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Ould Tah, AfDB President Presses for Scaled-Up Financing and Stronger Partnerships to Realize Africa’s Development Goals @ UNGA80

Sidi Ould Tah, President, African Development Bank Group is attending the United Nations’ 80th General Assembly this week to push the continent’s development priorities and mobilise support for the replenishment of its concessional lending arm the African Development Fund.

High on Dr Ould Tah’s packed agenda are financing, resource mobilization, climate change, African financial architecture, concessional resources, socio-economic fragility, regional integration, peace and security.
As a guest speaker at several sideline events, he will have the opportunity to present his strategic vision, based on four cardinal points: achieving self-sufficiency and unlocking Africa’s potential; reforming Africa’s financial architecture; transforming population growth into an economic engine for job creation for women and youth; and building climate-resilient infrastructure and creating added value.
Since Sunday, Dr Sidi Ould Tah has met with several global development leaders and heads of government.
The president of the Bank held talks with Ms Amina J. Mohammed, Deputy Secretary-General of the United Nations, on prospects for strengthening cooperation between the two institutions. Dr Ould Tah praised Africa’s resilience and commitment in the face of current challenges and stressed the need for development partners to work together to build a new African financial system, drawing on each other’s strengths.
In a meeting with UNFPA Executive Director Ms Diene Keita, he affirmed the importance of maternal health, stressing the importance of transforming Africa’s demographics into a demographic dividend.
“This means investing in mothers and girls today,” Dr Ould Tah added.
With Botswana’s President Duma Gideon Boko, Dr Ould Tah discussed the country’s strategic priorities and opportunities for partnership with the Bank. President Boko stressed the need to “diversify the economy beyond diamonds and invest in infrastructure, particularly rail interconnectivity, to position Botswana on major regional trade corridors.” For his part, President Ould Tah stressed the importance of developing natural resources as a lever for job creation for African youth.
Dr Sidi Ould Tah held a one-on-one meeting with Sheikh Shakhboot Nahyan Al Nahyan, Minister of State for Foreign Affairs of the United Arab Emirates, who reaffirmed that his government is ‘ready to support the Bank’s mission in every way possible’ and to strengthen the relationship.
On Wednesday, Dr Ould Tah participated in the launch of new National Energy Compacts under Mission 300, a joint initiative between the World Bank and the African Development Bank Group to provide electricity to 300 million Africans by 2030.
A trilateral meeting focusing on continental issues is scheduled with the Chairperson of the African Union Commission, Mahmoud Ali Youssouf, and the Executive Secretary of the United Nations Economic Commission for Africa, Claver Gatete.
The seventeenth replenishment of the African Development Fund, the concessional window of the African Development Bank Group is coming up in December.
Among Dr Ould Tah’s priorities will be to drum up support for the upcoming replenishment, amidst a global climate of dwindling development aid. On Tuesday, he confirmed that several African countries have pledged support for the fund, which is a key source of financing for 37 low-income African countries.
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EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud


EFCC
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AfDB Supports Francophone Africa Start-ups with €6.5M

The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.

The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
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Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.

Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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