African Development Bank

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 Organization of African Unity (established in 1963, later replaced by the African Union) and one for a regional development bank.

A draft accord was submitted to top African officials and 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 July 31 to August 4. It was here that the agreement establishing the African Development Bank (AfDB) was cosigned by 23 African governments on August 4, 1963. The agreement came into force on September 10, 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, Ivory Coast, in March 1965 and the bank's operations commenced on 1 July 1966.

Originally, only African countries were able to join the bank, but in 1982, it began allowing the entry of non-African countries as well. According to the AfDB, the inclusion of non-regional members helped contribute to economic and social development through low-interest loans, additional banking expertise and access to markets outside of the region.

From February 2003 to September 2014, the bank operated from its Temporary Relocation Agency in Tunis, Tunisia, owing to the prevailing political conflict in Ivory Coast during the Ivorian civil war 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 the bank.

Since its founding, AfDB has financed 2,885 operations, for a total of $47.5 billion. In 2003, it received an 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.

In the African Development Bank's 2022 Annual Report, a decrease in Africa's GDP growth to 3.8%, down from 4.8% the previous year, was recorded. The 16th replenishment of the African Development Fund (ADF-16), which provides soft loans and grants, served as a significant financial enhancement, gathering US$8.9 billion. Within this sum, US$429 million was designated specifically for climate change-related initiatives. The Bank's project approval amounts reached UA 6.16 billion, which is close to the pre-COVID-19 pandemic benchmark of UA 7.3 billion from 2019. The High 5 strategic priority areas saw robust increases in funding, with renewable energy projects receiving notable emphasis as they accounted for 100% of the approvals for energy generation projects. Investment in other key areas also increased, with food security receiving UA 1.34 billion, industrialization UA 1.59 billion, and infrastructure UA 1.13 billion. The Bank's active portfolio grew to UA 44.33 billion, with 58% of projects rated satisfactorily. Disbursements for the year totaled UA 3.5 billion, and the Bank maintained its AAA credit rating.

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. 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.