African Development Bank named best multilateral financial institution in the world 2021 by Global Finance

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The African Development Bank (www.AfDB.org) stood out at 22sd edition of the Global Finance Best Investment Bank Awards, where the prestigious American magazine specializing in financial markets rewards the capabilities of investment banking. Global Finance has named the African Development Bank the best multilateral financial institution in the world, a worldwide recognition of its constant efforts to support its clients – its 54 regional member countries – in financing their development.

This award represents clear support for the operational strategy that the African Development Bank is pursuing under the able leadership of its President, Dr Akinwumi A. Adesina, unanimously re-elected for a second consecutive five-year term as head of the institution last year. year.

“With widespread expectations of consolidation in several sectors and around the world, investment banks will play a leading role in reshaping the global economy after the pandemic,” said Joseph D. Giarraputo, editor and director Global Finance editorial announcing the list of winners. February 18, 2021. “Companies need more than ever to understand the specialties and skills that investment banks bring. The Global Finance awards are a valuable guide.

In 2020, the African Development Bank received wide recognition for responding quickly to the needs of the African continent in the aftermath of the crisis. COVID-19 and for its pioneering role in the field of social ties. It has been widely recognized for rapidly reorienting its 2020 lending program and for developing budget support in response to the crisis through an expedited approval process and rapid disbursements to provide countries with the necessary fiscal space. to respond to the most urgent economic effects of the crisis. COVID-19 as well as to facilitate the purchase of critical imports and medical supplies needed to combat the virus. It also emphasized collaboration and partnerships to maximize its response to the crisis by working with key development partners such as the World Bank and the International Monetary Fund. And despite the challenges posed to her portfolio, she maintained very rigorous risk management practices.

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

The Fight Covid-19 Social Bond received strong support from investors. It was listed on the Luxembourg Stock Exchange and was the largest social bond in the world at the time of its issuance. The bond has since been listed on the London Stock Exchange and has been admitted to the Nasdaq Sustainable Bond Platform. The proceeds of the bonds, with a three-year maturity, will be used to mitigate the impact of the pandemic on African livelihoods and economies.

In March 2020, the Bank received the Environmental Finance Bond of the Year 2020 Award (SSA category) for a NKr 1 billion social bond issued in 2019. This was the first bond never launched on the Norwegian market, and African Development The bank’s first transaction in Norwegian krone.

Since 2017, the African Development Bank has launched nearly $ 5 billion of such instruments, denominated in US dollars, euros and Norwegian kroner.

The President of the African Development Bank, Dr Akinwumi A. Adesina, said: “I am delighted that Global Finance recognizes the African Development Bank as the best multilateral financial institution in 2021. It is a distinct honor, and I consider it a mark of confidence in my leadership within Africa’s leading multilateral financial institution.

Adesina described the award as a “well deserved” award. He attributed the Bank’s continued success to the strong teamwork of staff in all of its jurisdictions. He added: “And I would be remiss if I did not acknowledge the support of our fabulous board of directors, which has made an expedited approval process a hallmark of our pandemic response operations.”

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

The rating agency said its outlook reflects the expectation that the African Development Bank, over the next two years, “manages its capital prudently while maintaining solid levels of high quality liquidity assets and a strong profile. robust funding. We also assume that extraordinary shareholder support for the bank will remain unchanged. “

The full results of the 22nd annual edition of the world’s best investment banks will be published in an exclusive survey in the print and digital editions of April 2021 and online at GFMag.com.

Distributed by APO Group on behalf of the African Development Bank Group (AfDB).

Media contact:
Amba Mpoke-Bigg
Communication and External Relations Department
African development bank
Email: [email protected]

About the African Development Bank Group:
The African Development Bank Group (www.AfDB.org) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (Automatic document feeder) and the Nigeria Trust Fund (NTF). Present on the ground in 41 African countries with a field office in Japan, the Bank contributes to the economic development and social progress of its 54 regional member states. For more information: www.AfDB.org

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