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AfDB Group Financial Presentation - May 2009
The African Development Bank is pleased to present the Financial and Operational Analysis for the year 2008. The document highlights recent developments at the Bank Group and in Africa, the activities of the Bank Group and the financial performance of the Bank. The year 2008 has been a watershed for the world economy with the impact of financial turmoil in developed world slowly but surely spreading to the developing world including Africa. It has undoubtedly highlighted the weaknesses of the global financial system and put into perspective the need for strengthening monitoring and response mechanisms, including the countercyclical role of multilateral development banks such as the African Development Bank. While Africa registered a growth rate of over 5% for a fifth consecutive year, it was becoming clear during the last quarter that continued progress in Africa for the achievement of Millennium Development Goals had become vulnerable to the financial shock waves.