African Development Bank
AfDB logo
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|
| Formation | 10 September 1964 |
|---|---|
| Type | International organization |
| Legal status | Treaty |
| Purpose | Regional development |
| Headquarters | Abidjan, Ivory Coast |
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Membership
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78 countries |
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President
|
Akinwumi Adesina |
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Main organ
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Board of Executive Directors |
| Website | African Development Bank |
| ADB Unit of Account | |
|---|---|
| ISO 4217 | |
| Code | XUA |
| Number | 965 |
| Demographics | |
| User(s) | African Development Bank Group (African Development Bank, African Development Fund, Nigeria Trust Fund) |
The African Development Bank Group (AfDB) is a multilateral development finance institution established to contribute to the economic development and social progress of African countries. The AfDB was founded in 1964 and comprises three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund. The AfDB’s mission is to fight poverty and improve living conditions on the continent through promoting the investment of public and private capital in projects and programs that are likely to contribute to the economic and social development of the region. The AfDB is a financial provider to African governments and private companies investing in the regional member countries (RMC). While it was originally headquartered in Abidjan, Côte d'Ivoire, the bank's headquarters moved to Tunis, Tunisia in 2003, due to the Ivorian civil war; before returning in September 2014.
Following the end of the colonial period in Africa, a growing desire for more unity within the continent led to the establishment of two draft charters, one for the establishment of the Organisation of African Unity (established in 1963, later replaced by the African Union), and for a regional development bank.
A draft accord was submitted to top African officials, then to African Ministers, before being cosigned by twenty-three African governments on August 4, 1963, in the form of an agreement establishing the African Development Bank. The agreement came into force on 10 September 1964. Although established officially in under the auspices of the Economic Commission for Africa, the AfDB began operation in 1966.
Although originally only African countries were able to join the bank, since 1982 it has allowed the entry of non-African countries as well.
During its forty years of operations, AfDB has financed 2,885 operations, for a total of $47.5 billion. In 2003, it received an AAA rating from the major financial rating agencies and had a capital of $32.043 billion.
The African Development Bank Group has two other entities: the African Development Fund (ADF) and the Nigeria Trust Fund (NTF).
Established in 1972, the African Development Fund started operations in 1974."The African Development Fund" United Nations Convention to Combat Desertification (UNCCD) 2004], no longer available (2006) It provides development finance on concessional terms to low-income RMCs which are unable to borrow on the non-concessional terms of the AfDB. In harmony with its lending strategy, poverty reduction is the main aim of ADF activities. Twenty-four non-African countries along with the AfDB constitute its current membership. The largest ADF shareholder is the United Kingdom, with approximately 14% of the total working shares followed by United States with approximately 6.5 percent of the total voting shares, followed by Japan with approximately 5.4 percent. The Federal Reserve Bank of New York was designated as the depositor bank for the fund according to telegraphs sent from the U.S. Embassy in Abidjan in 1976.
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