African Development Bank
African Development Bank At A Glance
A multilateral development finance institution established to contribute to the economic development and social progress of African countries, and the parent organization of the African Development Bank Group.
Established on August 4, 1963 (effective date: September 10, 1964), the African Development Bank (AfDB) seeks to "to contribute to the economic and social progress of its regional member countries - individually and collectively." To that end, it aims to "stimulate and mobilize internal and external resources to promote investments as well as provide Regional Member Countries (RMCs) with technical assistance." Originally, only independent African countries were eligible for membership, but in 1982 non-regional members were permitted entry in order to provide greater investment capital and additional expertise. Having steadily expanded its scope, the AfDB provides financing for projects, policy-based reforms, technical assistance, and debt reduction, among other things. Resources are derived from member countries’ subscriptions, borrowings on financial markets, loan repayments, and contributions from states participants, especially non-regional member countries. To date, the AfDB has disbursed more than 3,639 loans and grants amounting to over $92 billion. The AfDB is the parent organization of the African Development Bank Group, which also includes the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). It is one of the five multilateral development banks (MDBs); the remaining MDBs are the World Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, and the Inter-American Development Bank.