Alec Soltes
September 10, 2024, marked the 60th anniversary of the creation of the African Development Bank (AfDB). The occasion was described as a “day of joy” in the words of bank president Akinwunmi Adesina speaking at the Bank’s headquarters in Abidjan. The event was hosted by Ivorian president Alassane Outtara, who also delivered remarks.
In the past ten years, the AfDB has provided around $77 billion in direct investment in African projects. Over the past eight years, the proportion of Africans with access to electricity has doubled to just over 50%, a statistic highlighted by Adesina. Over 3,000 total projects have been funded within the same time frame.
A premier financial institution, and arguably Africa’s “most trusted development partner” in providing needed capital, the African Development Bank serves as an alternative to the largest sources of funds such as from the United States, China, and other multilateral institutions like the World Bank.
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