As the curtain falls on 2024, the African Development Bank marks the final celebrations of its 60th anniversary - six decades of promoting sustainable economic growth and reducing poverty in Africa. In 60 years, the Bank has mobilized more than USD 184 billion to support Africa's development and growth. In total, it has financed 6,575 projects since its establishment in September 1964. The Bank has changed the lives of hundreds of millions of Africans.
Here's a look at the Bank's milestones s over the past twelve months.
January
Abidjan leads the way. On January 10, Côte d'Ivoire's Prime Minister, Robert Beugré Mambé, opened several road corridors in the metropolis to traffic, including the iconic fourth bridge spanning the Banco Bay, an arm of the Ébrié Lagoon. Days before the opening of the Africa Cup of Nations, this infrastructure, financed by the Bank, will facilitate daily travel and the transport of goods between different business areas of the country's economic capital.
Welcome America! First official visit by a U.S. Secretary of State to the African Development Bank. On January 23, Antony Blinken, visiting Côte d'Ivoire, praised "the extraordinary work done to help Africa feed itself and for Africa to feed the world." Alongside President Akinwumi Adesina, he visited the headquarters of AfricaRice, a pan-African center of excellence for rice research, development, and capacity building that implements the Bank's agricultural programs. The occasion allowed the United States and the Bank to strengthen their partnership to advance food security in Africa, particularly through the "Technologies for African Agricultural Transformation" (TAAT) initiative.
Pole position on hybrid capital. On January 30, the African Development Bank successfully launched the first sustainable hybrid bond by a multilateral financing institution. Oversubscribed at USD 6 billion- eight times the requested amount -the USD 750 million operation provides additional lending capacity to the Bank to finance environmental and social projects to address the continent's most critical development challenges, including food security, access to water and sanitation, health services, and climate change.
February
Support to South Sudan. In early February, the Vice President for Regional Development, Integration and Service Delivery, Marie-Laure Akin-Olugbade, conducted a three-day official visit to South Sudan. She met with high-level government officials to discuss strengthening the partnership around the government's strategic priorities and responding to the country's development needs. "We commend the Government of South Sudan for the excellent performance of its portfolio and reiterate the Bank's commitment to supporting increased agricultural production and productivity to strengthen food security," said Akin-Olugbade.
An anticipated economic report. On February 16 in Addis Ababa, on the sidelines of the 37th African Union Summit, the Bank presented the 2024 edition of "Africa's Macroeconomic Performance and Outlook." This semi-annual document complements the institution's flagship "African Economic Outlook" report. It provides policymakers, investors, researchers, and development partners with up-to-date, evidence-based assessments of the continent's recent macroeconomic performance and short- to medium-term prospects in the context of a dynamic global economy. The Bank Group's Chief Economist and Vice President, Kevin Urama, presented the report's key findings: "The growth of Africa's best-performing economies has benefited from several factors, including reduced dependence on commodities through economic diversification, increased strategic investments in key growth sectors, higher public and private consumption, and positive developments in major export markets."
March
Water in African cities. The Bill & Melinda Gates Foundation committed USD 6 million to the African Water Facility, a special project preparation fund created under the impetus of the African Ministers' Council on Water and managed by the African Development Bank. This initiative, announced on March 1, supports the implementation of the Africa Urban Sanitation Investment Initiative (AUSII), a new financing window dedicated to improving sanitation in urban municipalities across the continent. Rapid urbanization in Africa has reached 47% while less than 45% of the population has access to basic sanitation.
Eight Executive Director Advisors in Lomé. A group of eight senior African Development Bank officials, comprising Executive Director Advisors, conducted a study tour to Togo to supervise Bank operations in the West African country. During their stay, they interacted with sector ministries, managers of Bank-funded projects, and beneficiaries who provided feedback on Bank interventions in Togo and areas where the Bank's support remains necessary or can be further improved. The mission included Messrs. Djamal Abdelli, Eduardo Rolim, Bruno Hassig, Kouko Zoumarou Agbere, Régis Lakoue Derant, Svein Arne Lende, Victorin Ede Yaovi, and Yu Bu.
Executive Directors in Lusaka. A group of seven Executive Directors conducted a consultation mission to Zambia. Comprising Gérard Pascal Bussier, Edmond Dejon Wega, Domenico Fanizza, Alex Severens, Ahmed Zayed, Chantal Modeste Monault, and Stéphane Mousset, the Bank's high-level mission met with Zambian authorities to deepen the partnership between the Bank and Zambia. The Executive Directors also reviewed the Bank Group's operations in the country.
Projects rewarded. In early March in London, two Bank-funded projects won IJ Global Awards: the Singrobo hydroelectric power plant in Côte d'Ivoire won the "Power Deal of the Year" award, while the Kom Ombo solar plant in Egypt won the "Energy Transition Deal of the Year" award.
April
President Adesina in Brazil. On April 22, Bank Group President, Akinwumi Adesina, traveled to Brazil for a two-day official visit. He met with President Luis Inacio Lula da Silva and government and business representatives to discuss investment opportunities in Africa. During this visit, Brazil formalized its adherence to the Lusophone Compact, an agreement aimed at developing the private sector in Africa's six Portuguese-speaking countries. Under the agreement, the African Development Bank has approved more than USD 166 million in investments since 2019 to finance projects in energy and transport.
New headquarters inaugurated in Yaoundé. The Vice President for Regional Development, Integration and Service Delivery, Marie-Laure Akin-Olugbade, alongside Cameroon's Prime Minister Joseph Dion Ngute, inaugurated the regional headquarters of the Bank's Central Africa office in Yaoundé. This new milestone enables the Bank to enhance the quality of its dialogue with countries in the region while increasing the impact of its operations, strengthening collaboration with other development partners, regional institutions, and key public and private sector stakeholders and civil society for greater effectiveness.
May
Congo - Strengthening dialogue. In early May, Marie-Laure Akin-Olugbade, Bank Group Vice President for Regional Development, Integration and Service Delivery, visited the Republic of Congo for policy dialogue. Besides government authorities, she met with technical and financial partners and the private sector. With the Union of Congo Industries and Businesses (UNICONGO) - the main business association - discussions focused on improving the business environment to enable the Congolese private sector to fully participate in Congo's economic and social development. "We reviewed the business environment situation in Congo and took good measure of the opportunities, challenges, and constraints that the private sector might face regarding the government's objective to have it contribute 60-70% to the financing and implementation of the 2022-2026 National Development Plan. It was important to examine ways in which the African Development Bank could support the private sector in this ambition," said Akin-Olugbade, who has since become Senior Vice President of the Bank.
Kenya advocates for ADF. On May 12, Kenyan President William Ruto called for a USD 25 billion ADF-17 replenishment and highlighted the impact of the Bank Group's concessional financing window on his country's development. Echoing his speech to the World Bank's International Development Association (IDA) in Nairobi in April, he told Akinwumi Adesina, visiting Nairobi: "I will continue to advocate vigorously for the ADF-17 replenishment. Kenya has benefited from resources made available by the Fund."
IsDB turns 50. During the 50th anniversary celebrations of the Islamic Development Bank, Bank Group President Akinwumi Adesina expressed gratitude to Saudi Arabia for "its support, dedication, and kindness" toward Africa, with financing touching numerous projects impacting daily lives across the continent: irrigation for food production, dams for energy supply, hospitals for quality healthcare access, electricity to light schools and improve learning, airports and roads to connect countries, regions, and communities.
Reforming the global financial system. In late May, the Bank Group held its Annual Meetings in Nairobi, Kenya, around a central theme: reforming the global financial architecture to increase resources needed for the continent's sustainable development. President Adesina launched ten strong ideas to strengthen regional integration and development in Africa. "African people expect concrete actions from our meeting here in Nairobi. African integration is everyone's business," he declared. He called for a series of reforms without which it will be impossible to create what he calls a "fit-for-purpose bank."
An ambitious ten-year strategy. The Annual Meetings provided an opportunity for the official presentation of the Bank Group's new Ten-Year Strategy 2024-2033. This roadmap, which carries the vision of building a "prosperous, inclusive, resilient and integrated Africa," was designed to address the continent's urgent challenges and help put Africa on the path to sustainable and inclusive economic growth.
Governors' confidence. During the Annual Meetings, the Bank Group's Board of Governors approved a general callable capital increase of USD 117 billion to enable the institution to preserve its lending capacity. This approval brings the institution's authorized capital to USD 318 billion. "This is a major demonstration of the faith and confidence our shareholders place in us, and our ability to use our resources well," declared Akinwumi Adesina, to "maintain and leverage our firepower while preserving our rating."
Bank joins ACMI. The Bank's Vice President for Power, Energy, Climate and Green Growth, Kevin Kariuki, announced that the African Development Bank officially joined the Africa Carbon Markets Initiative effective May 30, 2024. This strategic decision will enable African countries and the private sector to obtain additional resources to effectively address climate challenges. "I am pleased to announce that the African Development Bank is now an official member of the Africa Carbon Markets Initiative. Through this decision, the Bank commits to establishing a mechanism to support carbon market initiatives across our continent," said Kariuki during a roundtable organized on the sidelines of the Bank Group's Annual Meetings.
June
Korea supports trade with Africa. On June 4 at the Korea-Africa Summit, the Republic of Korea committed to providing USD 14 billion in export financing to support Korean companies investing in Africa while increasing its official development assistance to USD 10 billion by 2030. Bank President Akinwumi Adesina called on Korea to contribute to ADF-17 replenishment and to the Alliance for Green Infrastructure in Africa (AGIA), a new Bank initiative in partnership with the African Union and Africa50, aimed at mobilizing USD 10 billion in private financing for green infrastructure in Africa.
One billion dollars, unprecedented non-sovereign loan. The African Development Bank's Board of Directors approved a sovereign-guaranteed corporate loan of ZAR 18.85 billion (USD 1 billion) to Transnet, the South African conglomerate that manages the country's ports, railways, and pipelines. The loan is intended for implementing the first phase of the company's five-year ZAR 152.8 billion (USD 8.1 billion) investment plan, which aims to improve its existing capacity before expanding to priority segments across the transport value chain.
Commenting on the significance of this memorable loan, Solomon Quaynor, the African Development Bank's Vice President for Private Sector, Infrastructure and Industrialization, stated: "Our partnership will enable Transnet to implement a comprehensive recovery plan, addressing operational inefficiencies, particularly in the rail and port sectors. This plan aligns with South Africa's strategic roadmap for the freight logistics system and is overseen by the National Logistics Crisis Committee, chaired by the presidency. This initiative demonstrates our commitment to strengthening national logistics capabilities and promoting sustainable economic growth." Demonstrating its remarkable agility in support of the private sector, the Bank disbursed the first tranche - of four planned - of financing to Transnet on December 6.
July
Working together with Korean customs. In early July, the Bank and the Korea Customs Service signed an aide-memoire on customs reform and modernization facilitation, leveraging Korean customs expertise and systems to improve trade processes in Africa. This aide-memoire aims to promote trade facilitation among the Bank Group's regional member countries by supporting customs reforms and modernization, focusing on operational transparency and improved border management to increase revenue.
Collaborative partnership with Italian CDP Group. In late July, Cassa Depositi e Prestiti (CDP), Italy's public development institution, and the African Development Bank Group planned to jointly invest up to EUR 400 million over five years to accelerate private sector growth on the continent. To this end, the newly created Platform for Growth and Resilience in Africa will mobilize an additional EUR 350 million from other sources to bring the package to EUR 750 million. These collaborative investments aim to enable future investors to gain new knowledge about Africa's private sector and share investment opportunities in funds operating on the continent.
August
Unprecedented support to Comoros. The Bank Group's Board of Directors approved USD 135 million in financing for the Union of Comoros - the largest ever granted to the Indian Ocean archipelago - to finance a major maritime and regional trade project. The project is financed through a grant of nearly USD 133 million from the African Development Fund and another USD 2 million grant from the Transition Support Facility, a Bank Group mechanism for transition states.
The support for the Maritime Corridor Development and Regional Trade Facilitation Project will enable the extension and modernization of the ports of Moroni and Boingoma, essential to Comoros' economic development, as well as the establishment of a special economic zone. "This is a flagship project of Plan Comoros Emergent 2030 that will certainly help improve living conditions and reduce Comoros' vulnerability to climate change," emphasized Nnenna Nwabufo, Bank Director General for East Africa, who has since been appointed Vice President for Integration, Regional Development and Service Delivery.
September
Marking 60 years. During the official launch of celebrations marking the Bank's 60th anniversary in Abidjan, President Adesina respectfully acknowledged the eminent role of the institution's staff members in the success of projects and programs implemented over six decades. "I would like to salute and congratulate the Bank's staff for their exemplary dedication. You make the Bank proud. And I am very proud of you," he declared in his speech on September 10. Africa's premier development financing institution, which today has more than 2,000 employees, the African Development Bank has financed 6,575 projects on the continent since its establishment on September 10, 1964, in Khartoum, Sudan.
Mid-September, a delegation led by Vice President Solomon Quaynor conducted a four-day visit to India. A roundtable with fifteen Indian pharmaceutical and healthcare infrastructure companies was jointly organized by the Bank and India Exim Bank. Discussions focused on opportunities and challenges related to developing local production and robust infrastructure in African pharmaceutical markets, facing an investment deficit estimated at USD 111 billion by 2030. "We have partnered with India Exim Bank to support Indian private sector participation in Africa's growth, particularly in public projects that the African Development Bank finances with India Exim Bank's export credits support," said Quaynor.
Clean cooking for Madagascar. The African Development Bank, Africa50, and the OPEC Fund for International Development signed a letter of intent with the Government of Madagascar to increase bioethanol production capacity in Madagascar - a major step toward making clean and safe cooking a reality for millions across the country.
"This is an important step to increase access to clean cooking fuels in Madagascar. Delivering essential infrastructure that saves lives and impacts climate positively is a major component of the African Development Bank's investment strategy, and we are delighted to collaborate with Africa50, the OPEC Fund, and the Government of Madagascar to advance clean cooking in the country," said Kariuki after the signing ceremony in Antananarivo during Africa50's shareholders general meeting.
October
Benin commits to ADF. On October 11, Benin pledged to contribute USD 2 million to the next replenishment of the African Development Fund. The announcement was made in Cotonou by Benin's Minister of Economy and Finance, Romuald Wadagni, during the opening session of the ADF-16 Mid-Term Review. Benin thus joins six other African countries contributing to the Fund's resources.
"Our ambition is to encourage more African countries to become contributing states to the Fund's resources," emphasized Bank President Akinwumi Adesina, citing Kenya's pledge of USD 20 million to the Fund as an example.
Historic agreement with JICA. Mid-October, the Bank Group and the Japan International Cooperation Agency (JICA) signed a historic donor loan agreement of JPY 51.67 billion (USD 421 million) for the African Development Fund. This loan, pledged by the Japanese government during the ADF-16 replenishment in December 2022, will support essential development in Africa's least developed and most fragile countries. "We could not have succeeded with the ADF-16 replenishment without Japan's constant support for concessional donor loans," said Akinwumi Adesina. "It's important to sign these agreements, but it's the lives we impact that matter. We keep our promises. We keep our word."
Innovating to eradicate hunger in Africa. In late October, President Adesina and his World Bank counterpart, Ajay Banga, headlined a plenary during the 2024 Borlaug Dialogue in Des Moines, United States. The two leaders renewed their institutions' commitment to ending food insecurity in Africa, highlighting innovative partnerships and financial solutions. "Nothing is more important than feeding the world. Multilateral development banks play an important role in this," maintained Adesina.
November
President Higgins "Eminent Speaker." In a vibrant speech delivered at the 2024 edition of the "Kofi Annan Eminent Speakers" series on November 7 in Abidjan, Irish President Michael D. Higgins emphasized the urgent need for global collaboration to address the interdependent crises of climate change, growing debt, and food insecurity in Africa. Highlighting the serious climate financing deficit for affected countries, Higgins noted that current Global North contributions to countries hit by climate change remain largely insufficient.
Call for reforms. On November 23 in Gaborone, the African Economic Conference was opened by Botswana's President Duma Boko. The organizers - the African Development Bank, the United Nations Development Programme, and the United Nations Economic Commission for Africa - called for bold reforms and decisive action to accelerate Africa's ambition to become a global power. "Peace and stability in Africa must be anchored in responsible and responsive governance," emphasized President Boko.
Bank innovates at COP 29. At the 29th United Nations Climate Change Conference (COP 29) in Baku, Azerbaijan, African leaders welcomed the launch of the Climate Action Window Technical Assistance Facility to unlock climate finance for vulnerable regions. With an initial allocation of USD 56 million, the African Development Fund's Climate Action Window supports the preparation, financing, and implementation of adaptation and mitigation projects aligned with the Paris Agreement, Nationally Determined Contributions, and National Adaptation Plans.
TIME honours a VP. TIME named Hassatou Diop N'Sele, African Development Bank Vice President for Finance and Chief Financial Officer, as one of the main "climate change catalysts" in its annual TIME100 Climate List. This distinction recognizes N'Sele's innovative work, which has achieved significant progress in influencing climate-related activities. TIME described her as a climate finance pioneer and highlighted how she helped the Bank introduce a USD 750 million "hybrid" bond to increase climate financing. N'Sele told the American magazine that the bond had proven to be a viable instrument for multinational banks for the future. "Unfortunately, less than 3% of our countries have access to climate funds. This is one of the reasons we decided to increase our climate financing," N'Sele stated.
2025 Annual Meetings, agreement signed. The Government of Côte d'Ivoire and the African Development Bank signed a memorandum of understanding on November 20 to host the Bank Group's 2025 Annual Meetings in Abidjan, the institution's headquarters. The memorandum defines the legal and organizational framework for the upcoming Annual Meetings and marks an important milestone in its preparations. The 2025 edition of the Annual Meetings will take place in a unique context as it will be marked by the election of a new Bank Group President to replace Mr. Adesina, who is completing his second and final term. The agreement was signed by Nialé Kaba, Minister of Economy, Planning and Development, and Bank Governor for Côte d'Ivoire, and by Vincent O. Nmehielle, Secretary General of the African Development Bank Group.
December
USD 29.2 billion at AIF 2024. The Africa Investment Forum (AIF) 2024 Market Days recorded USD 29.2 billion in expressions of interest from investors worldwide after three days of Boardroom discussions in Rabat, Morocco. President Adesina described this result as "truly exceptional." In total, 2,300 investors and delegates from 83 countries participated in the 2024 Market Days, a 60% increase from last year. "Investors and project sponsors met in 41 boardrooms to review, discuss, and commit to 37 investment projects. These projects cover transport, electricity, energy, agribusiness, industry, mining, pharmaceuticals, private equity, tourism, urban infrastructure, water management, and water and sanitation," specified Adesina in his closing speech. He made his official farewell to participants and founding partners of this unique forum he co-founded in 2018.
AFAWA alongside Nigerian women entrepreneurs. On the sidelines of the Africa Investment Forum, the African Development Bank Group's Affirmative Finance Action for Women in Africa (AFAWA) initiative supported a USD 50 million financing agreement aimed at providing financial and business support to women-led enterprises in Nigeria. The financing is intended for the African Guarantee Fund and the Bank of Industry. The transaction will be executed in three tranches over ten years and will significantly increase Bank of Industry lending - Nigeria's oldest and largest development finance institution - to the country's small and medium enterprises. The new agreement will support women-led businesses in Nigeria through AFAWA's "Guarantee for Growth" program, which makes financing available to women entrepreneurs through de-risking measures and technical assistance.
A new headquarters. The African Development Bank Group's Boards of Directors unanimously approved management's proposal for the construction of a modern, state-of-the-art building to house its headquarters in Abidjan, Côte d'Ivoire's economic capital. Bank President Akinwumi Adesina expressed his gratitude to Côte d'Ivoire's President Alassane Ouattara and the Ivorian government for their firm support of the Bank: "The decision taken by our Boards of Directors shows the Bank's lasting anchor in Côte d'Ivoire, our home, today and tomorrow. We count on the resolute support of the Ivorian government to accompany us in this historic project."
The Dean of the Bank's Board of Directors, Mr. Adama Koné, the Executive Director representing Côte d'Ivoire, presented Mr. Adesina with the land title for the site issued by the government.
