The African Development Bank scaled up operations to a record $11 billion in 2016, propelled by the ‘High 5s’ and New Development and Business Delivery model:
The African Development Bank (AfDB) released its annual report at a high-profile event in Ahmedabad on 24 May 2017 that marked its annual general meeting. This is for the fourth time that the annual meeting is hosted by a non-regional member country, after Valencia, Spain, in 2000; Shanghai, China, in 2007; and Lisbon, Portugal, in 2011.
HIGHER LENDING TO RMCS
AfDB delivered a record $11 billion worth of projects and programs during the year, targeting creation of 630,000 jobs mainly for youths and women, says the 2016 annual report. The report provides a comprehensive overview of the bank’s operations in its 54 Regional Member Countries (RMCs). In real terms, the 305 operations approved during the financial year 1 January 2016 to 31 December 2016 will bring electricity to some of the darkest parts of the continent, unlock growth potential for small businesses, nourish thousands of children, empower young entrepreneurs, and strengthen connectivity between African regions and cities.
The report says actual disbursements on these approvals reached $6.3 billion, a 55% increase over the figures for 2015 when approvals and disbursements stood at $8.78 billion and $4.20 billion, respectively.
This story is from the June 2017 edition of Banking Frontiers.
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This story is from the June 2017 edition of Banking Frontiers.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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