African Development Bank Honored With Best Multilateral Financial Institution 2021
Recently, The African Development Bank registered its remarkable presence in the 22nd edition of the Global Finance Best Investment Bank Awards where the reputed and esteemed U.S. magazine expert in the review & evaluation of the financial markets finds out tremendous investment banking capacities operating in the global market.
The main highlight of this event took place when the African Development Bank was given by the name of the “best multilateral financial institution in the world for 2021” by Global Finance. Additionally, a few days back, Arab Bank was also honored with the Best Trade Finance Provider 2021 Award for the Middle East region.
This award brings a global acknowledgment of its consistent and path-breaking endeavors to facilitate its clients - its 54 provincial member nations - with aid in funding their development. Also, it is a worldwide affirmation of the bank’s success of the operational procedure being sought after by the African Development Bank under the administration of its President, Dr. Akinwumi A. Adesina, who was re-appointed for a second continuous five-year term as the head of the institution last year.
Recently, The African Development Bank’s technologies for African Agricultural Transformation (TAAT) flagship marked this year’s World Food Day, focused on supporting millions of African farmers to produce more food through suitable technologies, and won the top international award for a digital campaign.
Joseph D. Giarraputo, publisher and editorial director of Global Finance said on declaring the winning list on 18 February 2021, “With globally-spread assumptions for consolidation in several sectors and worldwide, investment banks will have an influential role in re-establishing the world economy post-pandemic.” Further added, “Companies need to possess an extreme understanding of the expertise and skills that investment banks present. Global Finance awards are a significant guide.”
In 2020, the African Development Bank got a wide acknowledgement for reacting quickly to the requirements of the African region during the threat of COVID-19 pandemic to financial stability and for its developing role in the social bond circle. It has been broadly recognized for rapidly remodeling its 2020 lending program and in growing crisis reaction budget support with an enhanced approval process and faster disbursement to offer the applicable fiscal scope for nations to react to the most influential economic effects of the global pandemic as well as provide the purchase of basic imports and medical supplies required to fight the virus. It also has a huge focused area on association and partnership to expand its response to the emergency operating with top development partners such as the World Bank and the International Monetary Fund. Furthermore, despite the complexities of its portfolio, it kept up exceptionally strong risk management practices.
In October 2020, the bank was also chosen in a survey of security market players as the best issuer in 2020 of a COVID-19 bond for its $3 billion dollar-denominated Fight COVID-19 social bond, issued on 27 March 2020.
The Fight COVID-19 social bond is backed up by influential support from investors. It got higher popularity on the Luxembourg Stock Exchange and was considered the world’s largest social bond while issued. Since then, the bond has been listed on the London Stock Exchange and was acknowledged on the Nasdaq Sustainable Bond Platform. The bond has a three-year maturity, and likely to eliminate the impact of the pandemic on livelihood and Africa’s economies.
In March 2020, the bank also got the Environmental Finance’s 2020 bond of the year award - SSA category - for a remarkable achievement of one billion Norwegian Krone social bond issued in 2019. It was the very first social bond ever that was launched in the Norwegian market and the African Development Bank’s first deal in Norwegian Krone.
Since 2017, the African Development Bank touched the target of dispatching approximately $5 billion worth of these instruments, denominated in US dollars, euros, and Norwegian krone.
According to African Development Bank President Dr. Akinwumi A. Adesina, “I am glad at Global Finance’s worldwide acknowledgment of the African Development Bank as the best multilateral financial institution in 2021. It is a remarkable honor, and I take it as a mark of trust in my leadership of Africa’s premier multilateral finance institution. ”
Adesina portrayed the honor as one which was "properly acquired." He attributed the Bank’s consistent achievement to excellent teamwork by staff across all its jurisdictions.” He further added, “And I would be neglectful if I did not realize the support of our capable Board of Directors, who have made up a sped-up endorsement process a sign of our pandemic reaction tasks. ”
In February 2021, evaluation agency S&P global declared the African Development Bank’s “AAA/A-1+” foreign currency issuer credit rating with a steady viewpoint.
The evaluation agency explained its opinion mirrored the assumption that the African Development Bank would, throughout the following two years, “Wisely manage with its capital while keeping up strong levels of high-quality liquidity assets and a powerful funding profile. We also predict exceptional shareholder aid to the bank will remain constant.”
About the African Development Bank Group:
The African Development Bank Group is the top and leading development finance solution of Africa. It has three separate entities - the African Development Bank (AfDB), the African Development Fund (ADF), and the Nigeria Trust Fund (NTF). On the ground in 41 African nations with an external office in Japan, the bank facilitates the economic and social development of its 54 regional member states.
Moreover, the bank is also engaged in the security and socio-economic development in South Africa and Lesotho. As per the reports on Oct. 11, 2021, the Board of Directors of the Bank sanctioned a loan of $86.72 million to co-fund the second phase of the Lesotho Highlands Water Project. This multi-phase project will facilitate water to the Gauteng region of South Africa and generate hydroelectricity for Lesotho.
Additionally, the bank also announced the 36-month debarment of Sino-Kenya Engineering Group Company Limited and Mr. Yuehua Bai, its Managing Director, with effect from 19 August 2021 due to involvement in the fraudulent practices. It was revealed in an investigation