African Development Bank
|Motto||Building today, a better Africa tomorrow|
|Formation||September 10, 1964|
The African Development Bank Group (AfDB) or Banque Africaine de Développement (BAD) is a multilateral development finance institution. The AfDB was founded in 1964 and comprises three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund. The AfDB's mission is to fight poverty and improve living conditions on the continent through promoting the investment of public and private capital in projects and programs that are likely to contribute to the economic and social development of the region.The AfDB is a financial provider to African governments and private companies investing in the regional member countries (RMC). While it was originally headquartered in
A draft accord was submitted to top African officials then to the Conference of Finance Ministers on the Establishment of an African Development Bank. This conference was convened by the
The inaugural meeting of the Board of Governors of the Bank was held from 4 to 7 November 1964 in Lagos, Nigeria. The Bank's headquarters opened in Abidjan, Côte d’Ivoire, in March 1965 and the Bank's operations commenced on 1 July 1966. From February 2003 onwards, the Bank operated from its Temporary Relocation Agency in Tunis, Tunisia, owing to the prevailing political conflict in Côte d’Ivoire at the time. The Bank was able to return to its original headquarters in Abidjan in late 2013 once the political crisis was over. By June 2015, over 1,500 staff had returned to the Bank's Abidjan headquarters out of the more than 1,900 total staff complement at the Bank.
Although, originally, only African countries were able to join the bank, since 1982 it has allowed the entry of non-African countries as well.
Since its founding, AfDB has financed 2,885 operations, for a total of $47.5 billion. In 2003, it received an AAA rating from the major financial