The African Development Fund Loans and Grants: AFDB loans up to $27 million to Sub-Sharan African Countries via its funding subsidiaries.
Recently, on 01-Feb-2022, Ghana received $27.39 million from the Board of Directors of the ADF (African Development Fund). The country would use the loan to provide heuristics for developing renewable energy.
Also, the ADF $27.39 million grant to Ghana is the first all-out investment in unitary photovoltaic installations in over four hundred (400) schools in the country.
The initiative earmarks climate awareness funds that kicked off in a previous project launched by the Swiss State Secretariat for Economic Affairs.
But more thoroughly, the funding is from several clean energy inter-platform operations already in progress in Africa. One such project is Adaptation Acceleration Program (AAP) _ in collaboration with the Global Center on Adaptation, which sourced up to two hundred and fifty thousand (250000) EUR.
Similarly, the organization and MTN have a standing $500000 grant earmarked for brokering financial access for South African women.
Y’ello Digital Financial Services (YDFS) is MTN South Africa Fintech’s outlier. It attempts to gain closure on various factors impeding the spread of finances in Nigeria. Currently, the focus is on the Northern part of the country, with an emphasis on sustainable measures.
The African Development Fund works with the ADFI (African Digital Financial Inclusion Facility) to make headways in the feasibility study for access to finance for African women.
Further, the YDF and ADFI facilitate the project as agency banking parts.
Moreover, other African countries have benefited from the African Development Fund Loans and Grants as well. Read on below for details.
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African Development Fund Loans and Grants: About the Initiative
The African Development Bank (AfDB) Group
Since its founding, the AfDB Group attempts to onboard regional member countries (RMC) on a sustainable economic pedestal. Also, the dispensation focuses on bridging the gender gap in various levels of the national financial strata.
To accomplish this feat, the AfDB Group always employs the following models (clipped from the official website):
- Policy Advice and technical assistance to support development efforts; and
- Mobilize and allocate resources for investment in RMCs.
What are the AfDB goals for member countries?
Part of the African Development Fund Loans and Grants attempt to solve the following problems in Africa.
- Poverty
- Hunger
- Inequitable education across societies
- Gender inequality (as motivated by culture and religion)
- Water Scarcity (droughts) or poor water resources management
- Clean energy (AfDB Fund already provides up to $27 million for renewable energy projects in South Africa)
- Climate change and sustainable food supply chain
You can visit the website for the complete list.
Who Gets the AfDB Group loans & Grants?
You don’t get to apply for the African Development Fund Loans and Grants. Why? Because they are for Regional Member Countries of the AfDB Group.
The regions (and countries) in this group are:
Non-Regional Member Countries (includes France, Norway, Portugal, Spain, Netherlands, Turkey, the USA, United Kingdom, UAE, Switzerland, etc.)
Some of the member countries include the following.
Do you want to know how citizens of member countries can access the grants? See the case for Nigerians in the following section.
Grants and Loans via MTN Nigeria Subsidiary Fintech, YDFS
$500,000 Y’ello Digital Financial Services (YDFS) Grant
The YDFS is MTN Nigeria’s Fintech branch.
Besides other functions, the YDFS is the agency banking service of its parent company, and it superintends all loan acquisitions through the MTN MoMo Agents.
What do the SME and sprawling enterprises have to do to get the grants? The process is simple and easily accessible. All it takes to start is liaising with an MTN MoMo Agent to set up an arrangement.
Click here to reach a MoMo agent.
Moreover, other projects are underway, attempting to reach the grassroots in underrepresented demographics. For one, the African Development Fund Loans and Grants recently include a $500,000 project for providing Fintech services to rural northern Nigerian women. You can keep a tab on the fed gov. website for updates.
