African Development Bank
The African Development Bank Group (AfDB) is a multilateral development finance institution. The Union Finance Minister and Secretary, Department of Economic Affairs (DEA), Ministry of Finance are the Governor and Alternate Governor of the Bank, respectively.
The AfDB founded in 1964 and comprises three entities:
- The African Development Bank,
- The African Development Fund
- The Nigeria Trust Fund.
The AfDB's mission:
- To combat poverty and implement 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 (RMC).
|Formation||September 10, 1964|
|Headquarters||Tunis, Tunisia (since 2003), earlier was in Abidjan, Côte d'Ivoire|
|Main organ||Board of Executive Directors|
Management and Control
The AfDB is controlled by a Board of Executive Directors, consisted of representatives of its member countries. 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 largest African Development Bank shareholder is Nigeria with approx 9 percent of the vote.
Functions of AfDB
- Third, it promotes investment of public and private capital for development.
- The primary function of AfDB is making loans and equity investments for the socio-economic advancement of the RMC.
- The AfDB is also required to give special attention to national and multinational projects which are needed to promote regional integration.
- Second, the bank provides technical help for development projects and programs.
- Fourth, the bank helps in organizing the development policies of RMCs.
- A view to lending the money for development of specific sectors of the economy
- Mobilizing financial resources from the Government or the foreign financial institutions with;
India and AfDB
- African Development Bank's (AfDB) 4th annual conference outside Africa held in India (Gandhinagar, Gujarat) in May 22-26th 2017
- India became a member of the African Development Bank (AfDB) in 1983.