15 Things You Need To Know About The New AfDB President

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Written by Dana Sanchez
African Development Bank in Abidjan. Photo: Flickr.com/Clara Sanchiz
African Development Bank in Abidjan. Photo: Flickr.com/Clara Sanchiz

What is the African Development Bank?

The African Development Bank Group (AfDB) is a development finance institution established to contribute to the economic development and social progress of African countries. It was founded in 1964 and comprises three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund.

The AfDB’s mission is to fight poverty and improve living conditions on the continent through promoting the investment of public and private capital in projects and programs likely to contribute to the economic and social development of the region.

The AfDB lends money to African governments and private companies investing in regional member countries. It was originally headquartered in Abidjan, Côte d’Ivoire, then moved to Tunis, Tunisia in 2003, due to the Ivorian civil war; before returning in September 2014.

The bank has given out more than $100 billion in loans and grants since its 1964 inception.

Source: Quartz, Wikipedia