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Everything You Need to Know About the African Development Bank

Everything You Need to Know About the African Development Bank Hello Displorers, welcome to another informative video presented to you by Displore and thanks for watching. The name Africa Development Bank has been thrown around a lot when talking about loans and developmental projects around Africa but it will not come as a surprise that many are not familiar with the ins and outs of this very important African developmental supporter and organization. In this video, we shall look at everything you need to know about the African development bank. If you are new here, welcome, be sure to subscribe and turn on notifications so you don’t miss any of our videos. An Overview of the African Development Bank The African Development Bank Group, AfDB or ADB or Banque Africaine de Développement, BAD is a multilateral development finance institution. The AfDB was founded in 1964 and comprises three entities which include The African Development Bank, the African Development Fund and the Nigeria Trust Fund. 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 AFDB is a financial provider to African governments and private companies investing in the regional member countries. While it was originally headquartered in Abidjan, Côte d'Ivoire, the bank's headquarters moved to Tunis, Tunisia, in 2003, due to the Ivorian civil war; before returning in September 2014. History 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 which was established in 1963, later replaced by the African Union, and for a regional development bank.A draft accord was submitted to top African officials then to the Conference of Finance Ministers on the Establishment of an African Development Bank. This conference was convened by the United Nations Economic Commission for Africa, UNECA in Khartoum, Sudan, from 31 July to 4 August. It was here that the agreement establishing the African Development Bank was co-signed by twenty-three African governments on the 4th of August1963. The agreement came into force on the 10th of September 1964. The inaugural meeting of the Board of Governors of the Bank was held from 4 to 7 November 1964 in Lagos, Nigeria. The Bank's headquarters opened in Abidjan, Côte d’Ivoire, in March 1965 and the Bank's operations commenced on 1 July 1966. 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 Bank was able to return to its original headquarters in Abidjan in late 2013 once the political crisis was over. By June 2015, over 1,500 staff had returned to the Bank's Abidjan headquarters out of the more than 1,900 total staff complement at the Bank. Although, originally, only African countries were able to join the bank, since 1982 it has allowed the entry of non-African countries as well.Since its founding, AfDB has financed 2,885 operations, for a total of $47.5 billion. In 2003, it received a AAA rating from the major financial rating agencies and had a capital of $32.043 billion. In November 2019, the bank's capital was reported as $208 billion. Group Entities of the Bank The African Development Bank Group has two other entities: the African Development Fund and the Nigeria Trust Fund which function in diverse ways to serve the main objectives of the bank. African Development Fund, ADF Established in 1972, the African Development Fund started operations in 1974. The African Development Fundprovides development finance on concessional terms to low-income Regional Member Countries, RMCs which are unable to borrow on the non-concessional terms of the AfDB. In harmony with its lending strategy, poverty reduction is the main aim of ADF activities. Twenty-four non-African countries along with the AfDB constitute its current membership. 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. 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.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.The ADF's sources are mainly contributions and periodic replacements by non-African member states. The fund is usually replenished every three years, unless member states decide otherwise.