The Board of Directors of the African Development Bank approved the institution's Records Management and Archives Policy on Wednesday, February 28, 2018. The policy is based on reviews of frameworks and best practices on records management from the other development banks.

The policy builds on the Bank's Disclosure and Access to Information Policy (2013) and its Digital Strategy 2017-2020, including the provisions and safeguards of digital security of records from creation until disposal.

It also addresses current and future trends of digital technology in the management and securing of records from birth to expiration. It is principle-based and spells out core principles of ownership of records, value of those records, life-cycle management of records, and digital records.

Improved access and security of all Bank records; economy and efficiency in managing those records (findability, optimal use of space); business continuity and risk mitigation in litigation are among the key benefits of the policy.

Effective and efficient records management is critical to the delivery of the African Development Bank program and services. It enables the Bank to hold itself accountable to its own policies, as well as to commitments made to clients, stakeholders and partners to be transparent and open.

Records are also important and valuable in capturing the institutional memory of Bank staff and help new staff to learn quickly from past experiences. Previously, the Bank kept and managed its records without a consistent framework in place.