Sponsored
Business

African Development Bank Expands Urban Support Program To 6 New Cities

Sponsored
Sponsored

The African Development Bank’s Urban and Municipal Development Fund (UMDF) has expanded its African Cities Program to cover six new cities across the continent. The expansion, approved by the Fund’s 13th Oversight Committee, will help bolster urban development and address critical challenges faced by rapidly growing African cities.

The newly included cities are:

  • Kolwezi, the Democratic Republic of Congo: mining town grappling with rapid urban growth and environmental issues.
  • Grand Nokoué, Benin: an economic hub with over two million inhabitants.
  • Buffalo City, South Africa: a coastal city prioritizing climate resilience.
  • Joal, Senegal: A medium-sized city focusing on integrating environmental and social issues into economic development.
  • Juba, South Sudan: Prioritizing essential services for a growing, vulnerable population;
  • Nouakchott, Mauritania: Planning to combine projects on climate resilience, urban mobility, and sustainable energy.

The Bank launched the UMDF in 2019 in response to growing demand from countries and cities for urban development support. It receives contributions from the Nordic Development Fund and the governments of Denmark, Spain, and Switzerland, as well as the Walloon Export and Foreign Investment Agency.

The Fund provides financial and technical assistance to national and local governments for improving governance, planning, and to prepare investments in sustainable urban development for more climate resilient, resilient, liveable and productive cities, underpinning national socio-economic development and poverty reduction.

UMDF will provide funding for each of the six cities over several months, including a detailed analysis of the strengths and vulnerabilities, especially regarding economic, social, climate, and gender issues. The goal is to identify transformative infrastructure projects that can attract public and private sector investments.

The committee also reviewed the Fund’s progress and approved its 2024 work program, allocating over $4.7 million to identify and develop urban infrastructure projects and bring them to maturity.

Mike Salawou, Director of the African Development Bank’s Infrastructure and Urban Development Department, committed to strengthening the Fund’s operational effectiveness and capacity to mobilize more funding and partnerships for greater impact.

“The question of urban development is at the heart of the Bank’s new ten-year strategy for 2024-2033, of which the Urban and Municipal Development Fund is a strategic implementation mechanism,” he emphasized. The Bank ten-year strategy 2024-2025 includes data and research from publications financed by the Fund and its partners.

It is hoped that the Fund will act as a catalyst in boosting access of African municipalities to public and private finance, a priority defined by the President of the African Development Bank Group, Akinwumi Adesina, at the Africa Investment Forum 2023 Market Days in Morocco.

Sponsored
Alinnor Arinze

Recent Posts

Ikeja LG Boss, Comrade Dauda Greets Nigerians On Democracy Day

OLALEKAN ONI As Nigeria marks another Democracy Day, the Executive Chairman of Ikeja Local Government,…

22 minutes ago

JMG At 28 – A Groundbreaking Trajectory from Generator Supplier to Electro- Mechanical Powerhouse

JMG Limited, Nigeria’s foremost integrated electromechanical solutions company is celebrating 28 years of innovation, growth, and industry leadership,  marking…

2 hours ago

Insight Redefini Names Babatunde Olaifa New Group CEO

Insight Redefini Group, Nigeria and West Africa’s largest integrated marketing communications network and a member…

2 hours ago

Access Holdings Chairman, Aig-Imoukhuede Says Acquisition Phase Over, Focus Shifts to Shareholder Returns

BY FUNSHO AROGUNDADE Access Holdings Plc Chairman Aigboje Aig-Imoukhuede said the group has completed 20…

3 hours ago

Details of Proposed Constitutional Amendments for the Establishment of State Police And Federal Police

These are the details of proposed Constitutional Amendments for the Establishment of the State Police…

4 hours ago

President Bola Tinubu’s Democracy Day address On Friday, June 12, 2026

Fellow Nigerians Today, we celebrate democracy and the enduring Nigerian spirit. For 27 unbroken years,…

5 hours ago
Sponsored