Housing finance: AfDB Injects $8.2m Into Shelter Afrique

Shelter Afrique has received $8.2 million injection of equity from the African Development Bank (AfDB). Shelter Afrique is a pan-African finance institution which exclusively supports the development  of housing and real estate sector in the continent. In a statement, AfDB said the injection is meant to strengthen its balance sheet and help achieve its objective of providing quality affordable housing in Africa. It further highlighted the confidence the bank has in the future of the continent and the implications for housing development in the continent.

“Africa’s economic landscape remains positive with promising scope for growth; Gross Domestic Product remains robust supported by multiple factors. The continent’s growing population, a growing middle class and the fastest urbanisation rate in the world are some of the factors driving increased demand for affordable houses and housing finance,” AfDB noted. Managing Director of Shelter Afrique, Mr. James Mugerwa, noted that the equity increase is a reflection of the confidence reposed by AfDB in his firm.

“The African Development Bank has sent strong signals about the seriousness of housing on the continent, and by extension, the seriousness of what we do here at Shelter Afrique. It is a welcome development but we see it as engaging as well. This equity increase means the AfDB wants to see more, they want to see impact and scale and that is what we will be aiming for this year; impact,” he said.

AfDB stated that the investment is well aligned to its ten year strategy for the period 2013-2022, as well as one of the bank’s high strategic priorities of “improving the lives of people in Africa”. With the increase in equity, AfDB – a Class B shareholder – has become the largest shareholder in the organisation, making the housing financier an unofficial subsidiary of the bank. Shelter Afrique is owned by 44 African Sovereign shareholders categorized as Class A shareholders. The Class B shareholders are the African Development Bank and the Africa RE organisation.

Source – vanguardngr.com

Akinwumi Adesina Elected As AfDB President

After a long debate and selection process  AFDB today announced Akinwumi Adesina as her new President. This was published on their official website just minutes ago:

“Akinwumi Adesina was elected as the 8th President of the African Development Bank on Thursday, May 28.

A Nigerian citizen, Adesina is currently serving as Nigeria’s Minister of Agriculture and Rural Development.

He succeeds Donald Kaberuka, whose second term as President of the Bank ends in August.

His name was announced by Albert Toikeusse Mabri, Minister of Planning and Development for Côte d’Ivoire, and current Chairman of the Board of Governors of the African Development Bank.

The election was conducted by the Board within the Annual Meetings of the African Development Bank Group, held in Abidjan.

Adesina, 55, will assume office on 1 September 2015?.

AfDB Invests N14.78b In Member Countries’ Agric Sector

The African Development Bank (AfDB) said it has invested N14.78 billion (N2.91 trillion) in the agriculture sector of its Regional Member Countries (RMC) in 46 years to grow their economy.


Mr Chiji Ojukwu, the Director of Agriculture and Agro-Industry Department of the bank, stated this in a statement published on the bank’s official website.


In the statement, retrieved by the News Agency of Nigeria (NAN) on Sunday in Lagos, the director said that between 1968 and 2014, the bank group approved 876 operations.


These operations had commitments valued at approximately 14.78 billion dollars that provide support to agriculture and rural development.


“Between 2010 and 2014, about 230,000 kilometres of feeder roads were constructed and/or rehabilitated and 563,000 people benefited from improved access to transport.


“About 1.5 million people had access to improved technology and some 600 production and marketing facilities were constructed.


“In terms of natural resource management, more than 0.8 million hectares of land have been improved through replantation/reforestation, benefiting about 19 million people, 45 per cent of whom were women,’’ Ojukwu said.


According to him, one of the stand-out projects in agricultural infrastructure includes the Uganda Community Agricultural Infrastructure Improvement Programme that won the U.S. Treasury Honours for Development Impact in 2013.


“The Bank has also supported the resilience building projects including its Drought Resilience and Livelihoods Support Programmes in the Horn of Africa and the Sahel.


“Going forward, there is need for multi-sector investments in agriculture using an integrated value chain approach for the bank to contribute to unlock the potential of agriculture for sustained and inclusive growth in Africa.


“This implies greater attention to both horizontal and vertical integration in all relevant value chains.


“This includes addressing constraints and opportunities faced by farmers and producers; strengthening the delivery of business and financial services and enabling the flow of information.


“Other opportunities are facilitating improved markets and agro-processing infrastructures as well as improving farmers’ skills and linkages to markets,’’ Ojukwu said.


He noted that the bank’s new agricultural strategy under processing (2015-2019) would continue to focus on investments in agricultural infrastructure, resilience building and natural resources management.


This would be in addition to a new pillar focusing on agribusiness and innovation.


On the bank’s level of support to RMCs to meet the goal of the 2010-2014 Agriculture Sector Strategy, Ojukwu said that the bank group operations met or exceeded 75 per cent of its targets.


“This is for activities pertaining to its promoting agriculture infrastructure development and increasing resilience and natural resource management,’’ he said.(NAN)

These Are The Candidates Who Want To Run The African Development Bank

The Q2 issue of African Banker magazine profiles the eight candidates vying for the African Development Bank Presidency.

In one-to-one sessions, prospective candidates of the continent’s premier multilateral financial institution shared their strategic visions, priorities and agendas for the Bank with the niche financial publication.

In an extensive dossier, the eight candidates indicate their suitability for this momentous job and the credentials required to lead Africa’s most prominent development institution.

There are 8 contenders vying for the Presidency, 5 of them currently serving as Ministers, one former Minister and a Development Banking specialist.

Akinwumi Adesina, Agriculture Minister, Nigeria
Akinwumi Adesina, Agriculture Minister, Nigeria

Akinwumi A. Adesina, Nigeria’s Minister of Agriculture and Rural Development, feels his experience in transforming the agricultural sector in Nigeria, as well as his first experience working and operating in various African countries will keep him in good stead.

His vision is based on continuing decentralisation and increasing support for private initiatives.


Having overseen Ethiopia’s strong growth into one of Africa’s leading economies, Sufian Ahmed, the country’s Finance Minister believes the AfDB will be safe in his experienced hands.

Former Tunisian Finance Minister, Jaloul Ayed
Former Tunisian Finance Minister, Jaloul Ayed

The Former Finance Minister of Tunisia, Jaloul Ayed, asserts that his banking experience has allowed him to gain a clear understanding of Africa’s full potential. He calls for an AfDB that is closer to its markets.


Chad’s Minister of Finance and Budget, Kordjé Bedoumra, states that following his previous tenure at the AfDB, he has the experience and expertise to improve the operational efficiency of the Bank as well as shape its short and long term policies.

Cristina Duarte, Minister of Finance and Planning, Cabo Verde.
Cristina Duarte, Minister of Finance and Planning, Cabo Verde.

The only female candidate in the running is Cristina Duarte, Minister of Finance and Planning, Cabo Verde.

She says that whatever improvements need to be made, the AfDB can never forget its mission – that is to serve Africa and its people.

Samura M. W. Kamara, Sierra Leone’s Minister of Foreign Affairs and International Cooperation
Samura M. W. Kamara, Sierra Leone’s Minister of Foreign Affairs and International Cooperation

With his broad experience in a number of financial institutions, Samura M. W. Kamara, Sierra Leone’s Minister of Foreign Affairs and International Cooperation believes that he is the right person to ensure the AfDB works for Africa.

Former AfDB Vice-President, Thomas Z. Sakala
Former AfDB Vice-President, Thomas Z. Sakala

Former AfDB vice president, Zimbabwe’s Thomas Z. Sakala, has plenty of experience working at the AfDB, and believes he is well suited to keep the Bank’s programmes and strategies on the right track.

Birama Boubacar Sidibé, Vice President of the Islamic Bank of Development
Birama Boubacar Sidibé, Vice President of the Islamic Bank of Development

Finally, Birama Boubacar Sidibé, the Malian Vice President of the Islamic Bank of Development says that with his wealth of experience in African development institutions, he intends to make the AfDB more efficient in its decentralised organisation and expand its business operations.

You can read the full interviews with this dynamic list of presidential candidates in the May issue of African Banker, available in newsstands.

Credit- www.ekeekeee.com

Buhari Recommends Pres. Jonathan’s Minister For AFDB Appointment, Akinwunmi Adesina Get’s President-Elect On His Side

General Muhammadu Buhari, the president-elect of Nigeria, has requested the Economic Community of West African States (ECOWAS) to support the candidacy of Dr. Akinwunmi Adesina as the next president of the African Development Bank (ADB).

General Buhari has communicated his backing of Dr. Adesina’s candidacy to the Ghanaian President, John Dramani Mahama, who is the current chairperson of the ECOWAS.

In a statement released in Abuja on Tuesday, April 21, General Buhari said that his support of Dr. Adesina’s candidacy was not just because he was Nigerian.

“Dr. Adesina has a proven track record in a career that predates his position as Nigeria’s Minister for Agriculture and Rural Development,” General Buhari said.

He added that Dr. Adesina had years of experience of working in Francophone and Anglophone countries, and a passion to help eradicate poverty in Africa by reducing unemployment and inequality among African youth.

Dr. Adesina is also an agricultural development expert with 24 years of experience in developing and managing successful agricultural Programmes across Africa.

Until his appointment as the Minister of Agriculture and Rural Development in 2011, he was the Vice President, Policy and Partnerships Alliance for Green Revolution in Africa (AGRA). Additionally, he has held senior leadership positions in a number of agricultural institutions in the world.

Credit – www.newswirengr.com