The African Development Bank (AfDB, or BAD in French) is a multilateral development finance institution established by the Agreement Establishing the African Development Bank, signed in Khartoum, Sudan, in 1963, and entering into force in 1964. It began operations in 1966. Its statutory headquarters is in Abidjan, Côte d'Ivoire, though operations were temporarily relocated to Tunis between 2003 and 2014 due to the Ivorian political crisis.
The Bank's stated mission is to spur sustainable economic development and social progress in its regional member countries, thereby contributing to poverty reduction. It is the lead institution of the African Development Bank Group, which also comprises the African Development Fund (ADF), established in 1972 to provide concessional lending to low-income countries, and the Nigeria Trust Fund (NTF), established in 1976.
Membership includes 54 African (regional) countries and 27 non-African (non-regional) members, including the United States, Japan, Germany, France, the United Kingdom, China, India, Brazil, Canada, and several other OECD economies. Voting power is weighted by capital subscription, but the Bank's charter requires that regional members retain at least 60% of capital, preserving African control.
The Bank's operations are organized around the "High 5s" strategic priorities adopted in 2015: Light up and power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the quality of life for the people of Africa. Instruments include sovereign and non-sovereign loans, equity investments, guarantees, and technical assistance.
The Bank is governed by a Board of Governors (typically finance ministers of member states), a Board of Directors, and a President elected for a five-year term, renewable once. Akinwumi Adesina of Nigeria served as President from 2015, and Sidi Ould Tah of Mauritania was elected to succeed him in May 2025. The AfDB holds a AAA credit rating from major rating agencies, enabling it to borrow on international capital markets at favorable terms.
Example
In 2023, the African Development Bank approved financing for the Lobito Corridor rail project linking Angola, the Democratic Republic of the Congo, and Zambia, in coordination with the United States and European Union partners.
Frequently asked questions
Its statutory headquarters is in Abidjan, Côte d'Ivoire. Operations were temporarily based in Tunis from 2003 to 2014 due to instability in Côte d'Ivoire.
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