African Development Bank Achieves Historic Disbursement of US $7.81 billion, Exceeding 2017 Target

Arthur Perset
African Development Bank President Akin Adesina at the closing press conference during day 5 of the AfDB Annual Meetings in Busan, South Korea, 25th of May 2018.
24 May 2018
Content from a Premium Partner
African Development Bank (Abidjan)

The African Development Bank, under the leadership of its President, Akinwumi Adesina, has increased disbursements to support the structural transformation of countries in Africa, according to its Annual Report, released during the Annual Meetings in Busan, Korea.

Bank disbursements reached US $7.81 billion in 2017, a 15% increase over 2016 and the highest on record for the Bank. This increase was driven, to a large extent, by the 42% increase in project loan and grant disbursements, which reflect in part, improved portfolio management. The Bank approved 249 operations amounting to US $8.93 billion. This was reflected in its core financing, disbursements, operational strategies and portfolio management.

Adesina indicated that this “reflected a 56% increase in disbursements for non-sovereign operations. A clear sign of the Bank Group’s increasing engagement with Africa’s private sector, non-sovereign operations accounted for 38% of African Development Bank approvals, the highest on record.”

While the Bank’s net operating income declined between 2014 and 2015, it has turned around rapidly. “The Bank Group also continued to grow its income. Net operating income increased in 2017 to US $817.69 million, up from US $631.08 million in 2016, a 29.6% increase and the highest since 2009,” Adesina said, adding that, “the Bank also consolidated its position as Africa’s leading knowledge institution by taking full leadership responsibility for the publication of a key flagship – the African Economic Outlook.”

The Bank is stepping up the pace by focusing on five priorities that are crucial for accelerating Africa’s economic transformation: the “High 5s (link is external) ” include Light up and power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the quality of life for the people of Africa.

These High 5s guide the Bank’s operations to deliver critical development impacts in Africa. For example, once completed, power generation projects approved in 2017 will install 1,400 MW of new renewable energy capacity. Light up and power Africa provided 4.4 million people with electricity. Feed Africa provided 8.5 million people with improved agricultural technologies.

Read the full Annual Report: https://bit.ly/2Lq9Ury (link is external)

Read the Financial Report: https://bit.ly/2klaWJh (link is external)

#AfDBAM2018

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.