Washington, USA, 26 November2025-/African Media Agency (AMA)/-The World Bank Group today approved $45 million in grant financing from the International Development Association (IDA) to support the Government of The Gambia’s efforts to enhance domestic revenue mobilization, lay key infrastructure, regulatory and skill foundations for private sector development, and strengthen climate resilience.
“The Gambia is on a good growth trajectory despite the external shocks of recent years, but growth remains fragile due to a combination of structural weaknesses including climate vulnerability. To sustain its growth and improve the living standards of the population, it is essential for The Gambia to pursue and accelerate transformational reforms,” stresses Ephrem Niyongabo, World Bank Economist and Task Team Leader of the project.
This is the first development policy support operation designed to underpin reforms conducive to inclusive and sustainable growth. The program is based on three pillars. The first pillar seeks to increase government revenue by broadening the tax base and rationalizing tax expenditures. The second pillar seeks to foster private sector-led growth by tackling bottlenecks in key enabling sectors such as energy, telecom and business environment while advancing human capital development, with a focus on expanding opportunities for women and youth. The third pillar aims at strengthening the foundations for The Gambia’s resilience to climate challenges by establishing a robust institutional and legal framework to guide climate action and coastal zone management.
“This financing will enable The Gambia to carry out reforms to build fiscal space, facilitate the development of key sectors, improve human capital and business environment to enhance participation of the private sector in the economy. The proposed operation provides a critical line to improve access to essential services, enhance women and youth employment opportunities while enhancing environmental sustainability” said Franklin Mutahakana, World Bank Group Resident Representative in The Gambia.
This operation has been designed to meet the authorities’ priorities outlined in the Gambia Recovery-Focused National Development Plan, 2023-2027. The reform program supports the green, resilient, and inclusive development agenda by strengthening the country’s adaptation and resilience to climate change through robust legal and institutional framework for climate governance and climate resilience, ensuring that territorial and sectoral planning integrate climate adaptation and disaster risk management.
London, United Kingdom, 6 November 2025 -/African Media Agency(AMA)/ Former President of the African Development Bank (AfDB), Dr. Donald Kaberuka has called for Africa to strengthen and integrate its financial and governance institutions to safeguard the continent’s future in a rapidly fragmenting global order.
Delivering the 2025 Babacar Ndiaye Lecture on the sidelines of the World Bank Group/IMF Annual Meetings in Washington DC, Kaberuka warned that “the world is not waiting for Africa; therefore, Africa must not wait for the world,” and urged African nations to take ownership of their development agenda through resilient, homegrown institutions.
Reflecting on global power shifts, Kaberuka pointed to the return of mercantilism; rising narrow national interests; the end of the aid era; weakened global institutions; and the erosion of multilateralism as the five trends that are reshaping the global economy. For Africa, that means turning inward, while leading the charge for a renewed global architecture. “We can no longer rely on post-war institutions that were never designed to address Africa’s challenges,” he said. “Strong nations are built on strong, homegrown institutions; not on borrowed ideas or conditional generosity.”
Kaberuka emphasized that Africa’s development requires an ecosystem approach, where institutions across sectors – finance, trade, peace and security, health, and governance – operate in coordinated harmony rather than isolation. “Like an orchestra, African financial institutions on their own will not get to the end point. It has to be part of an ecosystem of African financial institutions and not simply financial institutions. They have to operate together in a symphony,” he urged.
Africa Export-Import Bank (Afreximbank), Kaberuka said, must be commended for exemplifying this model through its support for the African Continental Free Trade Area (AfCFTA), the Africa Centres for Disease Control and Prevention (Africa CDC), the regional economic communities and other initiatives and institutions of the continent.
Kaberuka, who is also the Chairman and Managing Partner of SouthBridge, a financial advisory and investment firm, further argued that Africa must lead in reshaping global governance to reflect 21st-century realities and replace the post-World War II institutions such as the Bretton Woods system which were primarily designed for the reconstruction of Europe and Japan and not for the needs of emerging African economies. “We can no longer outsource our future to institutions that were never meant to serve us,” he said, calling for the continent to take a more assertive role in creating new multilateral frameworks that champion African priorities.
Kaberuka stressed that as the world moves from globalization to fragmentation, Africa’s ability to define and defend its interests will depend on the strength, coordination, and legitimacy of its own institutions. Pointing to over $1.1 trillion held by African pension and sovereign wealth funds, he called for new models to mobilize and connect this capital with global investment flows. “It is not only about mobilizing African capital,” he said. “It is about defining how that capital is deployed for Africa, by Africa.”
Earlier, in his welcome remarks, Dr George Elombi, Executive Vice President, Corporate Governance and Legal Services and incoming President of Afreximbank called for urgent action to strengthen Africa’s financial sovereignty through the completion of the continent’s financial architecture. Elombi said the time has come to move decisively toward the establishment of the African Monetary Fund and the African Central Bank as “full operational pillars of our sovereignty.”
He outlined some imperatives for African financial institutions going forward. These include mobilising domestic capital by deepening investment in African assets, ensuring regulatory clarity to uphold investor confidence and fully operationising the AfCFTA. He also called for expanding counter-cyclical capacity and encouraging collaboration with the African diaspora to boost investment and co-create solutions. “This, distinguished ladies and gentlemen, is the roadmap to an Africa that controls its own narrative and owns its own destiny. An Africa that does not wait to be defined by others, but defines itself through vision, resolve, and unity of action,” he emphasised.
Elombi, who has taken over as the 4th President of the pan-African Multilateral Development Bank following his selection by the board at the general shareholders meeting in June, reaffirmed Afreximbank’s preferred creditor status as an essential safeguard for Africa’s ability to finance its own development. Cautioning against narratives that question the credibility of African institutions, he noted that such criticism often arises “not because we fail, but because we succeed.” Afreximbank, he noted, has disbursed over $155bn in the past decade, including $18.7bn in 2024 alone. “These are not just numbers,” he said. “They represent jobs, freedom, and hope. They are living proof of what Africa can accomplish when trust is matched by capacity.” Elombi argued that the real challenge facing the continent is not risk, but perception. “Africa is not merely bankable; Africa is dependable,” he said.
Elombi also paid tribute to Dr. Babacar Ndiaye, the fifth president of the AfDB and one of the founders of Afreximbank, describing him as a man “whose vision turned words into action.” Ndiaye, he said, believed that Africa’s progress depended on institutions built, financed, and led by Africans, a conviction that gave rise to Afreximbank, Shelter Afrique Development Bank, and the African Business Roundtable. “Dr. Ndiaye understood that true independence means having the capacity to stand on our own and to shape our own future, no matter how the world around us changes,” he said. Elombi reaffirmed Afreximbank’s commitment to Ndiaye’s legacy, stressing that the agenda must continue “until the task of development is significantly achieved”.
During a fireside chat jointly moderated by Anver Versi, editor of New African magazine and Omar Ben Yedder Group Publisher and Managing Director, IC Publications, Dr. Misheck Mutize, Lead Expert, Country Support on Rating Agencies, Africa Union stressed the importance of preserving the preferred creditor status of Africa’s development finance institutions. He explained that the preferred creditor status is a long-standing principle enjoyed by traditional multilaterals like the IMF and World Bank which allows such institutions to lend counter-cyclically, continuing to support economies even in times of crisis. For Africa’s regional and continental financial institutions, he said, this principle is not a privilege but a right embedded in their founding treaties, as they too were established by member states to bridge financing gaps and fund essential infrastructure and development projects.
Dr. Mutize cautioned, however, that the validity of PCS for African multilaterals has come under increasing scrutiny from international credit rating agencies, especially following a few sovereign defaults on the continent. He rejected the notion that African development banks must offer concessional loans to qualify for PCS, arguing instead that these institutions perform a unique public mission – blending developmental purpose with financial sustainability. “The preferred creditor status lies at the core of Africa’s financing ecosystem,” he said. “It ensures our institutions can continue to lend when others retreat, sustain development momentum, and access global capital on fair terms.”
For her part, Professor Lisa Sachs, Director of the Columbia Center on Sustainable Investment, advocated for reforms to the global financial system, which she said was “completely perverse and fundamentally broken.” She stressed that Africa’s development requires long-term, affordable finance, which is currently constrained by a global risk assessment framework that misrepresents Africa’s creditworthiness and growth potential. “The IMF acknowledges that Africa is the fastest-growing region in the world,” she said, “yet at the same time advises African governments not to borrow and invest. That contradiction shows how broken the system is.” Sachs said new international partners such as those in Asia and the Global South, who recognise Africa’s promise and are willing to build equitable financial partnerships that align with the continent’s development ambitions, offer a hopeful alternative for the continent.
Adding his voice, Professor Kako Nubukpo, formerly Dean of the Faculty of Economics and Management at the University of Lome stressed that shifting global perceptions of Africa’s risk “must begin with us,” and called for stronger governance and transparency to rebuild confidence. “We need to improve the perception that the rest of the world has of risk in Africa,” he said, warning against “a dangerous discourse that seems to prioritise mediocrity.”
He further emphasised the need for genuine financial sovereignty, noting that “you can’t ask permission from the financial market to build a hospital.” True independence, he argued, will come only when African leaders “show vision, the ability to lead, and the courage to evaluate what we are doing.”
This year’s Babacar Ndiaye Lecture was the 9th in the series held in honour of the late Ndiaye, who was the driving spirit behind the establishment of Afreximbank and other key pan-African institutions. It was held under the theme “Leveraging Global Africa’s Capital for Development: The Imperative for Stronger African Financial Institutions amid Geo-economic Shifts” and was attended by policy makers and business leaders from the continent and the United States where it was held.
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.
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Vincent Musumba
Communications and Events Manager (Media Relations)
KIGALI, Rwanda, 2nd September 2025 -/African Media Agency(AMA)/- The Africa Creative Economy Lens (ACEL) 2025 concluded in Kigali after two transformative days, amplifying the message that Africa’s cultural and creative industries (CCIs) are not only a source of identity but a powerful engine for sustainable growth.
Co-hosted by the Africa Creatives Alliance (ACA) and Africa in Colors (AIC), the convening brought together more than 200 participants from across the continent, including policymakers, investors, DFIs, creatives, and development partners. Under the theme “Investing in Africa’s Creative Potential for Sustainable Growth,” ACEL 2025 demonstrated how creativity when matched with the right systems, financing, and policies can become a cornerstone of Africa’s economic future.
H.E. Maj. Gen. (Rtd) Robert Rusoke, Uganda’s High Commissioner, emphasized that Africa’s creative economy is not merely about entertainment but about identity, innovation, commerce, and socio-economic transformation. He noted that by 2030, Africa could command up to 10% of global creative exports, worth over $200 billion “not a distant dream, but a realistic trajectory if we invest strategically today.”
The stakes are clear: by 2050, one in four people will be African, while Sub-Saharan Africa will need 72.6 million new jobs (ILO). With industries spanning film, music, fashion, gaming, design, and digital media, the creative economy offers one of the most viable and sustainable pathways to meet this demand. Yet barriers such as limited access to finance, weak policy frameworks, and fragmented data systems continue to constrain growth.
ACEL 2025 addressed these challenges head-on through co-creation workshops, fireside discussions, and high-level dialogues. Conversations ranged from the intersection of technology and the arts to financial innovations tailored for creative enterprises. Development banks, venture funds, and corporate investors presented financing models and case studies, while policymakers, experts and creatives co-designed solutions around governance, copyright delivery frameworks, and Pan-African Trade and CCIs, focusing on the integration of CCIs into the AfCFTA.
Rita Ngenzi, Founding and Managing Director of ACA, stressed that the creative economy must move from the margins to the center of Africa’s development agenda:
“The Africa Creative Economy Lens has shown us that investing in creativity is not a luxury it is a necessity for Africa’s sustainable growth, employment, and resilience. Every job created in film, fashion, music, art, gaming, or design sparks a ripple effect across industries, communities, and borders. The task now is to translate this vision into tangible pathways that unlock opportunities at scale.”
She added: “Last year in Addis Ababa, we declared that Africa’s creative future would not be written for us, but by us. Here in Kigali, that vision is moving from declaration to action Creativity alone cannot scale without infrastructure, capacity, and investment. The outcomes of the gathering have shown us what becomes possible when creativity is connected to the systems that sustain it: it transforms into industries, jobs, and inclusive growth.”
Delivering remarks on behalf of Rwanda’s Minister of Youth and Arts, Olivier Ngabo, Permanent Secretary of the Ministry, reaffirmed Africa’s ownership of its creative future:
“Rwanda is committed to becoming a place where ideas, talent, and innovation converge to create opportunities beyond our borders. This ambition is anchored in our National Strategy for Transformation (NST2), which identifies the creative industries as key drivers of growth, innovation, and youth employment. By prioritizing creativity at the national level, we are signaling to investors, entrepreneurs, and artists alike that Rwanda is a place to do more and to do better.”
He emphasized that progress must be collective and intentional:
“No government, private sector, or creative can succeed in isolation. Together, we must create dignified jobs for Africa’s youth, expand trade, and open global stages for our designers, filmmakers, musicians, and innovators. If we get this right, the creative industries will not only transform our economies but also strengthen Africa’s cultural influence and shape how the world sees us.”
Raoul Rugamba, Founder of Africa in Colors, echoed this call:
“Africa’s creative potential represents a trillion-dollar opportunity. Kigali proved that when artists, investors, hubs, and policymakers come together, creativity moves from untapped potential to a bankable driver of prosperity.”
Adding an ecosystem perspective, Japheth Kawanguzi, ACA Board Member and Founder of MoTIV, noted:
“Africa’s creative economy will not grow by chance, but through intentional ecosystem design. Just as industrial parks anchor manufacturing, innovation districts must anchor Africa’s creative and digital industries. That is why we formed the Africa Creatives Alliance—to connect ecosystems across borders, align with continental policy, and create the scale Africa needs. A single district can transform a city, but only an alliance of ecosystems can transform a continent.”
Panels explored investment unlocking strategies, alternative financing for SMEs, and innovative debt solutions, with insights from the African Development Bank, IFC, Afreximbank, Heva Fund, and others. Fireside chats showcased creative entrepreneurs and enablers that have scaled successfully with the right financing and ecosystem support.
As the world looks to Africa as the next global growth frontier, Kigali affirmed a powerful truth: sustainable development will be defined by industries that harness imagination, innovation, and identity. By investing in Africa’s creative potential, the continent is not only shaping its future—it is redefining its place in the global economy.
The Africa Creatives Alliance (ACA) envisions strengthening Africa’s role as a global contributor to the creative economy by building a vibrant, inclusive, and sustainable ecosystem that empowers creatives, drives innovation, and fosters cultural and economic growth across the continent. Our mission is to unite and fortify Africa’s creative economy through strategic partnerships, advocacy, and capacity building, creating a dynamic network of hubs, incubators, and stakeholders that supports sustainable growth, enhances market access, and highlights the cultural and economic value of creativity.
ACA’s approach is grounded in five key pillars: Ecosystem Convening, which brings together creative hubs, incubators, accelerators, and makerspaces, along with government, NGOs, academia, and private sector players, to foster collaboration and drive system-level change; Policy & Advocacy, focused on creating an enabling environment through research-driven policy recommendations that promote intellectual property protections, inclusivity, and equitable access to resources; Education and Capacity Building, leading comprehensive training programs to equip hubs, incubators, accelerators, and makerspaces with the skills and innovative business models needed to support creatives and prepare them for success in global markets; Infrastructure and Enterprise Strengthening, prioritizing investments in physical infrastructure, reducing production costs, and improving market access to enhance productivity across value chains; and Investment, focused on mobilizing capital through tailored investment vehicles, including grants, equity, and impact investment funds, to meet the lifecycle needs of creative enterprises, foster growth, and drive sustainable economic impact.
For media inquiries
Rita Ngenzi – Founding Director, Africa Creatives Alliance
The governor of the state of Borno, in the north-east of Nigeria, visited the refugee camp of Muna on Monday and announced its closure in the next few weeks.
Muna was the biggest camp for displaced people in the region, with more than 10,000 families listed in early 2024.
Over the past 15 years, official refugee camps welcomed more than 80% of the 2 million people displaced by the conflict between the Nigerian army and jihadist group Boko Haram.
Authorities give refugees between €20 and €50 for them to return to their hometowns, or to relocate to so-called safe zones.
But human rights groups say the government has provided insufficient support to help families live with dignity.
“The Borno State government is harming hundreds of thousands of displaced people already living in precarious conditions to advance a dubious government development agenda to wean people off humanitarian aid”, said Anietie Ewang, Nigeria researcher at Human Rights Watch in a 2022 press release.
“By forcing people from camps without creating viable alternatives for support, the government is worsening their suffering and deepening their vulnerability.”
BALAKA, February 25, 2019. Presidential running mate for the Democratic Progressive Party (DPP), Everton Chimulirenji Saturday reiterated his commitment to supporting Professor Peter Mutharika in his development endeavor for this country.
Chimulirenji speaking at the rally pic MANA
Chimulirenji made the commitment in Balaka Khwisa Catholic Primary School when he graced the DPP operation landslide interface meeting for the youth.
He said as President Mutharika’s running mate his role was to work hand in hand with the President in delivering development to the country rather than eyeing for the Presidential seat.
“As a Ngoni I was brought up to respect elders, people will write bad about me, they will say whatever they want, say I am acting like a trailer with no contribution to Mutharika’s thoughts. Let me tell you now that you will never hear me fighting them back, I am emulating the President himself who never has time for distractive critics,” said Chimulirenji.
Commenting on the youth Chimulirenji said Malawi has a lot of youth whom the DPP government wants to equip with various skills so that they take active role in the development of the country.
“I came here to support the youth and encourage them to continue doing the good work they are doing in the party,” he said.
On his part, Ditton Mussa who is one of the youth leaders in DPP said they thought of conducting the meeting at Khwisa to gauge the party’s strength in the area.
“As you have seen for yourself, this area is 10 or 15 Kilometers from town, but a lot of young people have come to see what the party has to offer, this is so encouraging,” he said.
During the meeting Chimulirenji welcomed 30 youth defectors from the UTM Party to DPP.
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