Global Finance, a reputable US Magazine that focuses on financial markets and investment banking, has named the African Development Bank as the “Best Multilateral Financial Institution in the world for 2021”.
This is according to a disclosure made available on AfDB website, signed by Amba Mpoke-Bigg on behalf of the Communications and External Relations Department.
According to the notice, the award demonstrates global recognition for the path-breaking efforts undertaken by the Bank, as it continues to transform itself into a solutions bank for Africa, through a combination of its operations, knowledge services and investment positioning. It is an affirmation that the operational strategy deployed by the current president of the Bank, Akinwumi Adesina has been successful.
What they are saying
Commenting on the development, the president of AfDB, Akinwumi Adesina said:
‘’ I am delighted at Global Finance’s recognition of the African Development Bank as the best multilateral financial institution in the world in 2021. I am proud that for first time since its establishment in 1964, the African Development Bank has risen to a position as a foremost globally-respected financial institution.
“The extraordinary support of our shareholders and the strong corporate governance of the Bank’s board of directors have served us well. We will continue to leverage our resources to better serve our clients. We are constantly innovating, developing and deploying financial, investment and knowledge products to meet the rapidly changing needs of African countries and the private sector.”
Recall that in 2020, the Bank received encomiums world-wide over its pioneering role in the global social bond market and for its front line role in meeting regional needs amid a turbulent African economy ravaged by the COVID-19 pandemic.
What you should know
- In March 2020, the AfDB won the Environmental Finance award for its successful one billion Norwegian Krone social bond issued in 2019.
- Nairametrics in August 2020 reported the unanimous re-election of Akinwumi Adesina for a second term of five years.
- In October 2020, the African Development Bank was awarded as the best issuer for its $3 billion dollar-denominated Fight Covid-19 social bond, issued on 27 March 2020.
- The Bank’s Fight Covid-19 Social bond was the largest ever US dollar-denominated bond in world history, floated on the Luxembourg stock exchange, and listed on the London Stock Exchange and the Nasdaq Sustainable Bond Platform.
- In February 2021, the rating agency S&P Global affirmed the African Development Bank’s “AAA/A-1+” foreign currency issuer credit rating with a stable outlook.