5th Anniversary of the African Development Bank ADB
The idea of creating the African Development Bank originated in Tunis in 1960 during the Conference of African Peoples. Two years later, the Economic Commission for Africa constituted a committee of nine members responsible for taking any resolution for the study of this project.
In August 1963, the Conference of African Ministers of Finance held in Khartoum (Sudan) approved the text of the agreement effectively creating the bank. This came into force on September 10, 1964.
The African Development Bank (AfDB), headquartered in Abidjan (Côte d'Ivoire), is the first institution established by African governments and led by Africans.
Its organization includes a Board of Governors, a Board of Directors, a president assisted by four vice-presidents. All powers of the bank are vested in the Board of Governors which may delegate them to the Board of Directors.
The ADB's mission is to contribute to the economic and social development of Member States individually or collectively. Its interventions take place in various forms, in particular in the form of direct loans or participation in loans granted by third parties in a currency other than that of the borrowing country.
It is intended to finance, above all, multinational projects, both in the geographical sense of the word (development of river basins, for example) and in the economic sense (industry common to several countries).
Algeria has been a member of the African Development Bank since its creation and occupies, among the 31 member states, the rank of second subscriber.
In August 1963, the Conference of African Ministers of Finance held in Khartoum (Sudan) approved the text of the agreement effectively creating the bank. This came into force on September 10, 1964.
The African Development Bank (AfDB), headquartered in Abidjan (Côte d'Ivoire), is the first institution established by African governments and led by Africans.
Its organization includes a Board of Governors, a Board of Directors, a president assisted by four vice-presidents. All powers of the bank are vested in the Board of Governors which may delegate them to the Board of Directors.
The ADB's mission is to contribute to the economic and social development of Member States individually or collectively. Its interventions take place in various forms, in particular in the form of direct loans or participation in loans granted by third parties in a currency other than that of the borrowing country.
It is intended to finance, above all, multinational projects, both in the geographical sense of the word (development of river basins, for example) and in the economic sense (industry common to several countries).
Algeria has been a member of the African Development Bank since its creation and occupies, among the 31 member states, the rank of second subscriber.