african development bank

Energy projects are likely to become a more important area of the AfDB's infrastructure work, given the lack of access to energy services across Africa and continued high oil prices affecting oil-importing countries. 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. In 2010, the African Development Institute became the focal point of the African Development Bank Group for capacity-building. [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. In November 2019, the bank's capital was reported as $208 billion.[12]. 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"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=985263970, 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 24 October 2020, at 23:18. The total donations, at the end of 1996, amounted to $12.58 billion. [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. Between 2005 and 2006, the AfDB's lending activities increased by more than 30 percent to $3.4 billion. The Bank was able to return to its original headquarters in Abidjan in late 2013 once the political crisis was over. 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. 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. 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.[11]. The AfDB's mission is to fight poverty and improve living conditions on the continent through promoting the investment of public and private capitalin projects and programs that are likely to contribute to the econ… 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 fund is usually replenished every three years, unless member states decide otherwise. Since its founding, AfDB has financed 2,885 operations, for a total of $47.5 billion. Prominent among the recommendations is a strong focus on infrastructure. 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]. In June 2020 the board of the AfDB agreed to a review of Adesina's management of the bank. The AfDB was founded in 1964 and comprises three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund. The infrastructure sector, including power supply, water and sanitation, transport and communications, has traditionally received the largest share of AfDB lending. Nevertheless, these same studies indicate that the majority of the African countries can make notable progress to these ends. This focus was re-affirmed in the AfDB's 2003-2007 Strategic Plan, which identified infrastructure as a priority area for AfDB lending. To this end, the Bank seeks to stimulate and mobilize internal and external resources to promote investments as well as provide its regional member countries with technical and financial assistance. The report contains six recommendations for management and shareholders as they address the urgent task of reforming Africa's development bank. 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. The Nigeria Trust Fund (NTF) was established in 1976 by the Nigerian government with an initial capital of $80 million. 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. 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. 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. In 2003, it received an AAA rating from the major financial rating agencies and had a capital of $32.043 billion. It lends at a 4% interest rate with a 25-year repayment period, including a five-year grace period. The Annual Meetings of the African Development Bank Group will take place virtually from 25 to 27 August 2020. These mandates have also increased the AfDB's profile in the media. Fourth, the bank assists in organizing the development policies of RMCs. What does an effective multilateral donor look like? The Bank provided a swift response to support its regional member countries and the private sector with the launch, on 8 April, of a COVID-19 Response Facility of up to $10 billion. He chairs the Boards of both the African Development Bank and the African Development Fund. The African Development Bank Group has two other entities: the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). Although, originally, only African countries were able to join the bank, since 1982 it has allowed the entry of non-African countries as well. 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. We invite you to join us. Though this policy has still to be clearly defined, it appears to be driving certain lending priorities. exclusive jobs from African Development Bank (AfDB), - {{contact.headline || contact.employment_title}}, Who's who in #globaldev: October 2018 appointments, Abidjan: West Africa's growing global development hub, Who's who in #globaldev: February 2016 executive appointments, Coal or no coal: A balancing act for MDBs, What's needed from Addis: 'A mandate to do more and to do better', Development news roundup: UK support for women and girls, ADB anticorruption drive, and more, AfDB Backs Economic Reforms in Central African Republic, In Uganda, donors divided on response to aid embezzlement scandal, Local Individual Consultant: Assistant Statistician-Economist on Gender Issues, Individual Consultant: Financial Sector Advisor, Individual Consultant: Senior User Experience/User Interface (UI/UX) Designer, International Individual Consultant: Gender Equality Profile. 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". This conference was convened by the United Nations Economic Commission for Africa (UNECA) in Khartoum, Sudan, from 31 July to 4 August. The Bank Group achieves this objective by: mobilizing and allocating resources for investment… 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. 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. 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. Another key area of concentration of the AfDB's support of RMCs is the fight against HIV/AIDS. So even if the AfDB is not directly involved in financing a particular infrastructure project, it may have helped to make it possible. It is not exchanged directly by individuals, it is used for accounting between state members. [9] The agreement came into force on 10 September 1964. The 56th Annual Meetings of the African Development Bank and the 47th Annual Meeting of the African Development Fund are scheduled to take place from 24 … Log in to see all exclusive jobs or Join Devex. This year, the meetings will focus on closed statutory meetings of the Governors of the institution and on the election of a President. [citation needed]. The ICA was established by G8 countries to coordinate and encourage infrastructure development in Africa, focusing on regional infrastructure development in particular. [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 African Development Bank's(AfDB) 4th annual conference outside Africa held in India (Gandhinagar, Gujarat) on May 22-26, 2017, at an event inaugurated by India's Prime Minister Narendra Modi. The AfDB is also required to give special attention to national and multinational projects which are needed to promote regional integration. The AfDB is currently drafting an energy policy and developing its contribution to the G8-mandated Clean Energy Investment Framework. A social enterprise, we connect and inform 1,028,000+ development, health, humanitarian, and sustainability professionals through news, business intelligence, and funding & career opportunities so you can do more good for more people. The AfDB was founded in 1964 and comprises three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund. [20], (i) Mobilizing financial resources from the Government or the foreign financial institutions with; Combating poverty is at the heart of the continent’s efforts to attain sustainable economic growth. The AfDB's financial standing has been restored from the near collapse of 1995, but its operational credibility remains a work-in-progress. : 1-10 of 10 : Position Title Location … In accordance with its policy of decentralization aimed at taking its operations closer to its beneficiaries, the Bank has, over the past few years, established about 23 field and country offices across the continent. A draft accord was submitted to top African officials then to the Conference of Finance Ministers on the Establishment of an African Development Bank. [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 largest African Development Bank shareholder is Nigeria with nearly 9 percent of the vote. The meetings were initially to be held in May this year in Abidjan, the economic capital of Côte d’Ivoire and the headquarters of the African Development Bank. The ADF's sources are mainly contributions and periodic replacements by non-African member states. While the AfDB's lending had not expanded significantly in recent years, 2006 figures indicate that things may be changing. The African Development Bank (AfDB) Group’s mission is to help reduce poverty, improve living conditions for Africans and mobilize resources for the continent’s economic and social development. [10], The inaugural meeting of the Board of Governors of the Bank was held from 4 to 7 November 1964 in Lagos, Nigeria. [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. The Bank is currently based in Abidjan, Côte d'Ivoire again. The Governors of the African Development Bank are from the Bank’s 54 African regional and 27 non-regional member countries. It provides development finance on concessional terms to low-income RMCs which are unable to borrow on the non-concessional terms of the AfDB. 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”). 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]. Regional integration infrastructure projects will be a key part of the AfDB's future business. The AfDB helps to prepare projects so they may obtain financing from others sources through an initiative called the Infrastructure Project Preparation Facility (IPPF). Twenty-four non-African countries along with the AfDB constitute its current membership. The African Development Bank has estimated that the continent could lose at least $173.1 billion in GDP in 2020 and $236.7 billion in 2021 as a result of the economic fallout of the pandemic, which has forced several industries to shut down and has led to millions of job losses. Search Results: Your search found 10 matching job(s). Its mandate was reoriented in 1992 and it was restructured in 2001.[23]. The institute had been established in 1973 to enhance the effectiveness of the AfDB's funded operations. Second, the bank provides technical assistance for development projects and programs. [3][4][5] The AfDB is a financial provider to African governments and private companies investing in the regional member countries (RMC). In 1996, the NTF had a total resource base of $432 million. The ADF contributes to poverty reduction and economic and social development in the least developed African countries by providing concessional funding for projects and programs, as well as technical assistance for studies and capacity-building activities. 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. The Governors typically appoint a representative from their country to serve in the offices of the AfDB's Board of Executive Directors. The African Development Bank Group (AfDB or ADB) or Banque Africaine de Développement (BAD) is a multilateral development finance institution. [19], The primary function of AfDB is making loans and equity investments for the socio-economic advancement of the RMC. 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]. It was here that the agreement establishing the African Development Bank (AfDB) was cosigned by twenty-three African governments on 4 August1963. [25][26][27][28][29][30][31] Previous conferences outside Africa were in Spain, China, Portugal. 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 African Development Bank (AfDB) Group’s mission is to help reduce poverty, improve living conditions for Africans and mobilize resources for the continent’s economic and social development. (ii) A view to lending the money for development of specific sectors of the economy. The African Development Bank Group (AfDB or ADB) or Banque Africaine de Développement (BAD) is a multilateral development finance institution. 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 AfDB's member countries claim that AfDB, as a multilateral institution, is particularly suited to support regional integration projects. 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. African Development Fund. 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. To address these and other pandemic-related challenges, the African Development Bank Group launched a $10 billion COVID-19 Rapid Response Facility (CRF) (https://bit.ly/32INHPJ) in … [15] The loans can be used for concessional loans operations with long and short term maturity.[16]. 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 Bank's headquarters opened in Abidjan, Côte d’Ivoire, in March 1965 and the Bank's operations commenced on 1 July 1966. In 2005, the AfDB approved 23 infrastructure projects for approximately $982 million, which totaled 40 percent of AfDB approvals that year. The institution’s greatest assets are its human resources which come from a wide geographic area. The African Development Bank has estimated that the continent could lose at least $173.1 billion in GDP in 2020 and $236.7 billion in 2021 as a result of the economic fallout of the pandemic, which has forced several industries to shut down and has led to millions of job losses. With this objective in mind, the institution aims at assisting African countries – individually and collectively - in their efforts to achieve sustainable economic development and social progress. 2020 Annual Meetings Governors Statements. All member countries of the AfDB are represented on the AfDB Board of Executive Directors. The meetings are being held as the world continues to grapple with a public health crisis resulting from the COVID-19 pandemic. Additionally, the AfDB hosts the Infrastructure Consortium for Africa (ICA). The NTF is aimed at assisting in the development efforts of the poorest AfDB members. Established in 1972, the African Development Fund started operations in 1974. Over the same period, private sector operations doubled in value. African Development Bank Group (AfDB) The overarching objective of the African Development Bank (AfDB) Group is to spur sustainable economic development and social progress in its regional member countries (RMCs), thus contributing to poverty reduction. The format of the meetings has been adapted to consider the physical constraints imposed by the COVID-19 pandemic. The increased international emphasis on Africa's development needs in recent years (for example, surrounding the 2005 Gleneagles G8 Summit), and on the importance of infrastructure investment in Africa, has highlighted the role of the AfDB. "The African Development Fund" United Nations Convention to Combat Desertification (UNCCD) 2004, no longer available (2006). The AfDB is controlled by a Board of Executive Directors, made up of representatives of its member countries. It employs approximately 1,865 employees as of 2016, and has 80 members: 54 countries in Africa and 26 American, European, and Asian countries. 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 following table are amounts for 20 largest countries by voting powers at the African Development Bank as of December 2014. In harmony with its lending strategy, poverty reduction is the main aim of ADF activities. This year marks the 55th Annual Meeting of the Board of Governors of the African Development Bank and the 46th Annual Meeting of the African Development Fund, the concessional arm of the Bank Group. 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. 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. 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. African Development Bank - ADB: A financial institution comprising 53 African and 24 non-African countries which promotes economic and social progress in …