African Development Bank Named Development Financial Institution of the Year By Txf Global

26 June 2024
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African Development Bank (Abidjan)
announcement

The African Development Bank has received the Development Finance Institution (DFI) of the year award at the TXF GLOBAL 2024 Export, Project & Development Finance Conference, for being at the forefront of multilateral development bank (MDB) innovation.

The Bank was recognized for its first hybrid capital issuance in January. The $750 million 10.5-year perpetual non-call hybrid capital issuance has not only established a promising benchmark but also signaled what could be the first in a new asset class of MDB hybrid offerings, in alignment with recommendations from the G20 Capital Adequacy Framework Review.

TXF Global 2024 conference, hosted by TXF (export finance), Proximo (project finance), and Uxolo (development finance), brought together over 1500 representatives from export credit agencies, development finance institutions, exporters, borrowers, project sponsors, SOEs, government ministries, commercial banks, private market insurers, brokers, law firms and institutional investors. The conference was held in Athens from 11-12 June.

Receiving the award, African Development Bank Vice-President for Finance and Chief Financial Officer, Hassatou N'Sele said. "The Bank will continue to explore financial innovations and spearhead key initiatives to boost its capacity to deliver on its development mandate."

The award underlines the African Development Bank's commitment to and effectiveness in promoting economic development in Africa, and its crucial role in providing financing and expertise to support sustainable economic growth, reduce poverty, and improve the living conditions of Africans.

The recognition follows the International Monetary Fund (IMF) Executive Board's approval of the use of hybrid capital for channeling Special Drawing Rights (SDRs), an initiative championed by the African Development Bank and the InterAmerican Development Bank to increase the firepower of Multilateral Development Banks and their capacity to meet global challenges, while preserving the reserves of the countries and at no cost to taxpayers.

Read the original article on African Development Bank (AfDB).

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