AfDB Ranked Best Financial Institution in the World – Adeshina

The President of the African Development Bank (AfDB), Akin Adeshina has revealed that the bank emerged as the best financial institution in the world.

In a series of tweets, the business mogul explained that the African Development Fund (ADF), which is the African Development Bank (AfDB) Group’s concessional window, was ranked by CGD as second best in the world, ahead of all 28 concessional financing institutions in developed countries.

“We are a AAA-rated financial institution, the only one in Africa. We have consistently maintained our stellar AAA credit ratings by all major global credit rating agencies, who consistently praise our excellent risk management at the Bank.

“We have an excellent and robust management and governance system. We deliver great value for our clients in Africa. Over the past six years, through our High 5 programs, our work has impacted on 335 million people. We deliver great value,” he wrote.

Adeshina stated that the  Board approved a $10 billion crisis response facility based on comprehensive risk evaluations when the COVID-19 Pandemic started. He explained that the bank issued a $3 billion fight Covid-19 social bond on global capital markets, the highest-value social bond ever issued in US dollars.

“Our rapid COVID-19 response facility helped towards stabilizing African economies. It trained 130,000 health workers. It provided social protection for about 30 million vulnerable households. It provided advisory support for 300,000 small and medium sized businesses.

“To tackle the food crisis from the Russian-Ukraine crisis, our Board of Directors approved last week a $1.5 billion African Emergency Food Production Facility, to support 20 million farmers to produce 38 million metric tons of food. The Bank partnered globally. We delivered!” he highlighted.

Speaking on women empowerment, Adeshina mentioned that he alongside the French President, Emmanuel Macron, and the G-7, aims to raise $5 billion and promises to lend $500M to women in 2022.

“With support of President @EmmanuelMacron and G-7, our Affirmative Action for Women in Africa (AFAWA) is raising $5 billion for women businesses. In 2021, we paid out $483 million to financial institutions to lend to women businesses. We will lend $500 million for women in 2022.”

Investors King recently gathered that AfDB’s portfolio sprung into a $5billion increase in Nigeria, stating “with an expansion of 63 operations in Nigeria, the African Development Bank (AfDB) recorded an increase in the value of its portfolio which amounted to $5 billion.”