African Development Bank bags global award

Bank President Akinwumi Adesina (PHOTO: FILE)

The African Development Bank has been named the best Multilateral Financial Institution for the year in the world by Global Finance.

The award is a global recognition for the path-breaking efforts of the AfDB as it transforms itself into a solutions bank for Africa, through a combination of its operations, knowledge services and investment positioning, which continue to help accelerate Africa’s development.

“With widespread expectations of consolidation in multiple sectors and all around the world, investment banks will play a leading role in reshaping the world economy post-pandemic,” said Joseph D. Giarraputo, publisher and editorial director of Global Finance on announcing the winning list. Global Finance is a US magazine specializing in financial markets and investment banking.

“Companies need more than ever to understand the specialities and skills that investment banks bring to the table. Global Finance awards are a valuable guide,” he said.

Since 2017, the African Development Bank has launched nearly $5 billion (Sh545 billion) worth of such instruments, denominated in US dollars, euros and Norwegian Krone.

“I am proud that for the first time since its establishment in 1964, the African Development Bank has risen to a position as a foremost globally-respected financial institution,” said Bank President Akinwumi Adesina.

Adesina described the award as one which was “duly earned" and credited the Bank’s continued success to a new culture of results, strong client orientation, leadership, creativity and continued innovation by a team of excellent staff across all its jurisdictions.