South Sudan will become the latest member to join the African Development Bank, paving the way for it to borrow money for projects that could sustain the fledgling nation’s economy, according to a report in oyetimes.com.
Based in Tunisia, African Development Bank Group is a development finance institution established to contribute to the economic development and social progress of African countries.
Founded in 1964, the group includes African Development Bank, the African Development Fund and the Nigeria Trust Fund.
The bank’s mission is to fight poverty and improve living conditions on the continent.
It provides financing to African governments and private companies investing in the regional member countries.
The bank’s main function is making loans and equity investments for socio-economic advancement.
The bank moved to Tunisia from its headquarters in Abidjan, Ivory Coast because of instability there, the report said.