2022 was a year of renewed confidence in the African Development Bank Group. Contributing countries mobilized and contributed $8.9 billion to replenish the African Development Fund under ADF-16. In addition, they agreed to the request of the Senior Management of the Bank Group to create a Special Climate Action Window under ADF-16.
Japan, Norway, Portugal, Spain, the Swiss Confederation, Germany, and the Global Energy Alliance are providing significant financial support to the Bank to finance vital sectors for development. Whether it is to promote renewable energy, fight climate change, promote the Lusophone Pact or develop the agricultural sector, their commitment has been exceptional, demonstrating the greater confidence of shareholders in the Bank’s efforts to promote the development of the continent. .
For its part, the Executive Board, headed by the Bank’s President, Akinwumi Adesina, took seriously the imminent threat of a food and social crisis in African countries as a result of Russia’s war in Ukraine. The Board quickly established a $1.5 billion African Emergency Food Production Fund and, in less than two weeks, deployed $1.3 billion for this purpose. This year has also allowed Dr. Adesina to witness the impact of the Bank’s work on the ground. She made work visits to several countries on the continent; Morocco, Cape Verde, Zimbabwe, Kenya, Senegal, Tanzania and Mauritania, among others, where she learned first-hand the results of the Bank’s transformative intervention in these countries and, above all, in the beneficiary populations.
Below is a snapshot of the work of the African Development Bank Group in 2022.
January
African Development Bank Group President Akinwumi Adesina visited the $19.5 billion Dangote Industries Limited crude oil refinery and petrochemical production facility in Lagos, Nigeria.
In Senegal, President Adesina was received by the Head of State, Macky Sall. Dr. Adesina visited Bank-financed projects such as the Dakar-Diamniadio regional express train. She announced support for the Louis Pasteur Reference Laboratory, which will soon start producing messenger RNA (mRNA) vaccines for Covid-19 and other diseases.
February
The Board of Directors of the African Development Bank Group approved USD 379.6 million in financing for the Desert to Power Facility for the G5 Sahel countries (Burkina Faso, Chad, Mali, Mauritania and Niger).
African Development Bank Group President Akinwumi Adesina joins Tanzanian President Samia Suluhu Hassan at the official launch of the construction of the historic Outer Ring Road project for the city of Dodoma.
March
The Board of Directors of the African Development Bank Group approved a new strategy to address fragility and build resilience in Africa for the period 2022-2026. The strategy proposes a five-year roadmap to build more resilient institutions, economies and societies across the continent.
American basketball giant and eight-time NBA All-Star Dikembe Mutombo and African Development Bank President Akinwumi Adesina, joined by legendary former Ivory Coast soccer team captain Didier Drogba, inaugurated a First-class sports facility for young orphans in Bingerville, Côte. ivory
April
President Akinwumi Adesina visited the United Arab Emirates. Several engagements were made in Dubai and Abu Dhabi during the three-day visit.
The African Development Bank Group signed a Protocol Agreement with the African Union in Addis Ababa, Ethiopia, to support the implementation of the Pan African Organization’s Agenda 2063.
Can
The African Development Fund, the Bank Group’s concessional window, marked the milestone of 50 years of action and achievement in Africa’s most fragile countries. Organized within the framework of the Group’s Annual Meetings, the event brought together beneficiaries and donors to discuss the impact and performance of the Fund.
The 2022 Bank Group Annual Meetings were held in Accra, Ghana, on the theme: “Building Climate Resilience and a Just Energy Transition in Africa.”
Annual Meetings 2022: AfDB President’s speech at the closing ceremony
In Abidjan, the Bank Group Board of Directors approved the creation of the $1.5 billion African Emergency Food Production Fund to help African countries avert a looming food crisis that could result from Russia’s war in Ukraine.
June
US President Joe Biden announced his support for the African Development Bank’s initiative to significantly increase food production in Africa to prevent the looming food crisis that could result from the war between Russia and Ukraine.
The Bank’s Board of Directors endorsed the creation of the African Foundation for Pharmaceutical Technology. This pioneering organization will significantly expand Africa’s access to the technologies that underpin the manufacture of medicines, vaccines and other pharmaceuticals.
The African Development Bank and the Caribbean Development Bank signed an agreement to improve their collaboration.
July
Bank Group Chairman Akinwumi Adesina assured US investors gathered in Marrakech for the US-Africa Business Summit: “Africa is a secure, competitive and profitable market.”
The global credit rating agency, Fitch Ratings, confirmed the African Development Bank’s “AAA” long-term credit rating with a stable outlook. This affirmation represented recognition of the Bank’s strong financial profile and tremendous support from its shareholders.
Publish what you finance, the global organization for aid transparency, recognized the African Development Bank as the most transparent organization in the world.
The Bank’s Board of Directors approved a loan of EUR 121 million to Senegal to implement an emergency agricultural program for 850,000 small producers. It was the first approval under the deployment of the African Emergency Food Production Facility.
August
Japan and the African Development Bank announced a financial cooperation that could reach 5,000 million dollars within the framework of the 5the phase of the Initiative for Enhanced Private Sector Assistance in Africa, for 2023-2025. They made the announcement in Tunis on the sidelines of 8the Tokyo International Conference on African Development (TICAD8).
The largest US organization of African-American journalists and media professionals honored the African Development Bank with the Salute to Excellence Award for his Technologies for African Agricultural Transformation (TAAT) initiative.
September
The Egyptian government and the African Development Bank Group signed a Protocol Agreement to host the Annual Meetings of the Bank Group in May 2023.
The African Development Bank, rated “AAA” by the world’s main rating agencies (Moody’s, S&P, Fitch and Japan Credit Rating) with a stable outlook, issued a $100 million thematic bond maturing in September 2029.
Nigerian Head of State Muhammadu Buhari and African Development Bank Group Chairman Akinwumi Adesina while in New York urged global companies and policy makers to invest in Nigeria.
The president of the Bank Group, Adesina, made an official visit to Mauritania to “give new impetus” to the Bank’s alliance with the country: “We accompany Mauritania to accelerate the increase in capacity and breadth of its productive sectors such as wheat , red meat, fishing and mining”.
October
The African Development Bank and its partners launched the $520 million Nigerian Special Agribusiness Processing Zones Program. The initiative will help modernize agriculture and develop agribusiness in Africa’s most populous country. Eleven countries in Africa are implementing the program.
On the occasion of the Common Finance Summit, organized in Abidjan, for the first time in Africa, five new public development banks – the Development Bank of Latin America, the Development Bank of Rwanda, Cassa Depositi e Prestiti – Italian Investment Bank , the Citizen Bank The Business Development Agency and the Netherlands Development Finance Corporation signed the Paris Declaration on Gender Equality and Women’s Empowerment.
The President of the African Development Bank, Akinwumi Adesina, was named “African Man of the Year 2022” by Exclusive Men of the Year, in recognition of his leadership and vision at the helm of the Bank, in addition to his outstanding commitment to Africa during his tenure as Nigerian Minister. Agriculture.
November
Published by the African Development Bank, the African Union and the United Nations Industrial Development Organization, the Africa Industrialization Index report showed that 37 out of 52 African countries increased their level of industrialization in the past 11 years.
At COP-27 in Egypt, Germany pledged €40 million to the Bank’s Climate Action Window for fragile African states.
The ‘Market Days’ at the Africa Investment Forum, the continent’s leading investment platform, generated interest of $31 billion from African and international investors.
December
After a year of intense negotiations amid a challenging global economic landscape, the development partners of the African Development Fund have agreed to commit a total of $8.9 billion for its 2023-2025 funding cycle. The amount pledged is the largest replenishment in the Fund’s history.
Opening Video of the 16th ADF Replenishment Engagements Meeting
