MUMBAI: The Board of Directors of Aditya Birla Capital Limited (“ABCL”) approved preferential issuance of Rs. 2,880 crores to Grasim Industries Limited (Promoter), Rs. 200 crores to Suryaja Investment Pte Limited, Singapore (an Aditya Birla Group entity) and Rs. 920 crores to International Finance Corporation (IFC), aimed at strengthening the capital base and meeting the requirement for its next phase of growth. The preferential issuance will be undertaken at the price of Rs. 356.02 per equity share, as per SEBI ICDR Regulations, subject to shareholder and other requisite approvals and customary conditions.

The proceeds from the preferential issuance will be utilised for meeting the growth objectives, including augmentation of the capital base, funding requirements for lending business, and other general corporate purposes, such as investment in subsidiaries/ joint ventures/associates of the Company.

Commenting on the investment, Kumar Mangalam Birla, Chairman, Aditya Birla Group, said, “Financial services have become central to India’s economic transformation, driving capital formation, expanding financial inclusion, and supporting the formalisation of the economy at scale. As the sector evolves, institutions with diversified platforms, strong governance, and technology-led execution are increasingly shaping the trajectory of growth. Over the last few years, ABCL has built scale across the financial-services landscape, creating a portfolio of high-quality businesses supported by robust digital capabilities and disciplined execution. Its breadth across segments, combined with a long-term approach to building institutional capability, positions the group well as India’s financial sector enters its next phase of expansion and sophistication.”

Vishakha Mulye, MD & CEO, Aditya Birla Capital Limited, said, “We are deeply grateful for the continued trust of our Promoters and the confidence IFC has placed in us. With all the building blocks in place, this capital infusion will enable us to participate in the growth opportunities in India, deepen customer engagement, and deliver digital-first solutions. About 57% of our loan portfolio comprises business loans to SMEs, reflecting our strong commitment to this segment. We are focused on shaping an inclusive financial ecosystem built on responsible business practices. We empower individuals and businesses with seamless credit access, digital capabilities, and deep ecosystem solutions to drive sustainable, long-term growth.” 

Sarvesh Suri, Regional Vice President, Asia and the Pacific, IFC, said, “Small businesses are built on big ideas, and through this partnership with Aditya Birla Capital, we are helping bring those ideas to life. Creating jobs and expanding economic opportunities are at the heart of the World Bank Group’s mission, with MSMEs representing one of the largest untapped financing opportunities in emerging markets. By leveraging ABCL’s scale, over 150,000-strong MSME client base, and digital capabilities, we aim to expand access to responsible financing for entrepreneurs and businesses in job-rich sectors—enabling them to invest, grow incomes, create more and better jobs, and strengthen local economies. This investment reflects our commitment to advancing financial inclusion and aligns with the Viksit Bharat vision, empowering individuals and enterprises shaping India’s growth story.”

Aditya Birla Capital is a diversified financial services company offering comprehensive solutions across lending, investments, insurance, and payments to serve customers’ evolving financial needs across their life stages. It has transformed itself to emerge as a core growth engine for the Aditya Birla Group, driven by strong expansion in scale, diversification, and disciplined execution. Between FY23 and FY26, the Company delivered consistent, broad-based growth across businesses while maintaining robust portfolio quality.

The total lending portfolio across NBFC and Housing Finance grew at a 30% CAGR to more than Rs 2 lakh crore. The combined AUM of asset management and insurance businesses grew at a CAGR of 18% to ~ Rs 5.9 lakh crore. Total gross premiums across insurance businesses grew at a 21% CAGR to Rs 31,634 crore. Over the last three years, its consolidated PAT (excl. exceptional, one-off items) increased at a 23% CAGR to Rs 3,797 crore in FY26.

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This infusion marks Amnex’s first-ever institutional growth capital round — a strategic partnership that could accelerate the company’s ambitions to design and deploy the operating systems of tomorrow’s cities, farms, and industries.

The Tech Builder of the New Bharat

Founded in 2008 by technocrats Aditya Shah and Tapan Gosaliya, Amnex isn’t your average tech firm. It builds mission-critical platforms that integrate hardware, software, and frontier technologies like AI/ML, IoT, GIS, and Blockchain to solve real problems in traffic management, mobility, utilities, logistics, mining, smart cities, and agriculture.

From reimagining urban traffic control systems to deploying AI-driven solutions for precision agriculture, Amnex blends industrial-grade execution with digital innovation. The firm has developed more than 18 proprietary platforms and has executed high-impact projects across sectors that are key to India’s socio-economic transformation.

Its unique edge? Combining Digital Public Infrastructure (DPI)-aligned open platforms with proprietary tech solutions, enabling transparent, efficient, and scalable public service delivery.

Fast Growth, Deep Impact

Over the last three years, Amnex has grown at a CAGR of 75%, all while maintaining an asset-light model and consistently delivering ROCE above 40% — a rare feat in deep-tech and infrastructure segments.

“We’re not just building tech—we’re building the digital operating layer of a more inclusive and resilient society,” says Aditya Shah, Founder & MD of Amnex. “Our platforms are designed to anticipate needs, dissolve barriers, and unlock real human potential.”

With this fresh growth capital, Amnex plans to further strengthen its platform stack, scale operations, and deepen its presence across Indian and global markets.

A Strategic Bet on Bharat’s Digital Momentum

For The Wealth Company, the investment aligns seamlessly with its philosophy of discovery-led investing — backing underappreciated businesses with the potential to become sector-defining forces.

“India’s digital infra spend touched ₹1.19 lakh crore in 2024, growing at 10% CAGR, and we believe this is just the beginning,” notes Madhu Lunawat, Founder & MD of The Wealth Company. “Amnex has built the right technology at the right time—with a proven track record and immense scalability. This partnership is not just capital—it’s conviction.”

Lunawat’s confidence is underpinned by structural tailwinds: government-led digital missions, rising private-sector adoption, and a maturing policy ecosystem for DPI and AI integration.

Bharat Value Fund: Investing in the Next Growth Frontier

Launched by The Wealth Company, the Bharat Value Fund (BVF) has quickly carved out a reputation as one of India’s most agile and forward-looking growth capital funds. In the last six months alone, BVF has backed Haldiram Bhujiawala Ltd., Prisma Global Ltd., and other promising firms across sectors.

BVF’s approach combines rigorous due diligence, high-conviction bets, and strategic patience—a rare blend in India’s fast-paced private capital landscape.

Inside The Wealth Company: A House Built on Conviction

A fully SEBI-registered AMC as of July 2025, The Wealth Company manages over ₹10,000 crore in client assets, offering a wide suite of high-integrity investment products, including Category II AIFs, real estate funds (like Bharat Bhoomi Fund), and upcoming mutual fund offerings.

Founded by Madhu Lunawat, also Co-founder of Pantomath Group, the firm is built on research, clarity, and purpose-driven investing. As a UN PRI signatory, ESG integration is woven into its DNA—an increasing differentiator in institutional capital circles.

What This Means for the Future

This partnership between The Wealth Company and Amnex is more than just a funding round—it’s a signal. A signal that India’s next digital leap will be powered not just by consumer unicorns or flashy apps, but by companies that build foundational systems. Companies that work behind the scenes to make cities smarter, supply chains leaner, public services efficient, and infrastructure intelligent.

As India doubles down on its digital ambition, this ₹460 crore investment may just become a blueprint for what smart capital, patient conviction, and bold innovation can achieve — together.

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Covestro adjusts its forecast for fiscal year 2025 as follows:

• EBITDA is expected to be between EUR 700 million and EUR 1,100 million. The previous forecast projected EBITDA between EUR 1,000 million and EUR 1,400 million. The consensus expected this figure to be EUR 931 million.

• Free operating cash flow (FOCF) is expected to be between EUR -400 million and EUR +100 million. The previous forecast projected FOCF between EUR 0 million and EUR 300 million. The consensus expected this figure to be EUR 106 million.

• Return on capital employed over weighted average cost of capital (ROCE over WACC) is expected to be between -9 and -5 percentage points. The previous forecast projected ROCE over WACC between -6 and -3 percentage points.

Unchanged, greenhouse gas emissions, measured via CO₂ equivalents, are expected to be between 4.2 million tons and 4.8 million tons.

In the second quarter of 2025, Covestro’s preliminary EBITDA amounted to EUR 270 million, which is within the previous forecast range between EUR 200 million and EUR 300 million. This was supported by the release of bonus provisions of EUR 43 million in line with the reduction of the full year forecast. The consensus expected this figure to be EUR 220 million.

The financial report for the second quarter of 2025 will be published on July 31, 2025.

Capital market expectations are based on the average values of the latest consensus estimates of financial analysts, recently published by Vara Research on July 7, 2025.

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MUMBAI: Godrej Capital, the financial services arm of the Godrej Industries Group, and Salesforce, the #1 AI CRM*, today announced a strategic collaboration to deepen Godrej Capital’s subsidiaries’ technology edge in digital lending infrastructure and drive superior customer experience across its portfolio in India. Deloitte India has been onboarded as the implementation partner for this initiative, facilitating seamless integration and accelerated deployment of Salesforce’s advanced platforms across Godrej Capital’s lending ecosystem.

Known for its consistent focus on innovation and early adoption of GenAI-driven solutions, this collaboration with Salesforce reflects a shared vision to build a future-ready, digitally agile lending ecosystem. With Deloitte’s proven expertise in delivering large-scale technology transformations, the partnership is expected to significantly enhance operational agility, customer experience, and risk intelligence across the company’s product portfolio.

As a part of this collaboration, the company is enhancing its lending infrastructure by consolidating its Loan Origination System (LOS) into best-in-class AI-driven platforms, powered by Salesforce, across its entire product line, alongside its existing core customer relationship management (CRM) platform. This modernized infrastructure enables the delivery of highly intelligent, seamless, and personalized lending journeys, right from initial application to disbursement. These enhancements are aimed at further improving turnaround times, driving accuracy, and strengthening credit delivery for individuals and enterprises across India.

By leveraging Salesforce’s AI-driven insights, the company is creating a more agile, data-lending process to support smarter cross-selling strategies, sharpen risk management, and deliver more tailored experiences at scale. With a unified 360-degree view of customers across products, channels, and touchpoints, the company is well-positioned to continue offering exceptional customer service, operational agility, and minimized manual interventions across its lending lifecycle.

Manish Shah, MD & CEO, Godrej Capital, said, “At Godrej Capital, our technology-first approach and ongoing investments in GenAI have been key to how we scale financial solutions. Our continued association with Salesforce, a global leader in AI-driven platforms, complements these efforts, enabling us to deliver even smarter credit experiences, improve operational efficiency, and create new opportunities for personalization and speed. More importantly, this partnership reflects our shared focus on applying technology to solve real-world challenges in financial services and supporting India’s broader economic growth through a more inclusive, agile lending ecosystem.”

Arundhati Bhattacharya, President and CEO, Salesforce – South Asia, shared, “The financial services industry is at a defining moment — where technology is not just enhancing systems, but fundamentally reshaping how institutions engage, decide, and serve their customers. In a digital-first world, the future will belong to those who lead with intelligence, agility, and trust. AI is central to this shift, enabling faster decisions, deeper customer insight, and more personalized engagement at scale. Godrej Capital stands out as a bold innovator in this space, combining a strong customer-first ethos with a digital-first mindset. As they reimagine credit delivery not only for India’s MSMEs but for every borrower, entrepreneur, and household that fuels the country’s growth, we’re proud to support their journey with a unified, AI-powered platform that brings together data, intelligence, and speed to unlock the next frontier of inclusive growth.”

Ashwin Ballal, Partner, Deloitte India, added, “We are pleased to partner with Godrej Capital on this ambitious transformation. The integration of Salesforce’s AI-led platforms, combined with Godrej Capital’s digital-first vision, presents a tremendous opportunity to reshape lending experiences in India. Our deep domain knowledge, proven implementation capabilities, and global best practices will support Godrej Capital in building an agile, scalable, and future-ready digital infrastructure that delivers real business impact.”

With an expanding footprint, Godrej Capital continues to invest in scalable, future-ready technology. Its in-house teams are driving GenAI-led solutions across functions to enhance efficiency. Strengthening this, SAKSHAM, the company’s enterprise-grade GenAI and ML platform, centralises AI development, enables secure LLM integration, and simplifies governance to deliver intelligent, customer-centric solutions for the evolving BFSI landscape.

As part of the ongoing product innovation, Salesforce continues to expand the boundaries of enterprise AI with Agentforce — the Salesforce Platform that enables companies to build and deploy AI agents capable of autonomously taking action across business functions. Agentforce represents the next evolution of Salesforce — a platform where AI agents work alongside humans to create a digital workforce that amplifies human potential and delivers results with unmatched speed and intelligence.

*Salesforce, the #1 CRM, is powered by AI technology and capabilities.

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In CY 2024, there were a total of 1145 IPOs raised globally compared to 1,271 in the year before (2023). India led the chart with NSE facilitating 268 companies going for IPOs raising total fundraising of approximately ₹ 1.67 lakh crores ($ 19.5 bn) (including the largest IPO in India and second largest IPO globally of $3.3bn of Hyundai Motor India Ltd.). This comprises both Main Board and SME listings, 90 companies (excluding REITs, InVITS, and FPOs) listed on the Main Board, raising over ~ ₹1.59 lakh crore ($18.57 bn), while 178 SMEs collectively raised around ~ ₹ 7,349 crores ($0.86 bn),. This increase in activity reflects a robust interest from investors and a trend among companies to seek public capital for growth.

Shri Sriram Krishnan, Chief Business Development Officer (CBDO), NSE stated, “The record number of IPOs during this calendar year highlights the resilience and potential of the Indian economy. Companies across various sectors are recognizing the value of public markets to support their growth strategies. The data suggests that NSE has alone done more IPOs than other top exchanges in Asia which includes the IPOs Japan’s (Japan Exchange Group), Hong Kong’s (Hong Kong Stock Exchange), and China’s (Shanghai Stock Exchange) have done cumulatively. Further NSE has facilitated the highest amount of Funds raised through IPOs in CY2024 of $17.3 Bn vis a vis other Global exchanges like NYSE of $ 15.9 bn, and Shanghai Stock Exchange $ 8.8 Bn”.

The below table highlights the impressive performance of the NSE visa vis other top exchanges in Asia which includes, Japan’s (Japan Exchange Group), Hong Kong’s (Hong Kong Stock Exchange), and China’s (Shanghai Stock Exchange). Additionally, the data illustrates Funds raised in IPOs ($bn) by the top 5 stock exchanges. This reflects that India’s NSE has achieved remarkable growth in terms of the number of listings & funds raised vis a vis other major global exchange.

*Based on RBI reference rate of 85.62 for USD-INR as of 31.12.2024

As we look toward 2025, NSE remains committed to strengthening its platform for higher capital raising and supporting businesses at various stages of their growth journey.

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MUMBAI: Franklin Templeton (India) announced the launch of its open-ended arbitrage fund — Franklin India Arbitrage Fund (FIAF). The fund will aim to achieve capital appreciation and income by predominantly investing in arbitrage opportunities in the cash and derivative segments of equity markets, as well as arbitrage opportunities within the derivative segment, with the remainder allocated to debt and money market instruments. The fund will be managed by Rajasa K, VP & Portfolio Manager, Emerging Markets Equity – India; Yogik Pitti, Senior Manager, Emerging Markets Equity – Trading; and Pallab Roy, Portfolio Manager, India Fixed Income.

The New Fund Offer opens on November 4, 2024, and will close on November 18, 2024, during which units will be available at Rs. 10/- per unit.

The fund will employ an active investment strategy, adjusting its defensive or aggressive postures depending on available opportunities. It will aim to capitalize on the implied cost of carry between the underlying cash and derivatives market, offering potential returns for investors. Furthermore, holding arbitrage funds for over a year will allow investors to benefit from lower capital gains tax rates, making it a tax-efficient investment option.

Speaking on the launch of the fund, Avinash Satwalekar, President, of Franklin Templeton–India, said, “Arbitrage funds in India are ideal for investors seeking short-term income generation without exposing their investments to high risk. Franklin India Arbitrage Fund is a valuable addition to our investment portfolio as we continue to expand our product suite to meet the varied needs of our investors, based on their risk profiles. As this is a low-risk fund, it is a valuable investment opportunity for both individual and institutional clients in India.”

NFO Features

*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

The above product labeling assigned during the New Fund Offer (NFO) is based on an internal assessment of the scheme characteristics or model portfolio and the same may vary post-NFO when the actual investments are made.

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LONDON: Vedanta Resources Limited (“VRL or the company”), the world’s leading natural resources, energy, and technology conglomerate today announced that S&P Global Ratings (“S&P”) has upgraded its ratings from ‘CCC+’ to ‘B-‘ citing the company’s improving capital structure and liquidity while assigning a stable outlook.

The rating upgrade reflects VRL’s strong credit profile with a long-standing record of delivering superior performance and healthy free cash flows. VRL has been significantly deleveraging its balance sheet leading to a robust capital structure that supports sustainable growth over the long-term.

S&P revised its estimates on VRL’s earnings, estimating the EBITDA for fiscals 2025 and 2026 to be in the range of US$5.5 billion – US$6.0 billion annually.

The rating agency also estimates the debt at the Vedanta Resources level to decline by another US$1 billion to about US$4.5 billion over the next 12 months. It also estimates interest expenses at the Vedanta Resources level to drop to US$550 million–US$600 million by the end of fiscal 2025 (ending March 31, 2025).

S&P noted in its research update that VRL has adequate internal funds to meet US$1.4 billion of debt maturities due by the end of 2025. The stable outlook reflects our view that the company will proactively address the maturity of US$1.2 billion of debt in April 2026, the firm said in its research update.

Key factors noted by S&P in its research update include:

• VRL’s strengthening cash flow position and the recent increase in the valuation of Vedanta Ltd. shares improve funding flexibility.
• VRL’s earnings are benefitting from favorable product prices and cost-reduction initiatives, particularly in the aluminum business.
• S&P expects zinc EBITDA to increase by about 25% and aluminum by almost 50% in fiscal 2025.

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“The Union Budget complements the main takeaways from the Economic Survey and focuses clearly on the medium-term development of the economy. The thrust on agriculture, skill development, and MSMEs consequently leading to employment generation will continue to be the main focus areas for the government in the coming years. The overall size of the budget has remained almost unchanged from the Interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the fiscal deficit at 4.9% for the year. The said action will keep the growth steady as well as robust not only for the economy but also for banking. This will make it easier to touch the 4.5% mark in FY26 as per the FRBM target. More importantly for the financial year, the overall gross borrowing and net borrowings have been pegged at almost the same level as in the Interim Budget. This means that it is virtually neutral for the market in terms of liquidity and bond yields, which has a positive impact on the economy.

The banking sector can see substantial positive takeaways from the Budget which goes beyond the neutral impact on liquidity. First, there is a focus on MSMEs with a credit guarantee scheme being brought in. Any support to the MSMEs will be positive growth of not just GDP but also employment. Second, at the retail level, there is an emphasis on education loans which will also help in skill building that is the need of the day. Third, the Budget speech also spoke about recovery and the focus will be on debt recovery tribunals. Fourth, the balanced regional development goal also includes setting up more touch points in the North Eastern Regions which will help to make banking more universal. Lastly, the reiteration of the budget to encourage housing also means that banks will have a larger role to play in carrying out this program at both the rural and urban levels.“

Rajesh Sharma, Managing Director at Capri Global Capital Limited:

“We commend the Union Budget 2024-25 for its robust support towards MSMEs, a vital backbone of our economy. The budget’s enhancements to the credit guarantee scheme, regulatory reforms, and financial packages reflect a strong commitment to creating a supportive environment for MSMEs to thrive and compete globally. Notably, the budget also emphasizes affordable housing, which will further stimulate economic growth, improve asset quality, and create employment opportunities. The focus on e-commerce export hubs and technological upgrades for traditional artisans will not only strengthen domestic growth but also position Indian MSMEs as key players on the global stage.

Additionally, the measures to facilitate term loans for machinery and equipment without collateral, along with the establishment of new SIDBI branches, will significantly ease financial access for MSMEs. The budget’s emphasis on promoting women-led development through dedicated schemes benefiting them is a commendable step towards inclusive growth. Furthermore, the initiatives aimed at improving productivity and efficiency reflect India’s vision of becoming an inclusive and developed nation. These initiatives are poised to drive innovation, employment, and sustainable development within the sector, further strengthening India’s economic resilience.”

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MUMBAI: Udyog Plus, a B2B platform from Aditya Birla Finance Limited (“ABFL”), the lending subsidiary of Aditya Birla Capital Limited (“ABCL”), is capitalizing on its growth trend. Within nine months of its launch, the platform has attracted over 8 lakh users, highlighting its strong acceptance in the MSME sector.  ABFL has played a major role in facilitating access to finance in two minutes for MSMEs.

Udyog Plus has facilitated loan disbursements exceeding ₹500 crore, with the Aditya Birla Group (ABG) ecosystem contributing about two-thirds of this amount. The platform manages an AUM of around ₹250 crore, serving various lending needs, including unsecured business loans, merchant loans, supply chain finance, and working capital solutions. Additionally, many customers use Udyog Plus to access insurance solutions along with loans.

ABFL is expanding Udyog Plus within the ABG ecosystem and reaching a broader MSME audience. The platform has partnered with major ecosystems such as e-commerce and digital platforms, business management platforms, and Digital Public Infrastructure like OCEN and ONDC. These partnerships enhance the platform’s offerings and reach.

Udyog Plus also provides value-added services such as business networking, digital commerce, and applications for accounting and payroll, helping MSMEs streamline their operations. The platform, including its mobile app, offers a complete digital journey from underwriting to collections, ensuring a seamless financing experience.

As Udyog Plus continues to expand, ABFL remains committed to delivering sustainable returns and enhancing its capacity to serve MSMEs. This growth aligns with the increasing credit disbursement trend to micro, small, and medium-sized enterprises.

Recently, it has been observed that the MSME sector in India is experiencing a credit boom, with credit to micro and small enterprises growing by 18.6% to ₹19.64 lakh crore in April 2024 compared to the previous year. Similarly, credit to medium-sized organizations also jumped by 16.5% during the same period.

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Throughout the five-day meetings, held in the Kenyan capital, Nairobi, shareholders approved a $117 billion callable capital increase, raising the Bank’s total capital to $318 billion. This boost is intended to strengthen the Bank’s capacity for interventions across Africa.

“This is a major demonstration of the faith, of the confidence that our shareholders have in us,” said Bank president Akinwumi Adesina. “Their confidence in our ability to use resources well, their confidence in our ability to mobilize more capital with what we have, and it will give us more liquidity as a bank to be able to do more.”

The theme of this year’s event, held from 27 – 31 May, was “Africa’s Transformation, the African Development Bank Group, and the Reform of the Global Financial Architecture.” Adesina emphasized the necessity for a fairer and more equitable global financial architecture and climate finance system, ensuring it benefits the countries that need it most.

The event saw Kenya pledging $20 million to the African Development Fund, the concessional window of the Bank Group serving 37 low-income countries. This pledge makes Kenya the largest regional member country contributor to the fund.

This year’s meetings attracted over 10,000 participants from Africa and beyond and marked the launch of the Bank’s 60^th anniversary celebrations. Delegates included several African heads of state and government, Bank governors, executive directors, senior government leaders, development partners, academia, and civil society representatives.

Apart from statutory meetings, the event featured several side events and knowledge-sharing dialogue sessions, led by African and global experts. The Bank’s flagship African Economic Outlook report was also unveiled, revealing that African economies are demonstrating resilience despite challenging economic conditions. The report noted an average GDP growth of 3.7 percent for 2024, with a projected increase to 4.3 percent in 2025.

Adesina underscored the importance of Africa being central to the global financial architecture: “The Bank must continue to lead that charge. We need to be at the table. As Africans, we should believe in ourselves and write a new narrative for Africa. The growth of Africa will support the growth of the world with Africa at its heart.”

There was consensus that to achieve Africa’s structural transformation, there is a need to improve the macroeconomic environment, domestic resource mobilization, tax collection, digitalization, formalizing the informal sector, tackling illicit capital flows and corruption, and improve the capacity of countries to better negotiate taxes and royalties from their vast natural resources.

Shareholders also strongly endorsed the creation of an African credit rating agency, designed to better understand and fairly assess the continent’s conditions.

“That African rating agency is not going to be a replacement for the global rating agencies,” Adesina explained. “What the heads of state are saying is they want a counterpart institution that understands the conditions in the continent better.“

Adesina stressed the need for reform in the global rating system: “The global rating system has to change. We need to create a fair response that rates African countries properly and with equity. Africa is not asking for a pass, but there needs to be a fair process that rates African countries properly. It’s about fairness, it’s about equity, it’s about making sure that both sovereign and non-sovereign are rated properly.”

In the final Communique, the Bank’s Governors, representing shareholders, highlighted several positive developments, including the Bank’s efforts to enhance food and nutrition security in Africa through its Feed Africa Strategy. They also expressed confidence in Africa’s ability to build a green energy infrastructure while pursuing a low-carbon future.

The Communique underscored the need for increased private sector investments to accelerate Africa’s transformation. It called on the Bank’s management to further strengthen support for regional member countries to help them achieve sustainable development goals.

The Governors welcomed efforts to secure over $1.5 billion in financing through the Affirmative Finance Action for Women in Africa (AFAWA) and to mainstream gender across all operations.

The Nairobi gathering marked the 59^th Annual Meeting of the Board of Governors of the African Development Bank and the 50^th Meeting of the Board of Governors of the African Development Fund.

The meetings concluded with Kenya’s Cabinet Secretary for National Treasury and Economic Planning, Prof. Njuguna Ndung’U, chair of the 2024 event, handing over the baton to Côte d’Ivoire’s Minister of Economy, Planning, and Development, and Bank Governor, Niale Kaba, as the country prepares to host the 2025 Annual Meetings in Abidjan from May 26 to May 30, 2025.

The Bank will climax activities marking its 60^th anniversary in September.

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