AfDB Approves $10b for COVID-19 Fight

Aug 29 , 2020

The African Development Bank Group (AfDB), which re-elected Akinwumi A. Adesina (PhD) as president, has approved a 10-billion-dollar facility to support African countries in addressing the Novel Coronavirus (COVID-19) pandemic. During the annual meeting of the Bank held on August 27, 2020, the regional and non-regional members unanimously re-elected Adesina, who won his second five-year term via a virtual election. Adesina, whose first term at the Bank impacted the lives of 335 million Africans, is an economist and a World Food Prize and Sunhak Peace Prize laureate. During his term, the Bank has maintained its AAA-ratings by all major global credit rating agencies for five years in a row. The Board of Governors of the Bank Group had also approved a 125pc increase in the capital of the bank, raising it from 93 billion dollars to 208 billion dollars.


Ministry Ponders Tax Waivers for Rural Energy Solutions

Tax exemptions for off-grid energy technologies like solar pumps and mini-grids are under discussion, spearheaded by the Ministry of Water & Energy. Commonly used by rural households, officials disclose their simultaneous plan to develop 300 mini-grids in the next six years. According to Birhanu Weldu, the lead executive of rural energy technology development, the initiative tackles the country's low electrification rate and reliance on charcoal and firewood. Charcoal, fuel wood, and...


Rural Land Proclamation Comes to Light

A landmark legislation that grants title holders in rural areas the right to use the property as collateral was unanimously ratified by Parliament last week. It primarily focuses on extending access to finance for farmers and pastoralists, through a structured land title system. It also introduces criminal penalties for the illegal transfer of property. Replacing the 18-year-old proclamation for rural land management, the law sentences individuals engaging in land invasions and unauthoris...


Ethiopian Unveils $50m Domestic Terminal Renovation

With a rising demand for domestic travel, Ethiopian Airlines has renovated its terminal at Addis Abeba Bole International Airport with 50 million dollars to handle customers. The expanded terminal has doubled its previous size to 25,750Sqm and accommodates 200 daily flights to and from 22 domestic destinations. It includes four contact gates, 10 remote departure gates, 22 check-in counters with automated baggage screening systems, shops and restaurants. The terminal also features a dedica...