This focus was re-affirmed in the AfDB's 2003-2007 Strategic Plan, which identified infrastructure as a priority area for AfDB lending. I know that membership of the Bank will further strengthen the role Ireland plays in sustainable and inclusive development on the continent. The AfDB helps to prepare projects so they may obtain financing from others sources through an initiative called the Infrastructure Project Preparation Facility (IPPF). The AfDB was founded in 1964 and comprises three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund. "The African Development Fund" United Nations Convention to Combat Desertification (UNCCD) 2004, no longer available (2006). In 2007, infrastructure operations accounted for approximately 60 percent of the bank's portfolio. The total donations, at the end of 1996, amounted to $12.58 billion. Day-to-day decisions about which loans and grants should be approved and what policies should guide the AfDB's work are taken by the Board of Executive Directors. How his government plans to combat the... Food processing - $20bn 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.[6][7][8]. 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. 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 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 Bank's headquarters opened in Abidjan, Côte d’Ivoire, in March 1965 and the Bank's operations commenced on 1 July 1966. [19], The primary function of AfDB is making loans and equity investments for the socio-economic advancement of the RMC. [20], (i) Mobilizing financial resources from the Government or the foreign financial institutions with; The Nigeria Trust Fund (NTF) was established in 1976 by the Nigerian government with an initial capital of $80 million. The African Development Bank Group (AfDB or ADB) or Banque Africaine de Développement (BAD) is a multilateral development finance institution. It is not exchanged directly by individuals, it is used for accounting between state members. 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. Although, originally, only African countries were able to join the bank, since 1982 it has allowed the entry of non-African countries as well. document.write(new Date().getFullYear()); The subscribed capital is distributed among Category A and Category B Shareholders to tune of 93.39% and 6.61% respectively. The NTF is aimed at assisting in the development efforts of the poorest AfDB members. In November 2019, the bank's capital was reported as $208 billion.[12]. One of emerging views, repeatedly cited by the AfDB's Board of Directors and management, is that the AfDB should be more “selective” and “country-focused” in its operations. In 2003, it received an AAA rating from the major financial rating agencies and had a capital of $32.043 billion. While the AfDB's lending had not expanded significantly in recent years, 2006 figures indicate that things may be changing. All rights reserved. [9] The agreement came into force on 10 September 1964. In 2010, the African Development Institute became the focal point of the African Development Bank Group for capacity-building. “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. 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]. Its relatively small lending and tendency to follow in the footsteps of more prominent public institutions like the World Bank, implies that the African Development Bank has been receiving little interest from civil society organizations as well as academia. The AfDB has five policies towards securing Africa's future through health funding: To date, the bank's contribution in the fight against HIV/AIDS is estimated at over UA 500 million. 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. The event brings together the Bank’s shareholders, management and staff, government policy and decision makers, as well as development partners, civil society and other experts. [25][26][27][28][29][30][31] Previous conferences outside Africa were in Spain, China, Portugal. He chairs the Boards of both the African Development Bank and the African Development Fund. Mr. Tadesse is the President and Chief Executive Officer of the Bank. [15] The loans can be used for concessional loans operations with long and short term maturity.[16]. The AfDB's financial standing has been restored from the near collapse of 1995, but its operational credibility remains a work-in-progress. Africa ready for potential new COVID-19 wave, experts affirm at AEC2020 special session. 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. 10-Dec-2020. 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. In 2005, the AfDB approved 23 infrastructure projects for approximately $982 million, which totaled 40 percent of AfDB approvals that year. 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. The AfDB is currently drafting an energy policy and developing its contribution to the G8-mandated Clean Energy Investment Framework. 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. I am delighted to welcome Ireland as the 81st member of the African Development Bank. I see our membership of the Bank and Fund as an investment in this potential. [17]Adesina was reelected unanimously for a second five year term on August 27, 2020[18], The African Development Bank is using a Unit of Account which is registered as XUA as ISO 4217 standard currency code. Which sectors can help Nigeria bounce back post COVID-19. The Governors typically appoint a representative from their country to serve in the offices of the AfDB's Board of Executive Directors. The sort code is a number which usually identifies both the bank and the branch where an account is... You have entered an incorrect email address! "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. 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