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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

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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 www.afdb.org/.
     
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  3. AkinCosta

    AkinCosta Upcoming

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    Of course this is useful information. But I have not been cooperating with banks for a long time, because I can not take a loan because of a bad credit history. However, the company "zenith loans" helps me to solve financial problems. There is no need to collect documents from work and do not check the credit history. I think it's even better than going to the Bank.
     
  4. backendguy

    backendguy Rookie!!!

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    sincerely speaking this post helped me out, exactly what i was looking for
     
  5. Topmaike007

    Topmaike007 Well Known

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  6. nicefaze

    nicefaze Upcoming

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  7. jacobsontrain

    jacobsontrain Jackobian

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    I know a guy from my city which trying to create a bank. He plans to create it with cryptocurrency.
    But I don't know. It's better to try something like this https://www.cbdornot.com/strawberry-cough-strain and after this with clean mind try to find all the information.
     
  8. Bjorn

    Bjorn Upcoming

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    Opening a bank that works only with crypto currencies I see as a very risky business. The price of cryptos is so volatile, so investment needs to be hedged in some way. In addition, there is only limited amount of crypto assets on the market which does not allow a scale business
     
  9. Camberpruff

    Camberpruff Jackobian

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    Very interesting
     
  10. Daniel Eck

    Daniel Eck Rookie!!!

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    good job
     
  11. Systems

    Systems Active

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    How can I get connections to the executives of this Bank? I'm lacking great connections :movie::wink:
     
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  12. Bjorn

    Bjorn Upcoming

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    I think that this is one very good article exposing basic business of African Development Bank. I was thinking that it would be good to share some information about ways to apply for business loans with this bank, and what would be conditions? Thanks
     
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  13. Prezzy

    Prezzy Leader Protector

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    Then it's failed
     
  14. Prezzy

    Prezzy Leader Protector

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    Lols. Start connecting with managers and executives of ordinary banks first before going continental bro
     
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  15. Prezzy

    Prezzy Leader Protector

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    I really don't know but am sure that once in a while, they make opportunity for Africans to come and apply for loans.
    However, it will be a tideous process
     
  16. Systems

    Systems Active

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    You're right. Starting small...
     
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  17. Anastasiia

    Anastasiia Jackobian

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    So, is the president always chosen from Nigeria?
     
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  18. Anastasiia

    Anastasiia Jackobian

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    I'm also curious if there're any current projects aimed to improve living conditions of the African countries
     
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  19. Prezzy

    Prezzy Leader Protector

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    Nigeria doesn't appoint foreigners.

    Appointment generally in Nigeria is based on which tribe/part of the country you are from and it is one of the biggest problems in Africa.
    The president appoints his kinsmen whether qualified or not
     
  20. Lerets

    Lerets Jackobian

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    yes Nigeria doesn't appoint foreigners!:cry:
     
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  21. Prezzy

    Prezzy Leader Protector

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    But South Africa appoints white people in their place and they are reaping from it!
     
  22. Anastasiia

    Anastasiia Jackobian

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    I mean that the Bank combines not only Nigeria but other African countries. So the head of the Bank is appointed from Nigeria anyway?