The African Development Bank AfDB has been named the best multilateral financial institution in the world by Global Finance.
The international acknowledgement of its ongoing efforts to assist its clients – its 54 regional member countries – in financing their growth.
This award shows that the AFDB’s organizational strategy is working under the capable leadership of its President, Dr. Akinwumi A. Adesina, who was overwhelmingly re-elected to a second five-year term as head of the institution last year.
Investment banks will play a key role in reshaping the world economy post-pandemic, according to Joseph D. Giarraputo, publisher and editorial director of Global Finance.
“With widespread expectations of restructuring in multiple industries and all over the world, investment banks will play a key role in reshaping the world economy post-pandemic,” said Joseph D. Giarraputo, publisher and editorial director of Global Finance.
The African Development Bank won widespread praise in 2020 for rapidly reacting to the needs of the African continent in the aftermath of the COVID-19 pandemic, as well as for its pioneering role in the field of social bonds.
It has received widespread praise for rapidly repurposing its 2020 loan program and improving crisis response budget funding through an accelerated approval process and rapid disbursement, enabling countries to respond to the COVID-19 crisis’ most pressing economic effects while also facilitating the procurement of essential imports and medical supplies.
It also placed a heavy emphasis on cooperation and alliances in order to maximize its response to the crisis by partnering with key development partners including the World Bank and the International Monetary Fund.
Despite portfolio challenges, it retained excellent risk management practices.
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