Latest news with #MoonoMupotola
Zawya
02-07-2025
- Business
- Zawya
African Development Bank approves $47.5 million loan to spur Eswatini's economic growth
The Board of Directors of the African Development Bank Group ( has approved a $47.5 million loan to the Kingdom of Eswatini. The loan will support the government's efforts to transform the economy, achieve sustainable growth, create jobs, improve service delivery, and enhance the livelihoods of its people. The Enhancing Economic Resilience and Competitiveness Program (EERCP) represents a strategic intervention to support Eswatini's National Development Plan (2023-2028). This marks the first phase of a two-year program designed to strengthen the economic foundation of the southern African nation and foster sustainable growth, economic recovery, and sustainable livelihoods for Eswatini people, while addressing mounting fiscal pressures from declining Southern African Customs Union (SACU) revenues and economic headwinds. "This operation comes at a critical juncture for Eswatini as the country navigates challenging economic conditions while implementing ambitious reforms," said Moono Mupotola, African Development Bank Deputy Director General for Southern Africa "Our support will help the Kingdom build fiscal resilience while creating an enabling environment for private sector-led growth that can generate jobs for young people and women." Eswatini's economy faces significant headwinds, with GDP growth declining from 5% in 2023 to an estimated 3.6% in 2024, primarily due to the impact of extreme droughts on agricultural output. The fiscal deficit has widened from 1.5% in 2023 to an estimated 1.7% in 2024, driven by underperformance in customs revenues and increased public spending pressures. With youth unemployment reaching 48.7% and overall unemployment at 35.4%, Eswatini urgently needs structural reforms to unleash the potential of its private sector and create opportunities for its predominantly young population. The program focuses on two complementary pillars: deepening fiscal and public financial management reforms, and enhancing competitiveness to promote private sector-led, inclusive, and green growth. The program builds on the African Development Bank's successful track record in Eswatini, including the Support for Economic Recovery and Inclusive Growth operation and ongoing technical assistance in state-owned enterprise reforms, procurement, and the implementation of gender policy. The Enhancing Economic Resilience and Competitiveness Program places special emphasis on promoting inclusive growth and gender equality. Environmental sustainability is integrated throughout the program. The program is expected to deliver measurable improvements by reducing domestic arrears, increasing private sector growth in GDP, boosting renewable energy share, and improving Country Policy and Institutional Assessment ( scores on fiscal policy and social inclusion. The Country Policy and Institutional Assessment of the African Development Bank is a diagnostic tool that assesses, every two years, the quality of policies and the performance of institutional frameworks in the 54 African countries. The EERCP has been developed in close coordination with the World Bank, which provides complementary financing. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Media contact: Emeka Anuforo Communication and External Relations Department media@ About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information:
Zawya
17-05-2025
- Business
- Zawya
African Development Bank approves $304mln loan to support Botswana's fiscal stability and economic reforms
GABORONE, Botswana -- The African Development Bank ( has approved a $304 million loan to Botswana to support the southern African country in managing mounting fiscal challenges and implementing key governance and economic reforms. The funding, approved by the Bank Group's Board of Directors on Wednesday, will finance the Governance and Economic Resilience Support Programme (GERSP), a one-year general budget support operation covering the 2025/2026 fiscal year. The facility aims to cushion Botswana from the financial shock triggered by declining diamond revenues, while advancing critical reforms to enhance fiscal transparency, boost revenue collection, and promote private sector-led growth. Botswana's economy contracted by 1.7% in 2024, primarily due to weak global demand for diamonds, which account for approximately 80% of the country's exports. The country's fiscal deficit widened -- from a balanced budget in 2022/23 to 4.7% of GDP in the 2023/24 financial year–– and is projected to reach 6.7% in the current fiscal year. 'This operation comes at a critical time for Botswana," said Moono Mupotola, Deputy Director General for Southern Africa and Country Manager at the African Development Bank Group. "We will work with the new administration to implement reforms that will deepen fiscal sustainability, strengthen transparency, and create a more business-friendly environment for economic diversification." The GERSP is structured around two main pillars: Strengthening fiscal sustainability and transparency, and stimulating economic growth. It includes measures to increase domestic revenue mobilization, curb illicit financial flows, and enhance public expenditure efficiency and accountability. The program also targets support for micro, small, and medium enterprises, particularly those led by women and youth, to create jobs and reduce inequality. The operation is a transitional measure to address short-term budget pressures while engaging with Botswana's new government, elected in November 2024, on long-term development goals. 'The African Development Bank is committed to supporting Botswana's ambitious socioeconomic development agenda through credible and transformational reforms, project and program financing, and continuous policy dialogue', said Abdoulaye Coulibaly, the Bank's Director of Governance and Economic Reforms. The new loan builds on the Bank's prior support to Botswana, including the Economic Recovery Support Programme implemented in 2021-2022, which had $200 million cofinancing from the OPEC Fund for International Development. The current program aligns with the Bank's Country Strategy Paper for Botswana (2022-2026), which prioritizes building economic resilience through support for economic governance and private sector development. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Contact: Emeka Anuforo Communication and External Relations Department media@ SOURCE African Development Bank Group (AfDB)
Zawya
16-05-2025
- Business
- Zawya
African Development Bank Approves $304 Million Loan to Support Botswana's Fiscal Stability and Economic Reforms
The African Development Bank ( has approved a $304 million loan to Botswana to support the southern African country in managing mounting fiscal challenges and implementing key governance and economic reforms. The funding, approved by the Bank Group's Board of Directors on Wednesday, will finance the Governance and Economic Resilience Support Programme (GERSP), a one-year general budget support operation covering the 2025/2026 fiscal year. The facility aims to cushion Botswana from the financial shock triggered by declining diamond revenues, while advancing critical reforms to enhance fiscal transparency, boost revenue collection, and promote private sector-led growth. Botswana's economy contracted by 1.7% in 2024, primarily due to weak global demand for diamonds, which account for approximately 80% of the country's exports. The country's fiscal deficit widened -- from a balanced budget in 2022/23 to 4.7% of GDP in the 2023/24 financial year–– and is projected to reach 6.7% in the current fiscal year. 'This operation comes at a critical time for Botswana," said Moono Mupotola, Deputy Director General for Southern Africa and Country Manager at the African Development Bank Group. "We will work with the new administration to implement reforms that will deepen fiscal sustainability, strengthen transparency, and create a more business-friendly environment for economic diversification." The GERSP is structured around two main pillars: Strengthening fiscal sustainability and transparency, and stimulating economic growth. It includes measures to increase domestic revenue mobilization, curb illicit financial flows, and enhance public expenditure efficiency and accountability. The program also targets support for micro, small, and medium enterprises, particularly those led by women and youth, to create jobs and reduce inequality. The operation is a transitional measure to address short-term budget pressures while engaging with Botswana's new government, elected in November 2024, on long-term development goals. 'The African Development Bank is committed to supporting Botswana's ambitious socioeconomic development agenda through credible and transformational reforms, project and program financing, and continuous policy dialogue', said Abdoulaye Coulibaly, the Bank's Director of Governance and Economic Reforms. The new loan builds on the Bank's prior support to Botswana, including the Economic Recovery Support Programme implemented in 2021-2022, which had $200 million cofinancing from the OPEC Fund for International Development. The current program aligns with the Bank's Country Strategy Paper for Botswana (2022-2026), which prioritizes building economic resilience through support for economic governance and private sector development. Distributed by APO Group on behalf of African Development Bank Group (AfDB).
