AfDB approves five new projects

AfDB28 July 2013 – Board of Directors of the African Development Bank Group chaired by Emmanuel Mbi, First Vice-President and Chief Operating Officer,on Wednesday July 24, 2013 in Tunis, approved five projects covering the following:

Côte d’Ivoire: CIPREL Power Expansion Project – An AfDB loan of 50 million euros for the fourth expansion of an existing power plant for the design, construction and operation of a combined cycle turbine facility in Côte d’Ivoire.

Cape Verde: Technology Park Project – An AfDB loan of 32million euros for the development of a technology park which includes the construction and equipment of a data centreand Business Continuity Plan, a disaster recovery site, business and common facilities centre, incubation centre,and training and qualification centre. The project’s goal is the installation and management of cutting-edge computer storage and processing facility and the provision of knowledge resources that will facilitate the development and transformation of government processes and private sector businesses.

Citibank Bank Unfunded Risk Participation Facility of US $50 million- An unfunded Risk Participation Agreement, RPA, between the African Development Bank and Citibank to share the default risk on a portfolio of qualifying trade transactions originated by issuing banks in Africa and confirmed or indemnified by Citibank.

The Gambia: Economic and Financial Governance Operation Phase 2 – An African Development Fund, ADF, grant of approximately US $1million budget support operation to the Government of The Gambia. This second phase grant focuses on the promotion of economic growth by enhancing efficiency in the management of government resources. The aim is to help the Government to continue its efforts in lowering the fiscal deficit and reducing reliance on public debt.

Pan African University Project – An ADF grant of US $45 million has been approved for the Multinational Pan African University Project, PAU. The PAU is a regional university offering only postgraduate programs. It aims at establishing an academic network of already existing postgraduate and research institutions. The project aims at advancing Africa’s goal of enhancing its competitiveness and growth through the creation of high quality higher education and research capabilities.

The Board will resume after the summer break, with the next sitting on Wednesday, September 4.

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