The African Development Bank Group is a “regional multilateral development finance institution established to contribute to the economic development and social progress of African countries”. Founded in 1963, in Sudan, it is made up of 3 parts; the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF).
The AfDB is one of only 5 multilateral development banks in the world. The others are the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (AsDB), the Inter-American Development Bank (IAfDB) and the World Bank. The AfDB and the World Bank work very closely together, but are independent.
AfDB cooperates with special funds such as the Arab Oil Fund, the Special Emergency Assistance Fund for Drought and Famine in Africa and the Special Relief Fund. These organisations align with the core values, purposes and functions of the AfDB and therefore the AfDB is authorized to manage them collectively.
The AfDB focuses individually and collectively on supporting economic and social development of its Regional Member Countries (RMCs). The Group aims to reduce poverty, improve living conditions within Africa, and use local resources to further Africa’s development by acting as a development finance institution. AfDB is a financial provider to African governments and private companies investing in their RMC’s. Read more…