African Development Bank Awarded Best Multilateral Financial Institution in the World

The African Development Bank (AfDB) was named the best multilateral financial institution in the world at the 22^nd edition of the Global Finance Best Investment Bank Awards.

Global Finance, which is a leading American financial markets magazine, bestowed the global recognition on the AfDB due to its constant efforts to provide to African countries towards financing their developmental agendas.

A statement seen by Business Elites Africa noted that the award represents a clear support to the AfDB’s operational strategies which were recently adopted under the leadership of its President, Dr Akinwunmi Adesina.

“With widespread expectations of consolidation in multiple sectors and all around the world, investment banks will play a leading role in reshaping the world economy post-pandemic. Companies need more than ever to understand the specialties and skills that investment banks bring to the table. Global Finance awards are a valuable guide,” said Joseph D. Giarraputo, the publisher and editorial director of Global Finance.

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It should be noted that last year, the African Development Bank received widespread recognition for responding quickly to the needs of African countries in the wake of the Coronavirus pandemic. The multilateral bank was also praised its pioneering role in the social bond sphere. It has been widely recognized for quickly repurposing its 2020 lending programme and in developing crisis response budget support through an accelerated approval process and quick disbursement.

In October 2020, the African Development Bank was selected in a poll of bond market players as the best issuer in 2020 of a COVID-19 bond for its $3 billion dollar-denominated Fight COVID-19 social bond, issued on 27 March 2020.

While reacting to the recognition, the AfDB President Dr. Akinwumi A. Adesina, said: “I am delighted at Global Finance’s recognition of the African Development Bank as best multilateral financial institution in 2021. It is a distinct honor, and I consider it as a mark of confidence in my leadership of Africa’s premier multilateral finance institution.”

He credited the AfDB’s continued success to strong teamwork by staff across all its jurisdictions. He also acknowledged “the support of our fabulous Board of Directors, who have made an accelerated approval process a hallmark of our pandemic response operations.”

In February 2021, ratings agency S&P Global affirmed the African Development Bank’s “AAA/A-1+” foreign currency issuer credit rating with a stable outlook.