Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights. Each member country is represented on the Board, but their voting power and influence differs depending on the amount of money they contribute to the AfDB. The subscribed capital is distributed among Category A and Category B Shareholders to tune of 93.39% and 6.61% respectively. Additionally, AfDB has investment-grade shareholders with 41% of their shareholding held by non-regionals, and 28% by G -7 nations including institutions from the USA, Germany, and Japan. Ireland’s application to join the African Development Bank Group was approved during the Annual meetings of the Board of Governors of the Bank Group held in Malabo, Equatorial Guinea, in June 2019. This is a biennial global knowledge event with the main objective of facilitating discourse on the role of development evaluation in supporting African countries to speed up the delivery of the SDGs. President and Chief Executive Admassu Tadesse Experience. 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. Twenty-four non-African countries along with the AfDB constitute its current membership. Additionally, the AfDB hosts the Infrastructure Consortium for Africa (ICA). The ADF lends at no interest rate, with an annual service charge of 0.75%, a commitment fee of 0.5%, and a 50-year repayment period including a 10-year grace period. [24] This suggests that donor recipients in Africa views on the ‘multilateral donor of choice’ are informed by additional aid effectiveness criteria that are not commonly identified or reported against, though exactly what those criteria have not been discussed. 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. Second, the bank provides technical assistance for development projects and programs. The studies conducted by various organizations (including the African Development Bank and the World Bank) show that, with the exception of northern and southern Africa, the United Nations Millennium Development Goals (reducing by half the number of persons living in poverty and without access to potable water by 2015) will in most cases not be attained. “Ireland’s African Development Bank membership is also an important expression of our commitment to, and investment in, the multilateral system and of our contribution to peace, security and sustainable development in Africa. Ireland fulfilled those requirements, having made payments for its initial subscriptions and also depositing its instrument of ratification of the Bank Agreement with the United Nations, the statutorily appointed depositary and its initial deposit of the instrument of acceptance of the Fund Agreement with the Secretary-General of the Bank Group. The ADF's general operations are decided by a Board of Directors, six of which are appointed by the non-African member states and six designated by the AfDB from among the bank's regional Executive Directors. (ii) A view to lending the money for development of specific sectors of the economy. According to the AfDB's 2005 Annual Report, regional economic blocs will make Africa “more competitive in the global market”, while transport and power interconnections between smaller African economies will help create larger markets in the continent. The Bank’s shareholding was subsequently expanded with the joining of multilateral development financiers and commercial banks, including the African Development Bank (AfDB); the Netherlands Development Company (FMO); German Investment and Development Company (DEG); SBIC Africa Holdings, Commercial Bank of Africa, Standard Chartered Bank and Barclays Bank Plc as Class B (Institutional) shareholders. It lends at a 4% interest rate with a 25-year repayment period, including a five-year grace period. From February 2003 onwards, the Bank operated from its Temporary Relocation Agency in Tunis, Tunisia, owing to the prevailing political conflict in Côte d’Ivoire at the time. "The African Development Fund" United Nations Convention to Combat Desertification (UNCCD) 2004, no longer available (2006). Between 2005 and 2006, the AfDB's lending activities increased by more than 30 percent to $3.4 billion. I am grateful for the opportunity to serve Africa passionately These mandates have also increased the AfDB's profile in the media. Adesina is up for reelection in August 2020. Note: All countries in the African Union including Mauritania but excluding the SADR are eligible for NTF benefits. How his government plans to combat the... Food processing - $20bn About Us. AfDB emphasizes the role of women along with education reforms, and lent its support to key initiatives such as debt alleviation for Heavily Indebted Poor Countries and the New Partnership for Africa's Development (NEPAD).[21]. [3][4][5] The AfDB is a financial provider to African governments and private companies investing in the regional member countries (RMC). It employs approximately 1,865 employees as of 2016, and has 80 members: 54 countries in Africa and 26 American, European, and Asian countries. Established in 1972, the African Development Fund started operations in 1974. Learn how your comment data is processed. Dr. Akinwumi Ayodeji Adesina is the 8th elected [1] President of the African Development Bank Group, having taken the oath of office on September 1, 2015. The AfDB has specific mandates from the New Partnership for Africa's Development (NEPAD) and other international organizations to take the lead amongst financial and development institutions in areas such as infrastructure, regional integration, and banking and financial standards in Africa. African Development Bank Group Becomes A Shareholder In Africa Finance Corporation. [32], The United Nations launched Development Business in 1978 with the support of the World Bank and many other major development banks from around the world. The African Development Bank Group is a regional multilateral development finance institution established to contribute to the economic development and social progress across Africa. The AfDB is also required to give special attention to national and multinational projects which are needed to promote regional integration. The NTF uses its resources to provide financing for projects of national or regional importance which further the economic and social development of the low-income RMCs whose economic and social conditions require financing on non-conventional terms. The AfDB is controlled by a Board of Executive Directors, made up of representatives of its member countries. [25][26][27][28][29][30][31] Previous conferences outside Africa were in Spain, China, Portugal. Another key area of concentration of the AfDB's support of RMCs is the fight against HIV/AIDS. [9] The agreement came into force on 10 September 1964. The AfDB's member countries claim that AfDB, as a multilateral institution, is particularly suited to support regional integration projects. 2327, Government of the United Kingdom, http://www.afdb.org/portal/page_pageid=313,165673&_dad=portal&_schema=PORTAL, "Eye of the storm: African Development Bank chief Akinwumi Adesina", "Dr. Akinwumi Adesina re-elected unanimously as President of the African Development Bank Group", "African Union Commission calls for further financial input for the New Partnership for Africa's Development Infrastructure Project Preparation Facility (NEPAD-IPPF) Special Fund", http://www.afdb.org/portal/page?_pageid=473,970125&_dad=portal&_schema=PORTAL, "About the African Development Institute". Prominent among the recommendations is a strong focus on infrastructure. The Governors typically appoint a representative from their country to serve in the offices of the AfDB's Board of Executive Directors. Nevertheless, these same studies indicate that the majority of the African countries can make notable progress to these ends. [1][2] 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 institute had been established in 1973 to enhance the effectiveness of the AfDB's funded operations. The fund is usually replenished every three years, unless member states decide otherwise. The Bank is currently based in Abidjan, Côte d'Ivoire again. [15] The loans can be used for concessional loans operations with long and short term maturity.[16]. The report contains six recommendations for management and shareholders as they address the urgent task of reforming Africa's development bank. [19], The primary function of AfDB is making loans and equity investments for the socio-economic advancement of the RMC. I am delighted to welcome Ireland as the 81st member of the African Development Bank. Shareholding. – Shareholding follows investment of US$50 million in AFC’s equity by AfDB– AfDB becomes the second investment-grade Supranational Finance Institution to join the membership of and invest in AFC. Losing your phone and wallet or having them stolen can be very frustrating. In 2007, infrastructure operations accounted for approximately 60 percent of the bank's portfolio. African Development Bank (AfDB), Kingdom of Belgium, Eximbank of India acting for the Republic of India, People’s Bank of China acting for the People’s Republic of China, Kingdom of Morocco. The AfDB is currently drafting an energy policy and developing its contribution to the G8-mandated Clean Energy Investment Framework. The AfDB Governors meet once a year (at the Annual Meetings of the AfDB each May) to take major decisions about the institution's leadership, strategic directions and governing bodies. A working group convened by the Center for Global Development, an independent Washington think tank, released a report in September 2006 that offered six recommendations for Bank's president and board of directors on broad principles to guide the Bank's renewal. This conference was convened by the United Nations Economic Commission for Africa (UNECA) in Khartoum, Sudan, from 31 July to 4 August. African Development Bank, 11 leading Multilateral Development Banks, IMF launch first joint report on financing the sustainable development goals. Swazi Tshabalala, Acting Senior Vice President, Vice President for Finance and Chief Finance Officer at the African Development Bank, said: “Thanks to the solid backing of its shareholders and strong financial profile, the African Development Bank is rated triple-A with … In February 2020, the nation deposited the Instrument of Ratification of the Agreement Establishing the African Development Fund with the Secretary-General of the Bank Group during a delegation visit to the Bank’s headquarters, moving one step closer to concluding the membership process. A draft accord was submitted to top African officials then to the Conference of Finance Ministers on the Establishment of an African Development Bank. More information on The DBSA as an Organisation The AfDB's financial standing has been restored from the near collapse of 1995, but its operational credibility remains a work-in-progress. document.write(new Date().getFullYear()); The AfDB was founded in 1964 and comprises three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund. The ADF's sources are mainly contributions and periodic replacements by non-African member states. The total donations, at the end of 1996, amounted to $12.58 billion. Automobile assembly plants - $10bn Mr. Tadesse is the President and Chief Executive Officer of the Bank. All rights reserved. Ireland’s membership and shareholder support will further boost the African Development Bank’s mission to accelerate Africa’s economic development,” African Development Bank’s President Akinwumi Adesina declared. Steel production - $5bn Railways - $15bn The African Development Bank (AfDB) leadership is seeking its seventh capital increase; the last capital increase was approved by the governors of the bank in 2010. Some research has indicated that a high percentage of respondents in African countries has a marked preference for additional aid from the African Development Bank, despite the fact its relatively low rating against most of the aid effectiveness criteria found to be important by donor recipients. 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.[13]. In June 2020 the board of the AfDB agreed to a review of Adesina's management of the bank. I see our membership of the Bank and Fund as an investment in this potential. The AfDB comprises three entities: the African Development Bank (ADB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). Third, it promotes investment of public and private capital for development. The Bank's headquarters opened in Abidjan, Côte d’Ivoire, in March 1965 and the Bank's operations commenced on 1 July 1966. The Republic of Ireland has become the African Development Bank Group’s 81st shareholder, following a declaration issued by the institution’s President, Akinwumi Adesina, on … The capital increase, the largest in the history of the African Development Bank since its establishment in 1964, is a remarkable show of confidence by shareholders. Today, Development Business is the primary publication for all major multilateral development banks including the African Development Bank, United Nations agencies, and several national governments, many of whom have made the publication of their tenders and contracts in Development Business mandatory. The AfDB promotes economic development and social progress of its RMCs in Africa and the bank commits approximately 3 billion dollars annually to African countries. Ireland’s membership also comes as the African Development Bank provides crucial support to countries’ COVID-19 response,” he said. In November 2019, the bank's capital was reported as $208 billion.[12]. It is not exchanged directly by individuals, it is used for accounting between state members. In harmony with its lending strategy, poverty reduction is the main aim of ADF activities. Simon Coveney, Minister for Foreign Affairs and Trade said there was strong alignment between the priorities of Ireland’s international development policy, A Better World, and the African Development Bank’s overarching High 5s strategy. All member countries of the AfDB are represented on the AfDB Board of Executive Directors. Although there is no official statement or consensus to this effect, AfDB lending for agriculture, (non-infrastructure) rural development and social sectors, such as health and education, is reportedly likely to decrease over the coming years. The sort code is a number that usually identifies both the bank and the branch where an account is held. The African Development Bank Group (AfDB or ADB) or Banque Africaine de Développement (BAD) is a multilateral development finance institution. 10-Dec-2020. It is not clear if the AfDB's role in the energy sector will prioritize energy projects for domestic consumption or for export, although the AfDB has supported both in the past. The bank is among the initiating partners of "AIDS in Africa – Scenarios for the future," a project whose outcome will enable governments and development partners alike to make strategic choices of current and future development paths and define their activities accordingly in order to face the challenges posed by HIV/AIDS. [20], (i) Mobilizing financial resources from the Government or the foreign financial institutions with; Africa ready for potential new COVID-19 wave, experts affirm at AEC2020 special session. 10-Dec-2020. Nobel Week Dialogue - Africa's Recovery From Covid-19 Will Depend On Its Ability to Mobilize Resources - Adesina Africa … In general, whereas there has been progress at all levels with regard to democracy, growth and restoring the macro-economic balances in Africa over the past fifteen years, half of sub-Saharan Africa lives on under one dollar a day, and AIDS is threatening the social fabric of the continent. The following table are amounts for the 20 largest countries by voting powers at the African Development Bank as of December 2014. BrandSpurNg. Established in 1964, the African Development Bank Group authorized capital is subscribed by 81 member countries, made up of 54 African countries (regional members) and 27 non-African countries (non-regional members). The Republic of Ireland has become the African Development Bank Group’s 81st shareholder, following a declaration issued by the institution’s President, Akinwumi Adesina, on 24 April 2020. The largest African Development Bank shareholder is Nigeria with nearly 9 percent of the vote. The head of Africa’s largest multilateral bank is poised to be re-elected for a second term, emboldened by the support of shareholders after being cleared of wrongdoing by two probes. The Bank was able to return to its original headquarters in Abidjan in late 2013 once the political crisis was over. [34], Multilateral development finance institution, African Development Bank annual conferences, List of 20 largest countries by voting powers, African Development Bank Group, (2005), about us, Group entities Save my name, email, and website in this browser for the next time I comment. He chairs the Boards of both the African Development Bank and the African Development Fund. Member governments are officially represented at the AfDB by their Minister of Finance, Planning or Cooperation who sits on the AfDB Board of Governors. The world’s first tequila flavoured beer, Desperados, was launched in Nigeria on December 12, 2020, with an exclusive party... 10 Areas in Which I Expect Major Policy Announcements During President Buhari’s Xmas Day Address To Nigerians This site uses Akismet to reduce spam. Regional member countries [alert type="success"] Algeria Egypt Libya Mauritania Morocco Tunisia Benin Burkina Faso Cabo Verde Côte d’Ivoire Gambia Ghana Guinea Guinea-Bissau Liberia Mali Niger Nigeria Senegal Sierra Leone Togo Burundi Comoros Djibouti Eritrea Ethiopia Kenya Rwanda Seychelles Somalia Sudan South Sudan Tanzania Uganda Cameroon Central African Republic Chad Congo This focus was re-affirmed in the AfDB's 2003-2007 Strategic Plan, which identified infrastructure as a priority area for AfDB lending. Regional integration infrastructure projects will be a key part of the AfDB's future business. The Development Bank of Southern Africa (DBSA) was established in 1983 to perform a broad economic development function within the homeland constitutional dispensation that prevailed at the time. The voting power on the Board is split according to the size of each member's share, currently 60%-40% between African (or "regional") countries and “non-regional” member countries (“donors”). Dr. Adesina served as Nigeria's Minister of Agriculture and Rural Development from 2011 to 2015. The African Development Bank Group has two other entities: the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). With the approved increase, the capital of the Bank will more than double from $93 billion to $208 billion. Solid mineral processing... ...and invest the money from them in stocks, bonds, shares, cooperative schemes, etc. Subscribe for latest updates. Given the increased attention to infrastructure development in Africa from donors and borrowers, it is likely that AfDB's infrastructure lending will increase significantly in the coming years. "PM to inaugurate Annual Meetings of African Development Bank", "The Prime Minister Shri Narendra Modi will inaugurate the Annual Meetings of the African Development Bank (AfDB) on 23rd May, 2017; it is the first time in the history of AfDB Group that India would be hosting the Annual Meetings", "African Development Bank's meet: India-Africa relationship enters new phase", "Climate Finance Day: financing a just transition", "Fact Box: 52nd Annual General Meeting of African Development Bank (AfDB)", "The African Development Bank Annual Meeting in India sets new milestones for Africa-Asia relations", "52nd Annual Meeting of African Development Bank-2017, Gandhinagar (May 22-26, 2017)", http://www.afdb.org/fileadmin/uploads/afdb/Documents/Boards-Documents/statement_of_voting_power_as_at_31_december_2014.pdf, "Nigeria: Ahead of Adesina's Re-Election, Nigeria Doubles AfDB Voting Rights", African Development Bank page for African Development Fund, African Development Bank page for Nigeria Trust Fund, Regional Development Banks: Stepping Out of the Shadows - The African Development Bank, Past Presidents of the African Development Bank, Building Africa's Development Bank: Six Recommendations for the AfDB and its Shareholders, African Court on Human and Peoples' Rights, African Charter on Human and Peoples' Rights, African Commission on Human and Peoples' Rights, International development and investment banks, European Bank for Reconstruction and Development, International Bank for Reconstruction and Development, https://en.wikipedia.org/w/index.php?title=African_Development_Bank&oldid=992033319, International organizations based in Africa, United Nations General Assembly observers, Intergovernmental organizations established by treaty, Articles with dead external links from October 2016, Articles with permanently dead external links, Articles with unsourced statements from May 2020, Creative Commons Attribution-ShareAlike License, African Development Bank Group (African Development Bank, African Development Fund, Nigeria Trust Fund), Institutional capacity building through assistance of policy/strategy formulation and implementation, Human capital development to create an environment for the operation of national AIDS strategies through training and technical assistance support, HIV/AIDS multi-sectoral responses with emphasis on prevention and control interventions that include IEC (Information, Education and Communication), STI (, Advocacy through participation in international and regional forums to raise political commitment and leadership towards a collaborative effort in the fight against the pandemic among RMCs and development partners, Partnership development with a view of forging new alliances and revitalizing existing collaboration to cover critical development concerns such as HIV/AIDS and to bringing partnership activities within the framework of the bank's vision, This page was last edited on 3 December 2020, at 03:18. The U.S. has a 6.5% stake in the AfDB, the largest shareholding after Nigeria, which held 9.1%, as of November. Commenting on the membership, Irish Minister for Finance and the Minister for Public Expenditure and Reform Paschal Donohoe stated: “The African Development Bank and its sister the African Development Fund play an important role in fostering sustainable and inclusive social and economic growth and prosperity, helping the African continent to realize its potential to be the continent of promise and opportunity. Retrieved on 2005 from, Bank Information Centre, USA, (2005, July 27), African Development Bank Retrieved on 2005 from, July 27, from, African Development Bank Group,(2006), Topics, HIV/AIDS from, multilateral development finance institution, United Nations Economic Commission for Africa, United Nations Convention to Combat Desertification, African, Caribbean and Pacific Group of States, "African Development Bank (AfDB) | Devex", "Flag-raising ceremony marks AfDB's return to its official headquarters in Côte d'Ivoire", "Ouattara Asks African Development Bank to Return HQ to Abidjan | Voice of America - English", "Final Act of the Conference of Finance Ministers on the Establishment of an African Development Bank", "History of the African Development Bank", "African Development Bank Announces Record Capital Increase To $208 Billion", "Unclassified wire to U.S.-Abidjan Embassy", "The African Development Bank: Tenth Replenishment of the African Development Fund, Order 2006" Statutory Instrument 2006 No. Since its founding, AfDB has financed 2,885 operations, for a total resource base of $ 432 million code! 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