AfDB’s capital grows from $250m to $318b in 60 years – Adesina

The President and Chairman of the Board of Directors of the African Development Bank Group (AfDB), Dr Akinwumi Adesina, has paid tribute to the role played by the institution’s staff in Africa’s development as the bank kicks off activities to mark its 60th anniversary.

Adesina, while speaking during the official launch of festivities to mark the anniversary in Abidjan, Côte d’Ivoire, said, “The African Development Bank Group is Africa’s premier multilateral development institution and now has over 2,000 employees. It has funded 6,575 projects on the continent since it was established on 10 September 1964. The first of these were implemented in Kenya and Sierra Leone. In 60 years, the bank’s capital has grown from $250m to $318bn.”

In a statement shared by the African Press Organisation, Adesina further said, “I thank our staff for creating this story for Africa. There is still plenty to do, and it is thanks to their support that we will do it. And I will do everything I can to attract and retain the most talented people to respond to future challenges for both our institution and our continent. I wish you a happy 60th anniversary.

“As President of the African Development Bank, you matter to me. Regardless of your title or grade, you matter very much to the African Development Bank and you matter to Africa. “Today, as in the past, you are part of Africa’s transformation. The bank’s entire ecosystem plays a part in each project. Over the last 60 years, different types of staff have brought genuine change to the continent. Our work over the last eight years has transformed the lives of 400 million people. I would like to thank you for your extraordinary efforts.”

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Daily Trust further reports that AfDB was established on September 10, 1963, with the objective of supporting the economic development and social progress of countries in Africa by promoting investment of public and private capital in projects and programmes.