AFRICAN DEVELOPMENT BANK (ADB)
Formation: African Development Bank (ADB) was established in 1964 with its headquarters in Abidjan, Cote d’Ivoire. It is a bank owned by African countries, which belonged to Organization of African Unity (O.A.U), now African Union, the ADB was jointly set up by the effort of the O.A.U and Economic Commission for Africa (ECA).
When did African development bank ADB starts its operation
It started full operations in 1966, with initial membership of 23 African countries and as at 1970 membership had risen to 31
Objectives and functions of ADB, the Africa development bank
- Provision of loans to aid social and economic development of member-nations
- Provision of technical assistance for development projects and programmes embarked upon by member-nations
- Promotion of both private and public investment in projects which contribute to the economic and social development of member-states
- It fosters economic integration among member-nations
- Provision of fund for the supply and development of infrastructural facilities such as electricity; water, transport and telecommunications
- Provision of fund for the agricultural development of member-nations
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