The African Development Bank: 17 Facts You Should Know About

Discussion in 'Nigeria News & Politics' started by charlhxe, May 22, 2018.

  1. charlhxe

    charlhxe Well Known Mod

    Jan 10, 2018
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    The African Development Bank Group (AfDB) or Banque Africaine de Développement (BAD) is a multilateral development finance institution. It was set up in 1964 by the African Union to reduce the rate of poverty and to fund projects in Africa.

    In this article, I'll highlight some facts about the African Development Bank may not know.

    17 Facts About The African Development Bank You Should Know

    {filename}-The African Development Bank: 17 Facts You Should Know About

    Below are some facts about the African Development Bank:

    1. The African Development Bank (AfDB) was founded on 10 September 1964 and is headquartered in Abidjan, Cote d'Ivoire.

    2. It comprises of three entities which include: The African Development Bank, the African Development Fund and the Nigeria Trust Fund.

    3. The AfDB’s major mission is to fight poverty and improve living conditions on the African 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.

    4. The AfDB is a financial provider to African governments and private companies investing in the Regional Member Countries (RMC).

    5. It is headed by a president who is elected by the Board of Executive Directors.

    6. The AfDB is controlled by a Board of Executive Directors, which consist of representatives from its member countries.

    7. The AfDB members consist of 53 African countries and 26 Non-African countries.

    8. Nigeria is the largest African Development Bank shareholder with nearly 9 percent of the vote.

    9. Other group entities of AfDB, African Development Fund and Nigerian Trust Fund were established in 1974 and 1976 respectively, the latter was established by the Nigerian government with an initial capital of $86 million.

    10. The largest shareholder of the African Development Fund 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.

    11. The African Development Bank uses a Unit of Account which is registered as XUA as ISO 4217 standard currency code. It is not exchanged directly by individuals, it is used for accounting between state members.

    12. The four primary functions of the AfDB include:
    • Making loans and equity investments for the socio-economic advancement of the Regional Member Country (RMC).
    • Providing technical assistance for development projects and programs.
    • Promoting investment of public and private capital for development.
    • Assisting in organizing the development policies of RMCs.
    13. Areas of concentration of the AfDB include:
    • The infrastructure sector, including power supply, water and sanitation, transport and communications.
    • Regional integration infrastructure projects.
    • Fight against HIV/AIDS, contributing an estimated amount of over UA 500 million.
    14. During its 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.

    15. Its present president (2018) is Nigeria's Akinwumi Adesina who has previously held the position of Minister of Agriculture in the country under the administration of Ex-president Goodluck Jonathan.

    16. The organization also has over 1,500 staff strength.

    17. Its official website is
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  3. AkinCosta

    AkinCosta Jackobian

    Jun 18, 2018
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  4. backendguy

    backendguy Rookie!!!

    Jan 15, 2019
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  5. Topmaike007

    Topmaike007 Well Known

    Jun 2, 2016
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  6. nicefaze

    nicefaze Jackobian

    Mar 1, 2018
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  7. jacobsontrain

    jacobsontrain Rookie!!!

    Jan 26, 2019
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  8. Bjorn

    Bjorn Jackobian

    Jun 13, 2018
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