and to move forward into the future,” he said. According to Premier Winde, decentralisation “lets us, at national levels and provincial levels, empower and enable local authorities and cities, because it’s cities that are going to be growing out of proportion over the next 50 and 100 years.”

    The event also included remarks from Prof. Edgar Pieterse, Founding Director of the African Centre for Cities and Co-Chair of AMALI, Prof. Mamokgethi Phakeng, Vice-Chancellor of the University of Cape Town, and Jamie Cooper, Founder and President of Big Win Philanthropy and Co-Chair of AMALI.