AfDB group approves agreement with European Commission

Hohoe (V/R), The Board of Directors of the African Development Bank (AfDB) Group has approved a historic framework agreement known as the Pillar Assessed Grant or Delegation Agreement (PAGODA) between them and the European Commission (EC).

The agreement � which further enhances the Bank Group’s franchise value as the premier development finance institution in Africa � will leverage and catalyze grants for the Bank’s Regional Member Countries (RMCs) via EC blending instruments.

This scaled-up cooperation will enable the Bank to focus on the High-5 priority areas from its 10-Year Strategy by supporting both sovereign and non-sovereign operations.

The Bank’s High 5 entails, Lighting up and power Africa, Feed Africa, Industrialise Africa, Integrate Africa and Improve the quality of life for the people of Africa.

Mr Akinwumi Adesina, Group President, highlighting the relevance of the agreement, said the EU policy priorities are in line with the Bank’s Ten Year Strategy and High 5 priorities, including the golden threads related to gender, climate resilience and fragility.

What is particularly important is it to allow us to push on High 5s in the areas of transport and energy, he observed.

Following consultations with various RMC governments, regional economic communities and civil society, the EC has already approved grants amounting to Euros 434 million to support 15 large-scale infrastructure projects in West and Central Africa.

These EC grants will be blended with concessional financing from the African Development Fund (ADF) to support projects in energy and transport such as the 330KV Nigeria-Niger-Burkina Faso-Benin interconnection, the rehabilitation of the Lome-Cotonou Road and the Rosso Bridge Construction project connecting Mauritania and Senegal.

Source: Ghana News Agency

Read More >AfDB group approves agreement with European Commission

Builsa Community Bank supports 7,000 smallholder farmers

Accra,The Builsa Community Bank at Sandema, in the Upper East Region has supported 7,000 smallholder farmers within its catchment area with GH7 million from December, 2014 to December, 2016.

Mr Awudu Hayatudeen, General Manager and Secretary to the Board told the Ghana News Agency in interview ahead of the bank’s annual general meeting that majority, about 70 per cent of the loan beneficiaries were market women and peasant farmers.

This is an achievement which was recognised by independent bodies in recent times. It will interest our stakeholders to know that the Bank has received two awards at the 2017 Ghana Agribusiness Investment Summit held at the Kempinski Gold Coast City Hotel, Accra, Mr Hayatudeen said.

The awarding institution, USAID FinGAP arrived at the conclusion, when it recognised the Builsa Community Bank as being ‘the Best Bank for financing the greatest number of agribusiness Small, Medium including Large Scale Enterprises (SMiLEs) nationwide in the Rice, Maize and Soy Value Chains; and also the Best Bank for financing the greatest number of female-led agribusiness SMiLEs nationwide in the rice, maize and soy value chains.

The annual general meeting, (AGM) the seventeenth of the Bank, will be held at the Azenero Social Centre, Sandema, on Saturday, 22nd July, 2017 at 1000 hours.

At the meeting, shareholders would receive the report of the Chairman of the Board of Directors, consider and adopt the financial statements of the Bank for the year ended 31st December, 2016, elect new Directors in place of those retiring, authorise the Directors to fix the remuneration of the Auditors, approve Directors Allowances/Fees, and to transact any other business appropriate.

Mr Hayatudeen announced that every shareholder would be entitled to attend and vote at the meeting or appoint a proxy to attend and vote on their behalf.

On other corporate social responsibility activities, Mr Hayatudeen said the bank donated 100 Bags of Cement for the renovation of the District Police Station in Sandema, spent an amount of GH4,500.00 to repair the Fumbisi District Police vehicle, to aid patrols in the District, and donated laboratory equipment to the Kanjarga Health Centre worth over GH6,000.00.

The bank also donated to the government in support of the Annual Farmers’ Day Celebration in Builsa North and Builsa South District Assemblies, the Bolgatanga Municipal Assembly, Upper East Regional Co-ordinating Council.

It also donated a new motorbike to the Yagaba Police Station, and assisted brilliant but needy students at the secondary and tertiary school levels and has acquired a piece of land for the construction of the bank’s permanent structure in Bolgatanga.

On achievements during the year, Mr Hayatudeen said all was set for the bank to become one of the first regional community banks nationwide to deploy ATM services for its clientele.

It was adjudged by the Association of Rural Banks Ghana (ARB) as the Second Runners- Up � Loan Financing Category at the Second Edition of the RCBs Excellence Awards Night held at Winneba in November 2016.

It also registered and paid over 20,000 LEAP beneficiaries in more than six Districts in collaboration with GhIPSS and the Ministry of Gender, Children and Social Protection, the highest number of beneficiaries handled by a single financial institution nationwide.

It is also partnering the government of Ghana in the implementation of ‘the Planting for Food and Jobs’ in the Builsa North and Builsa South Districts.

Source: Ghana News Agency

Read More >Builsa Community Bank supports 7,000 smallholder farmers