{"id":1946,"date":"2017-06-18T02:05:37","date_gmt":"2017-06-18T02:05:37","guid":{"rendered":"http:\/\/blog.forumias.com\/?p=1946"},"modified":"2021-04-23T16:02:55","modified_gmt":"2021-04-23T10:32:55","slug":"african-development-bank-afdb","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/african-development-bank-afdb\/","title":{"rendered":"What is African Development Bank (AFDB)?"},"content":{"rendered":"<ul>\n<li>ADB is a multilateral development finance institution.<\/li>\n<li>It provides finance to African governments and private companies investing in the Regional Member Countries (RMC).<\/li>\n<li>It was founded in 1948.<\/li>\n<li>Its fundamental duty is to fight poverty and improve the standard of living of the continent by investing in projects and programs which uplifts the socio-economic conditions of the common mass.<\/li>\n<li>The Headquarter is located in in\u00a0Abidjan,\u00a0C\u00f4te d\u2019Ivoire. But it moved to\u00a0Tunis,\u00a0Tunisia\u00a0in 2003, before returning in September 2014.<\/li>\n<li>The AfDB is controlled by a Board of Executive Directors, made up of representatives of its member countries.<\/li>\n<li>Akinwumi Ayodeji Adesina\u00a0is the 8th elected\u00a0President of the African Development Bank Group, on September 1, 2015.<\/li>\n<li>Member governments are officially represented at the AfDB by their Minister of Finance, Planning or Cooperation who sits on the AfDB Board of Governors.<\/li>\n<li>It is to be noted that Cabo Verde and Libya are the only two countries are without the beneficiary of AfDB or ADF.<\/li>\n<\/ul>\n<p>Functions:<\/p>\n<ul>\n<li>The primary function of AFDB is making loans and equity investments for the socio-economic advancement of the RMC.<\/li>\n<li>Secondly, the bank provides technical assistance for development projects and programs.<\/li>\n<li>Thirdly, it promotes investment of public and private capital for development.<\/li>\n<li>Fourthly, the bank assists in organizing the development policies of RMCs.<\/li>\n<li>Fifthly, The AfDB is also required to give special attention to national and multinational projects which are needed to promote regional integration.<\/li>\n<li>Other functions include: (i) Mobilizing financial resources from the Government or the foreign financial institutions with (ii) A view to lending the money for development of specific sectors of the economy.<\/li>\n<\/ul>\n<p>The <a href=\"https:\/\/forumias.com\/blog\/african-development-bank-afdb\/\">African Development Bank<\/a> Group has two other entities:<\/p>\n<p>The African Development Fund (ADF):<\/p>\n<ul>\n<li>Established in 1972<\/li>\n<li>The African Development Fund started operations in 1974<\/li>\n<li>It provides development finance on concessional terms to low-income RMCs which are unable to borrow on the non-concessional terms of the AfDB.<\/li>\n<li>In harmony with its lending strategy,\u00a0poverty reduction\u00a0is the main aim of ADF activities.<\/li>\n<li>Twenty-four non-African countries along with the AfDB constitute its current membership.<\/li>\n<li>The largest ADF shareholder is the\u00a0United Kingdom, with approximately 14% of the total working shares.<\/li>\n<li>Followed by\u00a0United States\u00a0with approximately 6.5 percent of the total voting shares.<\/li>\n<li>Followed by\u00a0Japan\u00a0with approximately 5.4 percent.<\/li>\n<li>The\u00a0Federal Reserve Bank of New York\u00a0was designated as the depositor bank for the fund according to telegraphs sent from the U.S. Embassy in\u00a0Abidjan in 1976.<\/li>\n<li>The tenth\u00a0United Kingdom\u00a0replenishment of the ADF was in 2006.\n<p><span style=\"font-size: 14pt;\"><strong>\u00a0Read Also &#8211;<a href=\"https:\/\/forumias.com\/blog\/polity\/local-self-government\/\">Local Self Government -ForumIAS Blog<\/a><\/strong><\/span><\/p>\n<div class=\"b_caption hasdl\">The Nigeria Trust Fund (NTF):<\/div>\n<\/li>\n<\/ul>\n<ul>\n<li>The Nigeria Trust Fund (NTF) was established in 1976.<\/li>\n<li>It was established by the Nigerian government.<\/li>\n<li>The NTF is aimed at assisting in the development efforts of the poorest AfDB members.<\/li>\n<li>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.<br \/>\n<hr \/>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>ADB is a multilateral development finance institution. It provides finance to African governments and private companies investing in the Regional Member Countries (RMC). It was founded in 1948. Its fundamental duty is to fight poverty and improve the standard of living of the continent by investing in projects and programs which uplifts the socio-economic conditions&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/african-development-bank-afdb\/\">Continue reading <span class=\"screen-reader-text\">What is African Development Bank (AFDB)?<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-1946","post","type-post","status-publish","format-standard","hentry","category-kb","entry"],"jetpack_featured_media_url":"","views":{"total":70,"cached_at":""},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/1946","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=1946"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/1946\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=1946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=1946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=1946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}