African Development Bank (AfDB) bagged an Award of Excellence as the best Multilateral Financial Establishment in the Globe
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– The African Development Bank (AfDB) has been dubbed as the “Best Multilateral Financial Institution in the world for 2021”. The US magazine, Global Finance, specializing in financial markets and investment banking, did the appraisal and published the honor. It is an accepted commendation for the path-breaking undertakings of the Bank as it renovates itself into a solvents bank for Africa through a variety of its operations, knowledge services, and investment positioning, which proceed to expedite Africa’s development.
Exactly in February 2021, Standard & Poor – a universal rating agency asserted the African Development Bank’s “AAA/A-1+” foreign currency issuer credit rating with a stable outlook. Also, about this time last year, the bank received the Environmental Finance’s 2020 bond of the year award – SSA category – for a successful one billion Norwegian Krone social bond published in 2019. The award by Global Finance is a commitment of the attainment of the functional policy being sought by the African Development Bank under the leadership of Dr. Akinwumi Adesina who was agreeably re-elected to an additional consecutive five-year term as President of the institutions in 2020.
“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,” let out Joseph D. Giarraputo, Publisher and Editorial Director of Global Finance on broadcasting the winning list.
“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.”
In 2020, the African Development Bank obtained vast commendation for reacting swiftly to the desires of the African mainland in the wake of the Novel Coronavirus (Covid-19) pandemic and for its pioneering position in the global social bond market. In October last year, the African Development Bank was assigned in a survey of international bond market actors as the best issuer for its $3 billion denominated Fight Covid-19 social bond, issued on March 27th, 2020.
The Bank’s Fight Covid-19 Social bond was the biggest 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. The Environmental Finance’s 2020 bond of the year award – SSA category – received last year pursued a prosperous one billion Norwegian Krone social bond issued in 2019. It was the first social bond ever launched in the
Norwegian market, and the African Development Bank’s first transaction in Norwegian Krone.
Since 2017, the AfDB has inaugurated nearly $5 billion worth of such instruments, denominated in US dollars, euros, and Norwegian Krone.
Bank President Dr. Adesina, noted: “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.”
Adesina characterized the award as one which was “duly earned” and credited the Bank’s renewed achievement to a new culture of results, strong client orientation, leadership, creativity and continued innovation by a team of excellent staff across all its jurisdictions. He added: “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.”
The Bank has begun again to earn tremendous backing from its shareholders, constituting an improvement in its subscribed capital from $93 billion to $208 billion, the largest gain in its capital since its establishment.
According to Adesina “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.”
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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