The African Development Bank Group is a multilateral development finance institution. It was established in 1964 to fight poverty and promote sustainable economic growth and social progress in Africa. By the end of 2017 it had cumulatively made some US$ 145.55 billion approvals for 5,528 investments. In 2017, the Bank approved 249 operations worth US$ 8.83 billion and disbursed US$7.67 billion, the highest disbursement recorded by the Bank in a year.
The Group has three component parts: the African Development Bank, set up in 1964; the African Development Fund (set up in 1972); and the Nigeria Trust Fund (set up in 1976). Though legally and financially separate, they have a common goal.
The African Development Bank is the keystone of the Group. It is rated AAA by all the major credit agencies. The Bank seeks to promote strong, shared and sustainable growth in Africa. Its 2013-2022 Strategy (‘At the centre of Africa’s Transformation’) sets out two primary objectives. These are to promote inclusive growth in Africa (across age, gender and geography, in rural as well as urban communities, and especially in states experiencing fragility) and to promote the gradual transition to ‘green growth’ (building resilience to climate change, better managing natural resources, and building sustainable infrastructure).
From September 2015, President Adesina set out five Bank Group priorities aligned with and building on the 2013-2022 Strategy. These are: Lighting up and powering Africa; Feeding Africa; Industrialising Africa; Integrating Africa; and Improving the quality of life for the people of Africa.