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Jul 11, 2024 · The African Development Bank Group is a regional multilateral development finance institution established to contribute to the economic development and social progress of African countries that are the institution's Regional Member Countries.
The AfDB comprises three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund.
The African Development Bank is the Group's parent organization. The Agreement establishing the African Development Bank was adopted and opened for signature at the Khartoum, Sudan, conference on August 4, 1963. This agreement entered into force on September 10, 1964.
Mission and Strategy. The Bank Group 10-Year Strategy of the African Development Bank Group 2024-2033 rests on a foundation of optimism about Africa’s potential to transform societies, economies, and the lives of the people of the continent for the better.
The African Development Bank Group unveiled its new Ten-Year Strategy 2024–2033 today, a blueprint to confront Africa’s pressing challenges and to help put the continent firmly back on track towards sustained economic growth and prosperity.
The Bank proved agile and responsive to Africa’s needs by making transformative investments in the High 5s totalling $8.2 billion in 2022. In its latest annual report released on 25 May 2023, the African Development Bank Group highlights its critical contributions to the continent’s development and the wellbeing of its people in 2022.
Feb 18, 2024 · Africa will account for eleven of the world’s 20 fastest-growing economies in 2024, the African Development Bank Group said in its latest Macroeconomic Performance and Outlook (MEO) of the continent released on Friday.
