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The inaugural meeting of the [[Board of directors|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. |
The inaugural meeting of the [[Board of directors|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. |
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Originally |
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.<ref>{{cite web|url=https://www.afdb.org/en/about-us/frequently-asked-questions |title=Frequently asked questions |work=AFDB.org|date=7 March 2019 |access-date=9 May 2023}}</ref> |
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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 [[First Ivorian Civil War|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.<ref name=":0" /><ref name=":1" /> |
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 [[First Ivorian Civil War|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.<ref name=":0" /><ref name=":1" /> |
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===African Development Fund=== |
===African Development Fund=== |
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Established in 1972, the African Development Fund started operations in 1974.<ref>"The African Development Fund" [[United Nations Convention to Combat Desertification]] (UNCCD) 2004, no longer available (2006).</ref> It provides development finance on concessional terms to low-income RMCs which are unable to borrow on the non-concessional terms of the AfDB. In harmony with its lending strategy, [[poverty reduction]] is the main aim of ADF activities. Twenty-four non-African countries along with the AfDB constitute its current membership. The largest ADF shareholder is the [[United Kingdom]], with approximately 14% of the total working shares followed by [[United States]] with approximately 6.5 |
Established in 1972, the African Development Fund started operations in 1974.<ref>"The African Development Fund" [[United Nations Convention to Combat Desertification]] (UNCCD) 2004, no longer available (2006).</ref> It provides development finance on concessional terms to low-income RMCs which are unable to borrow on the non-concessional terms of the AfDB. In harmony with its lending strategy, [[poverty reduction]] is the main aim of ADF activities. Twenty-four non-African countries along with the AfDB constitute its current membership. The largest ADF shareholder is the [[United Kingdom]], with approximately 14% of the total working shares followed by [[United States]] with approximately 6.5 percent of the total voting shares, followed by [[Japan]] with approximately 5.4 percent. The [[Federal Reserve Bank of New York]] was designated as the depositor bank for the fund according to telegraphs sent from the U.S. Embassy in [[Abidjan]] in 1976.<ref name="Unclassified wire to U.S.-Abidjan Embassy">{{cite web|title=Unclassified wire to U.S.-Abidjan Embassy| url=https://aad.archives.gov/aad/createpdf?dt=2082&rid=284696&dl=1345|publisher=US Department of State| access-date=April 22, 2013}}</ref> |
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The ADF's general operations are decided by a Board of Directors, six of which are appointed by the non-African member states and six designated by the AfDB from among the bank's regional [[Executive director|Executive Directors]]. |
The ADF's general operations are decided by a Board of Directors, six of which are appointed by the non-African member states and six designated by the AfDB from among the bank's regional [[Executive director|Executive Directors]]. |
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==Management and control== |
==Management and control== |
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The AfDB is controlled by a Board of Executive Directors, made up 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 nearly 9 |
The AfDB is controlled by a Board of Executive Directors, made up 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 nearly 9 percent of the vote. All member countries of the AfDB are represented on the AfDB Board of Executive Directors. |
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Dr. [[Akinwumi Adesina|Akinwumi Ayodeji Adesina]] is the 8th elected [http://www.afdb.org/en/about-us/structure/presidents-corner/about-the-president/] President of the African Development Bank Group, having taken the oath of office on September 1, 2015. He chairs the Boards of both the African Development Bank and the African Development Fund. Dr. Adesina served as Nigeria's Minister of Agriculture and Rural Development from 2011 to 2015. |
Dr. [[Akinwumi Adesina|Akinwumi Ayodeji Adesina]] is the 8th elected [http://www.afdb.org/en/about-us/structure/presidents-corner/about-the-president/] President of the African Development Bank Group, having taken the oath of office on September 1, 2015. He chairs the Boards of both the African Development Bank and the African Development Fund. Dr. Adesina served as Nigeria's Minister of Agriculture and Rural Development from 2011 to 2015. |
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Day-to-day decisions about which loans and grants should be approved and what policies should guide the AfDB's work are taken by the Board of Executive Directors. Each member country is represented on the Board, but their voting power and influence differs depending on the amount of money they contribute to the AfDB. |
Day-to-day decisions about which loans and grants should be approved and what policies should guide the AfDB's work are taken by the Board of Executive Directors. Each member country is represented on the Board, but their voting power and influence differs depending on the amount of money they contribute to the AfDB. |
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In June [[2020 in West Africa|2020]] |
In June [[2020 in West Africa|2020]] the board of the AfDB agreed to a review of Adesina's management of the bank. Adesina is up for reelection in August 2020.<ref>{{cite web |title=Eye of the storm: African Development Bank chief Akinwumi Adesina |url=https://news.yahoo.com/eye-storm-african-development-bank-chief-akinwumi-adesina-161529811.html |website=news.yahoo.com |access-date=June 6, 2020}}</ref> Adesina was reelected unanimously for a second five-year term on August 27, 2020<ref>{{Cite web|last=Nafissatou|first=Diouf|date=August 27, 2020|title=Dr. Akinwumi Adesina re-elected unanimously as President of the African Development Bank Group|url=https://www.afdb.org/en/news-and-events/press-releases/dr-akinwumi-adesina-re-elected-unanimously-president-african-development-bank-group-37561|access-date=October 4, 2020|website=African Development Group}}</ref> |
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==Unit of Account== |
==Unit of Account== |
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The infrastructure sector, including [[Power station|power supply]], [[Water supply|water]] and [[Sanitation#Sanitation and wastewater|sanitation]], [[transport]] and [[Telecommunication|communications]], has traditionally received the largest share of AfDB lending. This focus was re-affirmed in the AfDB's 2003-2007 Strategic Plan, which identified infrastructure as a priority area for AfDB lending. |
The infrastructure sector, including [[Power station|power supply]], [[Water supply|water]] and [[Sanitation#Sanitation and wastewater|sanitation]], [[transport]] and [[Telecommunication|communications]], has traditionally received the largest share of AfDB lending. This focus was re-affirmed in the AfDB's 2003-2007 Strategic Plan, which identified infrastructure as a priority area for AfDB lending. |
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In 2005, the AfDB approved 23 infrastructure projects for approximately $982 million, which totaled 40 |
In 2005, the AfDB approved 23 infrastructure projects for approximately $982 million, which totaled 40 percent of AfDB approvals that year. Given the increased attention to infrastructure development in Africa from donors and borrowers, it is likely that AfDB's infrastructure lending will increase significantly in the coming years. In 2007, infrastructure operations accounted for approximately 60 percent of the bank's portfolio.{{Citation needed|date=May 2020}} |
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[[Regional integration]] infrastructure projects will be a key part of the AfDB's future business. According to the AfDB's ''2005 Annual Report'', regional economic blocs will make Africa “more competitive in the global market”, while transport and power interconnections between smaller African economies will help create larger markets in the continent. The AfDB's member countries claim that AfDB, as a multilateral institution, is particularly suited to support regional integration projects. |
[[Regional integration]] infrastructure projects will be a key part of the AfDB's future business. According to the AfDB's ''2005 Annual Report'', regional economic blocs will make Africa “more competitive in the global market”, while transport and power interconnections between smaller African economies will help create larger markets in the continent. The AfDB's member countries claim that AfDB, as a multilateral institution, is particularly suited to support regional integration projects. |
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Greek: Ά ά Έ έ Ή ή Ί ί Ό ό Ύ ύ Ώ ώ Α α Β β Γ γ Δ δ Ε ε Ζ ζ Η η Θ θ Ι ι Κ κ Λ λ Μ μ Ν ν Ξ ξ Ο ο Π π Ρ ρ Σ σ ς Τ τ Υ υ Φ φ Χ χ Ψ ψ Ω ω {{Polytonic|}}
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