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Tag: African Development Bank

AfDB Approves €25m Trade Finance Guarantee for Cameroon’s CCA-Bank to Boost SME Lending

ABIDJAN/YAOUNDÉ, December 2, 2025 — The African Development Bank Group has approved a €25 million trade finance facility for Cameroon’s Crédit Communautaire d’Afrique-Bank (CCA-Bank), aimed at expanding support to small and medium-sized enterprises (SMEs) and other businesses across key sectors of the economy.

The facility, cleared by the Bank’s Board of Directors at a session held on 1 December in Abidjan, will be deployed as a Transaction Guarantee, a risk-sharing instrument that provides cover to eligible African banks for their trade finance operations.

According to Lamin Drammeh, Head of the Bank Group’s Trade Finance Division, the guarantee will help unlock critical imports needed for Cameroon’s productive sectors.

“The facility will support Cameroon’s economy by facilitating imports of equipment for the industrial, agro-industrial and telecommunications sectors. It will also enable the African Development Bank to provide up to a 100 percent guarantee to confirming banks, to facilitate the confirmation of letters of credit and other similar trade finance instruments issued by CCA-Bank for the benefit of SMEs in Cameroon,” Drammeh explained.

Léandre Bassolé, Director General for the Bank’s Central Africa region, noted that the operation aligns with AfDB’s drive to deepen direct interventions in support of the private sector in Cameroon.

“It will strengthen CCA-Bank’s capacity to support the activities of SMEs, including those owned by women and young people, to boost the local productive sector, facilitate economic growth, and create and maintain thousands of jobs,” he said.

Welcoming what she described as a strategic milestone, CCA-Bank’s Managing Director, Marguerite Fonkwen Atanga, said the partnership would significantly enhance the bank’s ability to serve smaller businesses and emerging entrepreneurs.

“We would like to express our gratitude to the African Development Bank Group for this important trade finance facility. This strategic partnership marks a major milestone for our institution and will significantly strengthen our capacity to support small and medium-sized enterprises, women entrepreneurs and start-ups in Cameroon and Africa,” she stated.

Background: AfDB’s Transaction Guarantee

The Transaction Guarantee is a trade finance instrument introduced by the African Development Bank in 2021 to support commercial banks operating in Africa. It covers a range of trade-related instruments, including confirmed letters of credit, commercial loans, irrevocable repayment undertakings, endorsed drafts and promissory notes, among others.

The facility is available to banks registered and operating in Africa that have successfully passed the Bank’s due diligence process, helping them reduce perceived risk from international confirming banks and expand access to trade finance for their clients.

About the African Development Bank Group

The African Development Bank Group is Africa’s leading development finance institution, comprising the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). With representation in 41 African countries and a field office in Japan, the Bank supports economic development and social progress across its 54 regional member states.

Source Credit:

African Development Bank Group (AfDB) – press release distributed by APO Group, 2 December 2025.

December 12, 2025
African Development Bank Appoints Yacine Fal as Director-General, President’s Cabinet Office

For effective administrative and operational work and activities at the President’s Cabinet Office, African Development Bank Group has announced the appointment of Yacine Fal as the office’s Director General effective November 1.

Fal, a Senegalese, has been described as a seasoned and results-oriented business development and service delivery professional with over 20 years of experience in banking, legal and procurement fields.

As Director-General, Fal would primarily provide oversight of all units and departments directly reporting to the President.

She would also ensure enhanced delivery efficiency and effectiveness for all presidential initiatives and bank operations, as per agreements with respective Vice Presidency Complexes.

The new director-general would oversee the work of senior staff to improve overall coordination and engagement of the President and Chairman of the Board of Directors with the Board.

Speaking on the appointment of the new director-general, President of the African Development Bank Group, Akinwumi Adesina, described Fal as “a highly capable manager.”

According to him, “Fal brings vast knowledge and experience of the bank’s legal, procurement, human resources, processes, systems, and operations to her new position.

“I am delighted to have Fal lead a restructured Cabinet Office of the President that will comprehensively support the delivery of my vision and mandate to strengthen the bank and accelerate Africa’s development.”

Also commenting on her appointment, Fal said: “I am greatly honoured by the confidence reposed in me by President Adesina to support him in ensuring the successful implementation of his bold vision for the bank and the continent.

“I look forward to leading teams in the President’s Cabinet Office to provide managerial, administrative and operational bandwidth and to assure the success of the President’s vision and mandate following his historic re-election with 100 per cent vote of the bank’s shareholders.”

Fal joined the African Development Bank as a Principal Legal Counsel in the procurement unit (1998-2007) and subsequently served as Manager in charge of the reform implementation team in the office of the President (2007-2008).

She was appointed Officer in Charge of the Procurement and Fiduciary Services Department (2010-2011); and Manager of the Procurement Services Division (2008-2013). She later served as the Resident Representative of the bank’s Morocco Office (2014-2017).

In 2016, Adesina appointed Fal as the Deputy Director General of the North Africa Business Development and Service Delivery Office.

Fal holds a Masters of Law degree (1984) from University of Dakar, where she specialised in corporate and tax law, and a postgraduate degree in International Law (1987) from University of Paris X.

Idowu Sowunmi

October 14, 2020
Ghana to Host African Development Bank 2021 Annual Meetings

Ghana would host the African Development Bank’s next Annual Meetings in May 2021, it was announced Thursday, at the end of the group’s 2020 meetings.

The 2021 meetings would take place in the country’s capital city, Accra.

Côte d’Ivoire Planning Minister Niale Kaba, handed over the baton to Ghana, announcing that the Board of Governors would be chaired by Kenneth Ofori-Atta, Ghanaian Finance Minister, supported by the Governor from Austria as first Vice President, and the Niger Governor as second Vice President.

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The 2020 edition of the Annual Meeting originally scheduled to be held physically in Côte d’Ivoire, home to the bank’s headquarters, was entirely virtual due to the novel Coronavirus (COVID-19) pandemic, for the first time in the bank’s history.

“It is with great honour and humility that I accept, on behalf of the Republic of Ghana, to chair the Board of Governors of the African Development Bank Group and host the Annual Meetings for 2021,” Ofori-Atta said in accepting the nomination.

“Let me thank (Kaba) for her incredible strength, fortitude and wisdom…The results today is a clear manifestation of what a great woman she is.”

Ofori-Atta outlined the challenges the continent faces due to the unprecedented COVID-19 pandemic – contracting economies, risk of economic depression, 25 to 36 million Africans being pushed into extreme poverty, and the rising debt burden.

Yet, the minister said, the bank’s recent increase in capital, which rose from $93 billion to $208 billion in 2019, and the African Continental Free Trade Area agreement (AfCFTA), gave room for hope.

“A one percent increase in Africa’s trade will result in $70 billion coming to us. So we must work hard to make sure that the days ahead are fulfilled for Africa,” Ofori-Atta said.

The implementation of the African Continental Free Trade Area deal, set to launch on January 1, 2021, would result in the world’s largest free trade area, with a potential market of 1.2 billion people and combined GDP of around $3 trillion across the 54 regional member states of the Bank. Ghana hosts the secretariat, which is located in Accra.

Ofori-Atta’s remarks were preceded by a brief video showcasing Ghana as a prime investment location and one of Africa’s growth success stories, alongside Ethiopia, Rwanda, Côte d’Ivoire and Kenya.

The bank’s Annual Meetings represented a unique opportunity to discuss challenges and ways to advance the continent’s regional integration agenda. It also saw the re-election of current President Akinwumi Adesina for a second term.

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“Thank you Côte d’Ivoire for handing over the baton in such a spectacular way. Ghana looks forward to hosting the Annual Meetings with much anticipation. There has never been a more opportune time to challenge the global financial infrastructure as we have it, with its inherent biases toward Africa.

“I urge the AfDB to use this pandemic as an opportunity to innovate and enhance its governance to truly serve the African people. Congrats Mr. President Adesina and may we continue to make history,” Ofori-Atta said.

Idowu Sowunmi

August 29, 2020
Nigeria’s Akinwunmi Adesina Re-Elected As AfDB President

Nigeria’s former Minister of Agriculture, Akinwumi Adesina has been re-elected for another 5year term as President of the Africa Development Bank by its Board of Governors.

Adesina’s election was disclosed by a Social Media aide to President Muhammadu Buhari, Lauretta Onochie, who confirmed the news in a congratulatory tweet on Thursday.

The AfDB is currently holding its 55th Annual Meetings in Côte d’Ivoire virtually, due to COVID-19 restrictions.

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A clearance by an independent panel, led by Former President of Ireland and ex-United Nations Human Right Commissioner, Ms. Mary Robinson, which absolved Adesina of any breach of ethics paved the way for his re-election.

File photo: African Development Bank (AfDB), Akinwunmi Adesina.

Adesina is the first Nigerian to hold the post of the bank’s President.

The AfDB, founded in 1964, is geared towards spurring “sustainable economic development and social progress” among member African countries.

Nigeria is the AfDB’s largest shareholder with 16.8 percent of rights, while Germany and the United States own 7.4 percent and 5.5 percent respectively.

On Wednesday, Adesina had made a case for his re-election to the AfDB’s Board of Governors, noting that he wanted to fulfil “his sense of duty and commitment.”

“Five years ago, right here in Abidjan, you elected me president of the African Development Bank. It was a huge responsibility to shoulder. I promised that I would work tirelessly to accelerate Africa’s development. My vision, focused on the High 5 priorities, was my commitment, my promise, my compass,” Adesina said during a virtual session at the start of the Bank’s 2020 Annual Meetings.

“Time has passed so quickly,” he added, citing the Bank’s achievements in the five years of his presidency.

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Some 18 million additional people now have access to electricity, 141 million people have received more advanced agricultural technology to improve food security, 15 million people have access to financing, 101 million now have access to improved transport, and 60 million people have gained access to water and sanitation, Adesina argued.

“Dear Governors, these Annual Meetings are my opportunity to offer you my services and seek a second term as President of the African Development Bank,” he said. “I do so with humility. I do so with an acute sense of duty and commitment. I do so to serve Africa and our Bank.”

August 27, 2020
Ahmed, Wigwe, Abel, Shobo, Others Emerge Winners at 2020 African Banker Awards

Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed; Access Bank’s Group Chief Executive Officer, Herbert Wigwe; Governor, Central Bank of Seychelles, Caroline Abel; former Chief Executive Officer of Agusto & Co., Vivien Shobo; among others have emerged winners of the 2020 Edition of the African Banker Awards announced Wednesday at a virtual Awards ceremony on the sidelines of the African Development Bank Annual Meetings ongoing in Abidjan, Cote d’Ivoire.

The Awards are considered the Oscars of the African banking community and given the impartial selection and judging process, the Awards have been adjudged to be the most respected in the field.

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Wigwe won this year’s African Banker of the Year. The financial institution is ranked as one of Africa’s top-tier banks and Wigwe has been at the helm of the bank’s growth and expansion, including the oversight of the takeover of Diamond Bank, a bank that was much bigger than Access Bank less than 15 years ago.

Access Bank also won Agriculture Deal of the Year, as a result of its singular role to help Olam develop rice operations in Nigeria.

The Central Bank Governor of the Year went to Abel from Seychelles, while the Finance Minister of the Year went to Ahmed.

The organisers noted that despite difficult circumstances Nigeria’s Minister of Finance had managed to push through a set of difficult reforms as well as successfully engaging international partners to help the country navigate an extremely challenging economic environment.

Tunisian businessman and financier, Ahmed Abdelkefi, won the Lifetime Achievement Award. He’s the founder of numerous businesses operating in leasing, brokerage and investment banking. He also founded private equity group, Tuninvest, and then launched Africinvest, without doubt one of Africa’s most successful Africa-owned PE firms.

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Trade and Development Bank (TDB) won Bank of the Year. Incidentally, its CEO, Admassu Tadesse, won Banker of the Year at last year’s ceremony.

The organisers added a number of awards this year to reflect the African Development Bank’s High Fives Agenda.

The Energy Deal of the Year went to a renewable energy bond structured by Nedbank and Infrastructure Deal of the Year went to the Port of Maputo in a transaction led by Standard Bank. The SME Bank of the Year went to Nigeria’s Bank of Industry.

Other awards include: Investment Bank of the Year won by Citi; Award for Financial Inclusion went to Kenya Women Microfinance; Socially Responsible Bank of the Year was grabbed by Equity Bank of Kenya; Innovation in Banking went to Ecobank; Deal of the Year (Equity) was won by MTN Nigeria IPO – Chapel Hill Denham; and Deal of the Year (Debt) went to Bank of Industry €1 billion syndicated senior loan facility – Bank of Industry/Afreximbank/Credit Suisse.

Regional Bank of the Year Awards went to Equity Bank (East Africa); Coris (West Africa); CIB, Egypt (North Africa); Moza Banco (Southern Africa); and BGFI, Gabon (Central Africa).

Speaking on this year’s awards, Publisher of African Banker Magazine, Omar Ben Yedder, said: “It’s been a momentous year in every sense. Banks will have to play a lead role in kick-starting post-COVID-19 growth and sustaining the real economy.

“Governments and regulators have done an excellent job with limited means and both our winners Caroline Abel and Zainab Ahmed have demonstrated strong leadership there.

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“Banks will need to work with institutions and partners to ensure liquidity doesn’t dry up. To quote our Lifetime Achievement Winner: Keep moving forward: adapt, innovate, take risks. That’s your job. Today’s crisis is neither the first and it will not be the last.”

The awards, which were held under the high patronage of the African Development Bank, were sponsored by the African Guarantee Fund as Platinum Sponsor, the Bank of Industry as Gold Sponsor and Moza Banco as Associate Sponsor.

African Banker is a quarterly magazine dedicated to banking and finance in Africa. It taps into the growing demand for information about Africa’s banking and financial world, a sector that is consolidating rapidly and reshaping the economy of the continent.

Idowu Sowunmi

August 26, 2020
Buhari celebrates as Independent probe panel exonerates AfDB President Adesina

President Muhammadu Buhari Tuesday warmly rejoiced with President of the African Development Bank (AfDB), Akinwunmi Adesina, on the clean slate of health of all allegations against him by an anonymous group.

Buhari described the clearance as further validation of Adesina’s competence and integrity to lead the continental financial institution.

Nigerian President congratulated AfDB “Board of Directors, the Ethics Committee and members of staff for their courage, maturity and patience in following through the process of investigations, and acceptance of Report of Panel of High-Level Independent Experts, which reviewed the Report of Ethics Committee of AfDB, and Dr Adesina’s response.”

He commended the eminent personalities, consisting of Mary Robinson, Justice Hassan B. Jallow and Leonard F. McCarthy, who handled the review of the report of the Ethics Committee, and “their professionalism in rejecting support services, and providing a unanimous report.”

Buhari believed “the conclusion of the review should finally draw a curtain on the allegations that created distractions for the entire institution for a period, and serve as impetus for more diligence in handling responsibilities, while fuelling the zeal to deliver on the promises of a greater Africa.”

The President, in a statement by his Special Adviser on Media and Publicity, Femi Adesina, urged AfDB President “to remain steadfast, dedicated and resolute in pursuing his noble goals for the institution, especially with the now expected second term in office, assuring him of the prayers and support of Nigerians.”

By Idowu Sowunmi

July 28, 2020
Update: AfDB – Independent panel clears Adesina of wrong doing, up re-election

The special Committee set up by governors of the African Development Bank (AfDB) has cleared Dr Akinwumi Adesina, the bank’s president of any wrong doing.

The committee chaired by former Irish President Mary Robinson sent in its findings yesterday saying “It has considered the President’s submissions”.

Coasting to a 5yr second term

With the conclusions of the Independent Review Panel exonerating the African Development Bank President, Akinwumi Adesina, of 16 allegations of ethical misconduct leveled against him by a group of whistleblowers, the road is now clear for the bank’s governors to re-elect him to a second five-year term during the forthcoming annual meetings of the bank scheduled for August 25-27.

The much awaited report by an Independent Review Panel completely exonerated Adesina of any ethical wrongdoings.

The Independent Review Panel was set up by the Bureau of Governors of the Bank, following a complaint by the United States, to review the process by which two previous organs of the bank – the Ethics Committee of the Board, and the Bureau of the Board of Governors – had previously exonerated Adesina.

The distinguished three-member Independent Review Panel include Mary Robinson, who is a former President of Republic of Ireland, a former United Nations High Commissioner for Human Rights, and the Chairperson of the Elders, a global body of wise persons concerned with the world’s well-being; the Chief Justice of the Supreme Court of Gambia, Hassan Jallow; and Leonard McCarthy, a former Director of Public Prosecutions, a former Director for the Office of Serious Economic Offenses, and a former Head of the Directorate of Special Operations of South Africa.

The findings and rulings of the Ethics Committee were subsequently upheld by the apex Bureau of the Board of Governors in May, which cleared Adesina of any wrongdoing.

In its latest report, the Independent Review Panel stated that it “concurs with the (Ethics) Committee in its findings in respect of all the allegations against the President (Adesina) and finds that they were properly considered and dismissed by the committee.”

The panel once again vindicated Adesina and stated thus: “It has considered the President’s submissions on their face and finds them consistent with his innocence and to be persuasive.”

In January 2020, 16 allegations of ethical misconduct were leveled against Adesina by a group of whistleblowers. The allegations which were reviewed by the bank’s Ethics Committee of the Board of Directors in March, were described as “frivolous and without merit.”

Scorecard in last five years

Adesina is a highly decorated and distinguished technocrat and globally-respected development economist. He was awarded the prestigious World Food Prize in 2017 and the Sunhak Peace Prize in 2019 for global leadership in agriculture and for good governance.

Since taking over the reigns of the bank in 2015, he has introduced several innovative reforms including a High5 development strategy; a restructuring of the bank including setting up offices in several African nations to get closer to its clients; an Africa Investment Forum that has attracted $79 billion in investment interests into projects in Africa between 2018 and 2019.

He successfully led a historic General Capital Increase campaign that culminated in the bank’s shareholders raising the institution’s capital from $93 billion to $208 billion in October 2019.

In June and July respectively, global credit ratings agencies Standard and Poors and Fitch Ratings both affirmed the ‘AAA’ rating of the bank, with stable outlook.

Under Adesina’s leadership, the African Development Bank launched a $10 billion crisis response facility to boost African nations’ ability to tackle the health and economic effects of COVID-19.

Several governors of the bank speaking off the record, said It’s now time to put recent events in the past; provide the bank’s President with full support; and bolster the bank’s efforts on Africa’s critical development issues.

Idowu Sowunmi

July 28, 2020
African Development Bank Appoints Wambui as Acting Vice President

African Development Bank Group has announced the appointment of Wambui Gichuri as Acting Vice President (Agriculture, Human and Social Development) effective July 5.

Wambui joined the African Development Bank Group in 2018 as Director, Water Development and Sanitation. She currently oversees the bank’s water sector programme of over $ 4.5 billion covering 44 countries and multinational projects.

Commenting on her appointment, the President of the African Development Bank Group, Akinwumi Adesina, said: “I am very pleased that Wambui agreed to step into this role as Acting Vice President.

“The Vice Presidency Complex on Agriculture, Human and Social Development has some of our largest programmes and flagship initiatives.

“With her extensive experience, leadership, people management skills, and strong execution capacity, I am confident that she will help strengthen the team and accelerate execution on critical programmes and initiatives.”

Wambui supervises two divisions: the Water Development, Coordination and Partnerships, and Water Security and Sanitation divisions, as well as the African Water Facility divisions, a project preparation facility.

She also leads the development and coordination of the technical programme, manages the department’s human resources and budget and the development of extensive partnership activities.

Her leadership role includes water sector policy dialogue, strategy and business development, and spearheading innovations.

Before joining the African Development Bank, she worked for the World Bank where she served in various capacities for 20 years, including 17 years in water resources management, supply, sanitation, irrigation and drainage, with vast experience in Africa, Latin America and the Caribbean.

Wambui holds a Master’s Degree in Economics from University of Nairobi, Kenya (1988); a Bachelor of Philosophy degree in Economics (1986) and a Bachelor’s degree in Economics and Sociology (1983) from the same university.

July 6, 2020
African Development Bank Presidency: I’ll Stand By You, Buhari Tells Adesina

Idowu Sowunmi

President Muhammadu Buhari Tuesday said Nigeria would stand solidly behind Dr. Akinwumi Adesina in his bid to get re-elected as President of the African Development Bank (AfDB).

The President stated this at State House in Abuja, while hosting Adesina on a courtesy visit.

According to him, “In 2015, when you were to be elected for the first term, I wrote to all African leaders, recommending you for the position.

“I didn’t say because you were a Peoples Democratic Party (PDP) Minister, and I belonged to the All Progressives Congress (APC), so I would withhold my support. I’ll remain consistent with you, because no one has faulted the step I took on behalf of Nigeria.”

The President, in a statement by his Special Adviser on Media and Publicity, Femi Adesina, pledged that Nigeria would work with all other leaders and stakeholders in AfDB to ensure that Adesina is elected for a second term built on the record of his achievements during his first term.

The African Union had already endorsed the incumbent AfDB President as sole candidate for the continent, but some other stakeholders are trying to ensure that Adesina is re-investigated on some allegations, and rendered ineligible to run.

Giving a background to what was happening in the bank, Adesina, a former Nigerian Minister for Agriculture, said the 16 allegations raised against him were trumped up, “and without facts, evidence, and documents, as required by the rules and regulations of the bank.”

He added that the Ethics Committee of the bank cleared him of all the allegations, and calls for fresh investigation by the United States of America, were against the rules.”

He said: “My defense ran into 250 pages, and not a single line was faulted or questioned. The law says that report of the Ethics Committee should be transmitted to the Chairman of Governors of the bank.

“It was done, and the governors upheld the recommendations. That was the end of the matter, according to the rules. It was only if I was culpable that a fresh investigation could be launched.

“I was exonerated, and any other investigation would amount to bending the rules of the bank, to arrive at a predetermined conclusion.”

Stressing that the motive was to soil his name, and that of the bank, the AfDB President said he was proud to be Nigerian, and thanked President Buhari for his unflinching support.

“You helped me to get elected in the first place, and you have supported me robustly all along, and the African Union unanimously endorsed my re-election,” he declared.

While commiserating with President Buhari on the death of the former Chief of Staff, Mallam Abba Kyari, Dr Adesina described Professor Ibrahim Gambari, new Chief of Staff as “a man of integrity, and of global standing.”

June 2, 2020