Search Results for: african development bank

AFDB APPROVED FUNDS FOR CONSTRUCTION OF SOLAR POWER PLANT IN TUNISIA

Posted on by Gambeta News

The Board of Directors of the African Development Bank (AfDB) Group approved a $27 million (about TND 85.3 million) and €10 million (nearly TND 33.5 million) loan package to co-finance the construction of a 100-megawatt Solar power plant in Kairouan, Tunisia, the AfDB said on Thursday. The Board approval covers $10 million and another €10 million from the Bank, and $17 million concessional financing from the Sustainable Energy Fund for Africa (SEFA), a special multi-donor…

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MUVUMBA MULTI-PURPOSE DAM CONSTRUCTION TO BEGIN NEXT YEAR IN RWANDA

Posted on by Gambeta News

The construction of Muvumba multi-purpose dam, which will cost €121.5 million (Rwf122b), could start in June next year, project developers have promised. The project, whose design started in 2015 is yet to mature due to different setbacks including a lack of financing and the upgrading of dam designs. Now, according to Rwanda Water Resources Board (RWB), the project has got €121.5 million from the African Development Bank (AFDB). According to report from last month, the African…

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AMEA POWER LAUNCH CONSTRUCTION OF SOLAR POWER PLANT IN TUNISIA

Posted on by Gambeta News

The Emirati power company “AMEA POWER” will launch the construction of a solar power plant in Kairouan (Centre) in the second quarter of 2023, said Chairman Hussain Jassim Al Nowais. In a statement to TAP, on the sidelines of a business mission led by the Confederation of Tunisian Citizen Enterprises (CONECT) to Abidjan, from December 4 to 8, Al Nowais said a visit will be made to Tunisia in mid-December to meet with government officials…

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AFDB TO INVEST US$20M INTO AFRICA’s RENEWABLE ENERGY

Posted on by Gambeta News

The Board of Directors of the African Development Bank Group today approved an equity investment of $20m in Evolution Fund III, a pan-African clean and sustainable energy private equity fund that is mobilizing about $400m into renewable energy and resource-efficiency assets across sub-Saharan Africa over 10 years. Inspired Evolution Investment Management is a  fund manager with more than 15 years of experience and a track record of deploying more than $310m in renewable energy projects…

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SEVERAL POTHOLES RE-EMERGED ON FOUR KAMPALA CITY IN UGANDA

Posted on by Gambeta News

Several potholes have re-emerged on four Kampala City roads a few months after they were patched up with compacted gravel, according to reports. The roads, which are in a sorry state, have made life hard for motorists and pedestrians.  The roads sampled include Fifth, Sixth, Seventh, and Eighth Street, all in the Industrial Area covering a total distance of over 7kms. Fifth Street covers a length of 0.8kms, Sixth Street (1.95kms), Seventh Street, (1.86kms), and…

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IS AFRICA’s RAILWAY PROJECT RUNNING LATE?

Posted on by Gambeta News

The African Union plans to build a huge, modern rail network to connect capitals across the continent by 2033. But the ambitious project needs financing, a lot of work, and much political goodwill. The “Al Boraq,” Africa’s first express train, whizzes through Morocco’s coastal landscape at the lightning speed of 320 kilometers (199 miles) per hour. Named after the magical steed on which the Prophet Muhammad is said to have ridden from Mecca to Jerusalem,…

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RECONSTRUCTION OF KAILAHUM-BUEDU ROAD BID HELD IN SIERRA LEONE

Posted on by Gambeta News

The Sierra Leone Roads Authority (SLRA) held a pre-bid meeting and site visit with construction firms that intend to bid for the reconstruction of the Kailahun – Buedu Road. The purpose of the meeting was to enable intended bidders to have a proper understanding of the key requirements in the bid process, view the topography of the project site, and to better understand the nature and scope of works before they submit their bids. Explaining…

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GHANA PRESIDENT INSPECT CONSTRUCTION OF ASIKUMA-HAVE STRETCH ROAD

Posted on by Gambeta News

President Nana Addo Dankwa Akufo-Addo has inspected ongoing construction works on the Asikuma-Have stretch of the Eastern Corridor Road which is expected to be completed in September 2023. This is part of the 58 road projects being constructed in the Volta region, out of which 129 kilometers have been completed. Interacting with the President on Monday, the Volta Regional Director of the Ghana Highway Authority, Mr. Eric Dorsu assured that the Asikuma-Have stretch would be…

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CLIMATIC CHANGE COSTING AFRICA 15% PER CAPITA GDP

Posted on by Gambeta News

Kevin Urama, African Development Bank’s acting chief economist, recently said that Africa has been losing between 5% to 15% of its GDP per capita year-on-year growth due to climate change. Speaking during a panel discussion at Egypt International Cooperation Forum (Egypt-ICF 2022), Urama stated that African countries need to mobilize $1.6 trillion between 2022 and 2030 to meet their national commitments to address the “climate financing gap.”  “Collectively, African countries received only $18.3 billion in climate…

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RUSUMO HYDRO PROJECT TO HELP CUT POWER TARIFFS IN RWANDA COME 2023

Posted on by Gambeta News

The regional Rusumo falls hydroelectric power plant is expected, upon completion, to help cut electricity tariffs, according to Felix Gakuba, the Managing Director of the Energy Development Corporation Limited (EDCL). The joint project shared by Rwanda, Burundi, and Tanzania that will generate 80MW, with each country getting 26.6 MW, is expected to be complete by March 2023. “We expect the plant to be commissioned by March 2023 with all 26MW available for evacuation. We expect that…

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ZIMBABWE AND ZAMBIA TO ESTABLISH AN AGRO-INDUSTRIAL PARK

Posted on by Gambeta News

The governments of Zimbabwe and Zambia are holding a validation workshop on the policy, legal and regulatory framework for the establishment of the agro-industrial park between the two countries. The two countries signed a memorandum of understanding last year for the establishment of the agro-industrial park and today’s meeting is expected to decide the framework for the feasibility study among other issues. The process is being done with the support of the United Nations Economic…

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GHANA’s WESTERN RAILWAY LINE PROJECT FRAMEWORK AGREED

Posted on by Gambeta News

Thelo DB consortium will sign a framework agreement for the transformational Western Railway Line Project with the government. The signing ceremony will take place on July 25, 2002, during the Ministerial Programme hosted by the African Continental Free Trade Area Agreement (AfCFTA) Secretariat in Accra, Ghana. Ronnie Ntuli, Chairman, Thelo DB, in a statement said “The Western Railway Line Project will transform Ghana’s existing railway infrastructure base into a modern, robust and integrated railway system,…

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RWANDA PRESIDENT LAY FOUNDATION FOR CONSTRUCTION OF KIGALI FINANCIAL SQUARE TOWERS

Posted on by Gambeta News

President Paul Kagame on Tuesday, June 21 inaugurated the construction of the proposed Kigali Financial Square, a business complex set to serve as a regional hub for financial services.  Located in the Commercial Business District, the proposed US$100-million twin towers, owned by Equity Holding Group Plc, are set to be completed in two years.  The construction project was approved by the cabinet in November 2020. The property will be developed by Equity Holding (EH) Venture…

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HOW POTENTIAL INVESTORS ARE WEIGHING FINANCING SGR PROJECT

Posted on by Gambeta News

Potential investors are weighing income prospects in financing the implementation of the Standard Gauge Railway (SGR) project, according to the African Development Bank (AfDB) Director-General for Eastern Africa, Nnenna Lily Nwabufo. Currently, Rwanda has two route options on the table, the Kenyan Standard Gauge Railway route for the northern corridor and Isaka-Kigali Standard Gauge Railway for the central corridor. The 521-kilometer Isaka-Kigali SGR is projected to cost an estimated $2.5 billion. She disclosed that investors…

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AFDB PRESIDENT EXPRESS SATISFACTION OVER FUNDS USEAGE FOR POKUASE INTERCHANGE IN GHANA

Posted on by Gambeta News

The President of the African Development Bank, Akinwumi Adesina, has commended the government for putting the Pokuase Interchange money to the benefit of the country. The US$84 million the bank gave the Government of Ghana was for a Three-Tier interchange, but that same amount was used to construct all four tiers, a feat that must be commended, he stated. Mr. Adesina made this remark when accompanied by officials of the bank to inspect and finally…

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GANTA-YEKEPA ROAD PROJECT BRINGING HOPE TO RESIDENTS IN LIBERIA

Posted on by Gambeta News

The African Development Bank (AFDB) estimates that of the total of 10,538Km of public roads in Liberia, only a minute portion about 7% (734 Km) are paved. The Liberian Government has made the construction of roads a top priority and a conduit to achieving the objectives of its development roadmap, the Pro-poor Agenda for Development and Prosperity (PAPD). A committed and long-standing private sector partner to the Government and people of Liberia, ArcelorMittal is strongly…

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NIGERIA GOVT. TO RAMP POWER INFRASTRUCTURE WITH US$4BN FUNDING

Posted on by Gambeta News

The Nigerian Federal Government has expressed optimism that the various funding arrangements amounting to about US$4 billion have been put in place to boost power transmission capacity and other power infrastructure in the country would lead to an improved power supply to Nigerians. Nigeria’s electricity supply in the past two weeks went through a turbulent time, following the inability of power generation companies (GENCOs) to put a load on the national grid. The imbalance, amongst…

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AfDB GRANT TUNISIA €103.95M FOR ROAD INFRASTRUCTURE MODERNALISATION PROJECT

Posted on by Gambeta News

African Development Bank (AfDB) has approved a loan agreement worth €103.95 million (equivalent to 335 million Dinars) to Tunisia to finance the Road Infrastructure Modernisation Project, Phase 2 (PMIR II). The second phase of this project will aim at rehabilitating 230.6 km of roads in the governorates of Siliana, Kasserine, Kairouan, Sidi Bouzid, and Gafsa. It will also include the development of Enfidha – Kairouan road into 2×2 lanes, said Minister of Public Works and Housing…

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LIBERIAN SENATE REQUEST SOLUTION TO LIGHT PROBLEM FROM LEC & LERC

Posted on by Gambeta News

The Plenary of the Liberian Senate has given the Liberia Electricity Corporation (LEC) and the Liberia Electricity Regulatory Commission (LERC) two weeks to submit a plan of action with specific timeline. This is part of its plans to resolve the nation electricity challeneges They have also asked them to recommend ways and means to solve the numerous problems and challenges, especially financial liabilities as well as its inabilities to provide stable electricity in the Country….

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WHY AFRICA CANNOT OUTSOURCE IT’s HEALTHCARE SECURITY

Posted on by Gambeta News

African Development Bank Group President Dr Akinwumi Adesina has said that the most important lesson of the Covid-19 pandemic for Africa is the need to build a defense mechanism against external shocks, especially in healthcare and financial security. “Investing in health is investing in national security,” Adesina told African leaders on Saturday, at the opening of the 35th African Union Assembly in the Ethiopian capital. “Africa cannot afford to outsource the healthcare security of its…

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