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 the 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 the Economic Commission for Africa (ECA).
The African Development Bank (AfDB) is a regional development finance institution that aims to promote sustainable economic development and social progress in Africa
Established in 1964, the bank’s primary goal is to reduce poverty and improve living conditions on the continent by providing financial and technical assistance to its member countries.
Here are some key points about the African Development Bank:
Mission and Objectives: The AfDB’s mission is to spur sustainable economic development and social progress in Africa while contributing to poverty reduction. It aims to promote investment in various sectors, including infrastructure development, agriculture, education, healthcare, and private sector development.
Membership: The AfDB has 81 member countries, including 54 regional member countries (African nations) and 27 non-regional member countries (mostly from Europe, America, and Asia). The African countries collectively own the majority of the bank’s shares.
Financial Resources: The AfDB raises funds for its operations through several sources, including capital contributions from member countries, borrowing in international financial markets, and reflows from loans and investments. It offers various financial products, including loans, grants, equity investments, and guarantees.
Group Structure: The AfDB operates through a group structure that includes the African Development Bank (ADB), the African Development Fund (ADF), and the Nigeria Trust Fund (NTF).
The ADB focuses on middle-income and creditworthy low-income African countries, while the ADF provides concessional loans and grants to low-income African countries. The NTF specifically supports Nigeria’s development projects.
Operational Focus: The bank’s operational focus is guided by its Ten-Year Strategy (2013-2022), which emphasizes inclusive growth, infrastructure development, regional integration, and governance and accountability.
It aligns its interventions with the African Union’s Agenda 2063 and the United Nations’ Sustainable Development Goals (SDGs).
Project and Program Funding: The AfDB provides financial support to African countries through the funding of projects and programs. These initiatives cover various sectors, such as energy, transport, water and sanitation, agriculture, education, healthcare, and private sector development. The bank also emphasizes the importance of gender equality and environmental sustainability in its projects.
Partnerships: The AfDB collaborates with other development partners, including regional development banks, bilateral and multilateral institutions, governments, and the private sector. It aims to leverage resources and expertise to maximize its impact in Africa.
Governance and Accountability: The AfDB places a strong emphasis on good governance, transparency, and accountability. It has established mechanisms to ensure effective project implementation, financial management, and evaluation of development outcomes. The bank also has an independent Integrity and Anti-Corruption Department to address issues of fraud and corruption.
The African Development Bank plays a crucial role in supporting Africa’s development agenda by mobilizing financial resources, promoting sustainable growth, and addressing the continent’s development challenges.
When did the African development bank ADB start its operation
It started full operations in 1966, with an initial membership of 23 African countries and as at 1970 membership had risen to 31
Objectives and functions of ADB, the African development bank
- The provision of loans to aid the social and economic development of member nations is a critical objective of the African development bank
- 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 funds for the supply and development of infrastructural facilities such as electricity; water, transport and telecommunications
- Provision of fundss for the agricultural development of member-nations
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