The 2019 Annual Meetings of the African Development Bank Group will be held from 11-14 June 2019, in Malabo, Republic of Equatorial Guinea. Find out more
Fifty years ago, on 4 November 1964, Ministers from 23 then independent African States convened in Lagos, Nigeria, for the inaugural meeting of the Board of Governors of the African Development Bank. The young Institution was assigned a dual mandate: the social and economic transformation of Africa, and the economic integration of the Continent.
That mission is as relevant today as it was then. What started as a continental partnership among a handful of African countries has emerged as one of Africa's most effective global partnerships, with universal African membership. Along the way 26 non-African members have joined the ranks, and two of them in the last two years.
We salute the pioneers and the founders of the Bank for their vision. We pay homage to all those who, over the years in serving the Bank at different levels, have made this endeavour possible. We remember those who are no longer with us. We also thank the partners of the Bank across the world for their support and friendship.
Mirroring Africa’s journey, it has been an eventful 50 year journey for the Bank. There have been exhilarating moments, but also challenging ones. From the modest beginnings with just ten staff members and an authorized capital of US$ 370 million, the Bank has risen to become a world class institution, with robust financial strength and a solid operational record. In meeting its mandate, the Bank has committed around US$ 110 billion, and leveraged much more in co-financing.
Today, thanks to the support of its shareholders, its franchise value, and its strong foundations, the Bank is AAA-rated, with an authorized capital of US$ 100 billion. The Institution attracts committed and first-class minds, and now boasts of nearly 2,000 staff members, operating across all 54 African countries.
At a moment of great changes in Africa, the golden anniversary provides an opportunity for a rededication to the dreams of the founders, and the aspirations of the people of Africa.
There are new challenges and there are old ones: from finding innovative ways of funding infrastructure, to building human capital, to combatting climate change and epidemics. In a world that has changed so dramatically – not least over the last three decades – we will have to innovate. It will not be enough to do more of the same.
When the Bank was established in 1964, the population of Africa was no more than 300 million people. That number has since tripled. By 2040 it will be close to 2 billion people. Our task is that much more challenging: promoting economic growth that is strong, shared and sustainable; investing in people; and remaining focused on our core mission: the economic integration of Africa. In the battle for prosperity for the people of our great continent, the African Development Bank can look back with pride, and to the future with new energy and determination. At a moment like this one, we remember Madiba’s words: "after climbing a great hill, one only finds that there are many more hills to climb". I thank everyone inside and outside the Bank. Together we shall prevail.
Donald Kaberuka, AfDB President, 2005-2015
The African Development Bank is a model of how Africa and the developed world can work together for mutual benefit and with mutual respect
AfDB's prime objective is to mobilize financial resources to support sustainable economic and social development in Africa. To do this, the Bank raises funds from inside and outside the continent to finance development projects such as roads, hospitals and schools, agricultural projects and electricity.
As we grow up, our needs change. For that reason, with the Bank, we work on innovative instruments.
PHOTO: Romeo Horton (center), of Liberia, leader of the “Committee of nine”
Conference of Ministers established committee from 9 countries to prepare for the creation of AfDB
In Khartoum, on 4 August, 23 states signed the Agreement Establishing the ADB
“The Governments on whose behalf the Agreement was signed were determined to strengthen African solidarity by means of economic cooperation between African states, and therefore agreed to establish hereby the African Development Bank with the objective of contributing to the sustainable development and social progress of the African member countries”.
300 million people
US$ 39.2 billion GDP
Bank members: 26
September 10: Birth of AfDB
November 4-7: Board of Governors inaugural meeting in Lagos, Nigeria
Mamoun Beheiry (Sudan) elected 1st President
March: Headquarters opened in Abidjan, Côte d’Ivoire
Bank staff: 10
Board of Governors 1st meeting in Abidjan
July: Official start of operational activities
PHOTO: Mamoun Beheiry signing the first two Bank operations: an equity participation in the National Development Bank of Sierra Leone, and a loan to finance the construction of a road in Kenya
Bank loans/grants: US$ 2.3 million
PHOTO: A project in agriculture sector, in Liberia
First Bank projects in Agriculture and in Water supply
Bank loans/grants: US$ 7.9 million
First Bank projects in Power supply and in Finance
PHOTO: Infrastructure project in Central African Republic
Abdelwahab Labidi (Tunisia) elected 2nd President.
The Bank intensified its contacts and search for business and got more project proposals.
The Bank continues to extend its loans, with special focus on the six Sahelian countries: Burkina Faso, Chad, Mali, Mauritania, Niger, Senegal. The Sahelian countries were hit hard by drought and required both humanitarian assistance and long-term financing to improve their food security.
African Development Fund (ADF) created. The role of the ADF is to establish a ‘soft’ window for lower income countries, contributing to poverty reduction and economic and social development by providing concessional funding for projects and programs
Bank loans/grants: US$ 135.5 million
1st General Capital Increase (US$ 206 million)
ADF began operations
PHOTO: Laying of the first stone of the AfDB Headquarters building, in Abidjan. On the right, the second President of the Bank, Abdelwahad Labidi of Tunisia.
The Board of Governors approved the establishment of the Nigeria Trust Fund
First Bank projects in Education and Health sectors.
PHOTO: Kwame Donkor Fordwor (Ghana) elected 3rd President.
PHOTO: Telecommunications project in Swaziland
The Board of Governors approved in principle the admission of non-regional countries to the Bank’s membership. Negotiation with non-regional countries began.
Bank loans/grants: US$ 519.9 million
Goodall Gondwe (Malawi) Acting President
The two oil price shocks of 1973 and 1979 had a strongly adverse impact on African economies. African countries were persuaded to seek external resources, and eventually the Bank decided to open its capital to non-African members.
Willa Mung’Omba (Zambia), elected 4th President
17 Non-Regional Members attended their first AfDB Group Annual Meetings as full Members
The admission of the non-regional countries helped to improve the financial position of the Bank, and consequently its rating by international financial markets.
Bank loans/grants: US$ 879.3 million
Babacar Ndiaye (Senegal) elected 5th President
4th General Capital Increase of US$ 22.3 billion (200% increase)
PHOTO: Côte d’Ivoire President Félix Houphouet-Boigny hosting an African Development Bank delegation in his private residence in Cocody, Abidjan. The first President of Côte d’Ivoire played a key role in the establishment of the Bank, and in the promotion of regional integration.
Approval of US$ 13 billion lending program
612 million people
US$ 495 billion GDP
Number operation (since 1967): 1291
Bank loans/grants (1989): US$ 2.8 billion
25th anniversary celebrations. Report of the Committee of Ten on the AfDB’s future
Babacar Ndiaye re-elected for a second term.
During the 1990s, the AfDB diversified its mission and focused on new challenges.
First Bank projects in Micro-Finance
Appointment of Bodour Abu-Affan (Sudan) as first woman Vice President
First Bank projects in Environment sector
PHOTO: President N’diaye (left), and the President of Benin Nicéphore Soglo (center) during a symposium organised by AfDB.
Bank loans/grants: US$ 1.4 billion
PHOTO: Omar Kabbaj congratulated by his predecessor, Babacar N’Diay
Omar Kabbaj (Morocco) elected 6th President.
During his mandate, major issues that received attention included the strengthening of the Bank’s country focus by establishing country teams, aligning the Bank’s interventions with the development priorities of the countries, improving the quality-at-entry of projects, as well as the monitoring and evaluation of projects.
South Africa and Botswana first African countries to contribute to ADF.
Agriculture, private sector development and human capital development identified as new strategic sectors for Bank lending.
PHOTO: A view of the AfDB Annual Meeting in Abidjan, 1998.
Bank loans/grants: US$ 1.638.6 million
Bank adopts new vision to promote economic growth with equity and poverty reduction as central goals.
To this end, Bank resources would target four operational areas: agricultural and rural development; human resources development; private sector development; and good governance.
Omar Kabbaj re-elected for a second term
First Bank projects in urban development
The United Nations adopt the Millennium Development Goals
First Annual Meetings outside Africa in Valencia, Spain
PHOTO: The Bank’s offices, in Tunis
Bank temporarily relocated to Tunisia because of growing political instability in Côte d’Ivoire
Bank loans/grants: US$ 2 691.5 million
Donald Kaberuka (Rwanda) elected 7th President.
Kaberuka pushed for far-reaching decentralization of Bank operations to enhance product and service delivery, donor harmonization and policy dialogue.
In the face of the international financial crisis, President Kaberuka, together with leaders of the African Union and the Economic Commission for Africa, was tasked to find ways of alleviating the serious credit, investment and growth constraints that the crisis was imposing on the continent.
International financial crisis
Bank loans/grants: US$ 11.8 billion
6th Global Capital Increase of US$ 64 billion
Donald Kaberuka re-elected for a second term
Africa population reaches 1 billion
AfDB develops short term and long term measures for crisis-resilient growth in North African
Establishment of Regional Resource Centers in South Africa & Kenya
Bank wins two US Treasury Development Impact Awards (projects in Uganda & Cote d’Ivoire)
ADF-XIII Replenishment of US$ 7.3 billion (to 2016)
Bank approved Ten Year Strategy (2013-2022) with the objectives of inclusive growth and transition to green growth”
1,136 million people
US$ 2,476.9 billion GDP
Number of operations (since 1967): 4185
Bank loans/grants (2014): US$ 6.5 billion
AfDB celebrates its return to Abidjan, Côte d’Ivoire, after 11 years
PHOTO: The ceremony celebrating the Bank’s return to Abidjan is led by Donald Kaberuka (right) and Daniel Kablan Duncan, Prime Minister of Côte d’Ivoire (left)