Author: Diella Teku

The African Development Bank (AfDB) Group is set to establish a special facility in Ghana aimed at reducing investment risks and unlocking financing for infrastructure and real sector development. The initiative seeks to tap into institutional capital—particularly pension funds, which currently manage an estimated $5.2 billion—to support long-term, transformational projects that drive Ghana’s economic growth. AfDB Vice President for Infrastructure and Industrialization, Solomon Quaynor shared the vision behind the plan. “Our aim is to establish and operationalize a credit enhancement and de-risking facility in Ghana as a viable mechanism to unlock institutional capital for infrastructure and real sector financing,” Quaynor…

The African Development Bank, European Bank for Development and Reconstruction (EBRD), and the British International Investment (BII), the UK’s development finance institution and impact investor, are providing $479.1 million to Obelisk Solar Power SAE, a special purpose vehicle incorporated in Egypt, and owned by Scatec ASA. This financing will support  the development of a 1 GW solar photovoltaic (PV) power plant integrated with a 200 MWh Battery Energy Storage System (BESS) in the country’s Nagaa Hammadi region. The African Development Bank Group’s financing package of $184.1 million includes $125.5 million in commercial loans, as well as concessional funding from Bank Group-managed Special Funds the…

The Board of Directors of the African Development Bank Group has approved a €19.6 million financing package to support the Cabeólica Phase II Expansion Project in Cabo Verde. The project is the country’s first renewable energy initiative to integrate wind power generation and battery energy storage systems (BESS) at scale. The financing includes a loan of approximately €12.6 million from the African Development Bank, and €7 million in concessional loan financing from the Bank Group-managed Sustainable Energy Fund for Africa (SEFA). Building on the success of the original Cabeólica power project commissioned in 2012, Phase II will add 13.5 megawatts of…

The Arab Coordination Group (ACG), the world’s second-largest development finance group, extended US$19.6 billion collectively to fund nearly 650 operations in more than 90 countries in 2024. This significant financing was geared towards developing critical infrastructure, addressing global challenges like climate change and food security, and supporting international trade.   The ACG Heads of Institutions gathered in Vienna today for their 20th annual meeting hosted by the OPEC Fund for International Development (the OPEC Fund). Ahead of the Fourth International Conference on Financing for Development (FFD4) which is scheduled to take place from 30 June to 3 July 2025 in Spain,…

Nigerian national oil company, NNPC Limited has reported that it raked in N5.89 trillion in revenues in the month of April, 2025. The company in a document titled: ‘NNPC Limited Monthly Report Summary — April 2025,’ posted on its website also declared a profit after tax (PAT) of N748 billion for April 2025. NNPC said it made statutory transfers of N4.225 trillion in the first three months of the year (January to March, 2025). In terms of production volumes, NNPC reported that crude oil and condensate production averaged 1.61 million barrels per day in April, while production figures for January,…

Head of Agri-Business at Absa Bank Ghana, William Nettey, says the Bank is adopting innovative strategies to unlock funding for farmers, particularly smallholders who often face difficulties accessing traditional credit facilities. He explained that conventional financing models have proven insufficient in addressing the unique needs of Ghana’s agricultural sector. In response, Absa Bank has rolled out customized financial products and forged strategic partnerships aimed at making credit more accessible and affordable for farmers nationwide. “From what we have seen in our books, it is not as risky as it has been made to look. We are not seeing the default…

Bank One has extended a USD 5 million facility to ESATF, an African trade fund managed by the ESATAL fund management company, a TDB Group subsidiary, to support trade finance on the continent. The facility is designed to support the Fund’s growing loan book. The financing will be deployed to meet the rising demand for trade finance across Africa, a key growth market for both institutions. TDB Group and Bank One share a long-standing relationship which was first established with Bank One’s participation in the syndicated loans of TDB Group’s Trade and Development Banking operations. This facility is a new…

The Board of Directors of the African Development Bank Group has approved a financing package of up to $184.1 million to support the development of the Obelisk 1-gigawatt solar photovoltaic project and 200MWh battery energy storage system in Egypt, which will be Africa’s largest solar power plant. Located in Qena Governorate in southern Egypt, the project entails the design, construction, operation, and maintenance of a photovoltaic power plant with an integrated battery energy storage system. The Egyptian Electricity Transmission Company will be the sole off-taker under a 25-year Power Purchase Agreement. The project’s total cost is estimated at more than…

Bank of Sharjah has announced a strong start to 2025, posting a net profit of AED 116 million for the first quarter ended March 31, 2025, marking a 45% increase compared to AED 80 million in Q1 2024. The solid performance follows the Bank’s remarkable turnaround in 2024 and reflects continued momentum driven by sound strategy, disciplined risk management, and improved operational efficiency. The Bank’s first-quarter results were underpinned by a resilient balance sheet, prudent asset allocation, and a sustained focus on business growth. Operating income rose to AED 201 million, up 40.6% year-on-year, while the Bank continued to demonstrate…

Access Bank Plc has completed its acquisition of National Bank of Kenya (NBK) from KCB Group Plc. The deal, announced in March 2024, closed on 30 May 2025, following approvals from the Central Bank of Kenya (CBK) and the Competition Authority of Kenya (CAK). Access Bank is Africa’s largest lender by customer base, serving over 60 million customers across 24 markets on three continents throughout more than 700 branches and service outlets. Its operations span Nigeria, Ghana, Rwanda, Zambia, Mozambique, Botswana, and the DRC, and it has branches in the UK and UAE, as well as representative offices in China, Lebanon,…