Industrialize Africa - High Five Priorities for Africa - 28th Aug 2017

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AfDB Expels Chongqing International Over Fraud

The African Development Bank Group announced the debarment of Chongqing International Construction Corporation for a minimum period of twelve months. An investigation conducted by the AfDB's Office of Integrity and Anti-Corruption established that CICO engaged in a fraudulent practice in bidding for works contracts in the context of an AfDB-financed road project in Uganda: CICO inflated its purported experience with similar projects, grossly overstating both the scope and the value of contracts it had supposedly successfully completed in the past
25th Aug 2017 - News Ghana

AfDB debars Chinese company for false bidding in Uganda road project

After Chongqing International Construction Corporation was found to be involved in a fraudulent practice in bidding for contracts in an AfDB-financed road project in Uganda, the bank imposed debarment on the company for 12 months
25th Aug 2017 - African Review

AfDB blacklists Chinese construction company

The African Development Bank has blacklisted China's Chonqing International Construction Company Corporation over fraudulent practice in its operations for a minimum of 13 months. The move follows an investigation conducted by the AfDB's Office of Integrity and Anti-Corruption, which established that Chonqing engaged in a fraudulent practice in bidding for works contracts in the context of an AfDB finances prad project in Uganda
24th Aug 2017 - The Chronicle Zimbabwe

Infrastructure key to unlocking trade and value chains across SADC region

Emphasis is being given to the adoption and implementation of the 'SADC Industrialisation Strategy and Roadmap' which outlines how the region could move from a commodity-driven growth path to one of value addition, knowledge and industrialisation. The roadmap sets out three potential growth paths - agroprocessing, mineral beneficiation and downstream processing, and service-driven value chains
25th Aug 2017 - Engineering News

AFDB rings the drums for SADC

The African Development Bank is ready to be at the forefront of SADC's quest for industrialisation and has urged the region to resist any shocks such as that of global commodity prices. AfDB's president Akinwumi Adesina said there was a need to turn the downtrends around. At the top of this, he said, is electricity, which is why the AfDB is investing heavily in the power sector
20th Aug 2017 - The Southern Times

Funding African investments : Afreximbank issues $300m depository receipts

African Export-Import Bank has floated a $300 million Depository Receipts, coming as equities investments. Officials of Afreximbank revealed that any African investor qualifies to participate in the investment vehicle with $30,000 stake. Afrexbank is pooling the funds to be able to fund African trade, investments and infrastructure. The investment has the backing of African Development Bank and the State Bank of Mauritius
24th Aug 2017 - TVC Nigeria

Local pharmaceutical industry ripe for new entrants

A recent analysis by The New African quoted the African Development Bank saying that `Africa's pharmaceutical industry is the fastest growing in the world`. AfDB's projections generally suggest that the pharmaceutical market will be worth $40-$60 billion a year by 2020 on the continent. Currently, imports account for 80 per cent of all pharmaceutical sales on the continent
25th Aug 2017 - The New Times

Alternative financing tactics to stir on Africa’s small businesses

The AfDB has called for an increase in new and affordable financing schemes for SMEs. Both the AfDB and the IFC would like SMEs to have increased access to financing. Last year the AfDB reported helping 156,000 SME business owners through financial intermediaries such as commercial banks, development investment and guarantee funds
26th Aug 2017 - News Ghana

Kenya and Ghana: Models of intra-Africa trade

Recent data from the African Development Bank shows that trade among African countries is growing, expanding from 10% in 2000 to about 16% in 2014. Despite this modest improvement, the volume of intra-Africa trade is a paltry US$ 2 trillion when juxtaposed alongside trade between Africa and the rest of the world, which stands at US$77 trillion. Africa is largely disconnected from itself thanks to its poor infrastructure, restrictive immigration policies, corruption, failure to formalise informal trade, and unclear customs and immigration rules
22nd Aug 2017 - Graphic Online

Rwanda lays foundation stone of Bugesera International Airport

On 9 August, Rwanda's President Paul Kagame laid the foundation stone of the country's newest transportation hub, the Bugesera International Airport, serving Kigali. The development of Bugesera Airport is aligned with Rwanda's Vision 2020 - an ambitious strategy which aims to transform Rwanda into a knowledge-based, middle-income country by the end of the decade
22nd Aug 2017 - African Review

Deal signed for Sh4.5 billion Kitale road

Construction of the Sh4.5 billion multinational Kitale-Endebess-Suam road will begin in two months. Kenha and China State Construction Engineering Corporation have now signed the contract. The 45km road is jointly being financed by the government (15%) and African Development Bank (85%)
18th Aug 2017 - kdrtvnews.com

Industrialize Africa - High Five Priorities for Africa - 3rd Aug 2017

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Elevating Africa’s bankable projects

While there has been a lot of debate related to the lack of political will in the past, African countries have more recently shown a new resolve by undertaking bold reforms and also reaching consensus on major African Union (AU) continental initiatives such as the Programme for Infrastructure Development in Africa (PIDA), the Continental Free Trade Area (CFTA) and the AfDB’s High 5’s. For instance, major investments in power generation and transmission lines currently going on in Africa will achieve a greater economic impact if they are accompanied by policies to create a vibrant continental energy market whose elements are already in place through the regional power pools.
26th Jul 2017 - Infrastructure News

AfDB Urges Credit Providers to Increase Lending to Boost African MSMEs

The African Development Bank (AfDB) has called on financial markets to increase affordable loans and provide more diverse and innovative financing instruments to Africa’s micro, small and medium-sized enterprises. Industrialisation is one of the highest priority areas of the Bank. Credit providers need to increase their lending by at least $135 billion in order to meet demand by African Micro, Small and Medium-sized Enterprises (MSMEs). In a statement released in the bank’s headquarters in Abidjan, Cote d’Ivoire to mark the recent United Nations’ MSMEs Day on June 27, AfDB noted that firms with fewer than 20 employees and less than five years’ experience provide the most jobs in Africa’s formal sector.
6th Jul 2017 - This Day Live

Ghana Targets 5 Million Passengers Yearly With AfDB-Funded International Airport Expansion Project

The construction of a new terminal at Ghana's flagship airport - Kotoka International Airport - is expected to make the country a destination of choice with a yearly target of 5 million passengers. The project, funded by the African Development Bank (AfDB) with a $120-million facility, will improve air transport in the country. It is also expected to contribute towards boosting the country's economy, reduce the cost of doing business, and improve competitiveness. "This terminal is being built for a successful economic future. Its large capacity is a confident statement of intent," said AfDB President, Akinwumi Adesina during a tour of the project in Accra on August 3. "President Akufo-Addo told me that Ghana is back on the African map as a political and economic force, and I think that an airport terminal facility next year that can handle 5 million passengers per year will be proof positive of that."
4th Aug 2017 - All Africa.com