African Development Bank(Snippets for Prelims)

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AFRICAN DEVELOPMENT BANK

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:

  1. The African Development Bank,
  2. The African Development Fund and
  3. The Nigeria Trust Fund.

MISSION

  • 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 AbidjanCôte d’Ivoire.

OBJECTIVES

Inclusive growth

  • The first and overarching objective is to achieve growth that is more inclusive, leading not just to equality of treatment and opportunity but to deep reductions in poverty and a correspondingly large increase in jobs.
  • Unlocking the continent’s great potential and increasing its chances of reaping a demographic dividend inclusive growth will bring prosperity by expanding the economic base across the barriers of age, gender and geography.
  • The Bank will invest in infrastructure that unlocks the potential of the private sector, championing  gender equality and community participation. It will help improve skills for competitiveness, ensuring that those skills better match the opportunities and requirements of local job markets.

Green growth

  • The second objective is to ensure that inclusive growth is sustainable, by helping Africa gradually transition to “green growth” that will protect livelihoods, improve water, energy and food security,  promote the sustainable use of natural resources and spur innovation, job creation and economic development.
  • The Bank will support green growth by finding paths to development that ease pressure on natural assets, while better managing environmental, social and economic risks.
  • Priorities in reaching green growth include building resilience to climate shocks, providing sustainable infrastructure, creating ecosystem services and making efficient and sustainable use of natural  resources (particularly water, which is central to growth but most affected by climate change).

MANAGEMENT AND CONTROL

  • 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.

CONFERENCE

  • African Development Bank’s(AfDB) 4th annual conference outside Africa held in India (Gandhinagar, Gujarat) in May 22-26th 2017 at an event inaugurated by India’s Prime Minister Narendra Modi.
  • Previous conferences outside Africa were in Spain, China, Portugal.