I am grateful for the opportunity to serve Africa passionately The NTF is aimed at assisting in the development efforts of the poorest AfDB members. The AfDB was founded in 1964 and comprises three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund. 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. – Shareholding follows investment of US$50 million in AFC’s equity by AfDB– AfDB becomes the second investment-grade Supranational Finance Institution to join the membership of and invest in AFC. 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. I know that membership of the Bank will further strengthen the role Ireland plays in sustainable and inclusive development on the continent. The Bank is currently based in Abidjan, Côte d'Ivoire again. The report contains six recommendations for management and shareholders as they address the urgent task of reforming Africa's development bank. Twenty-four non-African countries along with the AfDB constitute its current membership. Railways - $15bn Its mandate was reoriented in 1992 and it was restructured in 2001.[23]. Which sectors can help Nigeria bounce back post COVID-19. Power generation - $10bn Member governments are officially represented at the AfDB by their Minister of Finance, Planning or Cooperation who sits on the AfDB Board of Governors. Regional integration infrastructure projects will be a key part of the AfDB's future business. 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. 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. 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. Ireland’s membership and shareholder support will further boost the African Development Bank’s mission to accelerate Africa’s economic development,” African Development Bank’s President Akinwumi Adesina declared. This conference was convened by the United Nations Economic Commission for Africa (UNECA) in Khartoum, Sudan, from 31 July to 4 August. The total donations, at the end of 1996, amounted to $12.58 billion. Third, it promotes investment of public and private capital for development. In harmony with its lending strategy, poverty reduction is the main aim of ADF activities. Note: All countries in the African Union including Mauritania but excluding the SADR are eligible for NTF benefits. (Bloomberg) -- African Development Bank President Akinwumi Adesina was re-elected for another five-year term following a tumultuous three months that divided shareholders. African Development Bank. [20], (i) Mobilizing financial resources from the Government or the foreign financial institutions with; 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 Organisation of African Unity (established in 1963, later replaced by the African Union), and for a regional development bank. The head of Africa’s largest multilateral bank is poised to be re-elected for a second term, emboldened by the support of shareholders after being cleared of wrongdoing by two probes. "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. Solid mineral processing... ...and invest the money from them in stocks, bonds, shares, cooperative schemes, etc. Prominent among the recommendations is a strong focus on infrastructure. It employs approximately 1,865 employees as of 2016, and has 80 members: 54 countries in Africa and 26 American, European, and Asian 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. 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. This partnership will help us reach the furthest behind first,” Coveney added. 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