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AFRICAN DEVELOPMENT BANK (AFDB)

16-03-2024

12:47 PM

1 min read
Prelims: International Relations & Institutions



OVERVIEW:

THE HEAD OF THE AFRICAN DEVELOPMENT BANK IS CALLING FOR AN END TO LOANS GIVEN IN
EXCHANGE FOR THE CONTINENT’S RICH SUPPLIES OF OIL OR CRITICAL MINERALS USED IN
SMARTPHONES AND ELECTRIC CAR BATTERIES.


ABOUT AFRICAN DEVELOPMENT BANK (AFDB)

 * It is a regional multilateral development finance institution established to
   contribute to the economic development and social progress of African
   countries–the institution's regional member countries. 
 * The bank is also known as the Banque Africaine de Développement.
 * It was founded following an agreement signed by member states in 1963 in
   Khartoum, Sudan, which became effective in 1964.
 * Mission: To help reduce poverty, improve living conditions for Africans,
   and mobilize resources for the continent’s economic and social development.
 * AfDB seeks to stimulate and mobilize internal and external resources to
   promote investments as well as provide its regional member countries with
   technical and financial assistance.
 * It is a financial provider to African governments and private companies
   investing in the Bank’s regional member countries.
 * Headquarters: Abidjan, Côte d’Ivoire
 * The AfDB Bank Group comprises three entities: the African Development Bank,
   the African Development Fund (ADF), and the Nigeria Trust Fund (NTF).
   * While the AfDB issues loans to African middle-income countries, the ADF
     supports countries that do not have sufficient resources to benefit
     from regular AfDB financing. These countries are offered interest-free
     loans and grants to finance sustainable development.
   * The NTF was founded in 1976 with capital from Nigeria. It provides
     cofinancing for AfDB measures and financing for NTF-specific measures in
     the public and private sectors in low-income member countries.
 * Membership: It has 81 member countries: 54 from the African continent and the
   other 27 from other regions around the world.
 * Shareholding:
   * The shareholding of the Bank is 60%-40% between regional member
     countries and non-regional member countries respectively.
   * Nigeria is the largest shareholder of AfDB.

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Q1) WHAT IS THE ASIAN DEVELOPMENT BANK (ADB)?

Asian Development Bank is a multilateral development bank established on 19th
December 1966. It assists members and partners by providing loans, technical
assistance, grants, and equity investments to promote social and economic
development. It also provides financing to certain private sector projects as
well as public-private partnerships. It encompasses 68 members—of which 49 are
from within Asia and the Pacific and 19 outside.

Source: African Development Bank chief criticizes opaque loans tied to Africa’s
natural resources

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