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AfDB named world’s best multilateral financial institution

The prestigious U.S. magazine, Global Finance, specializing in financial markets and investment banking, on Tuesday named the African Development Bank…

The prestigious U.S. magazine, Global Finance, specializing in financial markets and investment banking, on Tuesday named the African Development Bank as the “Best Multilateral Financial Institution in the world for 2021”.The award is a global recognition for the path-breaking efforts of the African Development Bank as it transforms itself into a solutions bank for Africa, through a combination of its operations, knowledge services and investment positioning, which continue to help accelerate the continent’s development, a statement issued by the bank said.

It said that the award is an affirmation of the success of the operational strategy being pursued by the African Development Bank under the leadership of Akinwumi A.  Adesina.

Mr Adesina was unanimously re-elected to a second consecutive five-year term as president of the institution last  year.
 
Commenting on the awards, Joseph D. Giarraputo, publisher and editorial director of Global Finance, with widespread expectations of consolidation in multiple sectors and all around the world, investment banks will play a leading role in reshaping the world economy post-pandemic.

“Companies need more than ever to understand the specialties and skills that investment banks bring to the table. Global Finance awards are a valuable guide,” he said.

In 2020 the African Development Bank received broad recognition for responding swiftly to the needs of the African continent in the wake of the Covid-19 pandemic and for its pioneering role in the global social bond market.
 
In October 2020, the African Development Bank was selected in a poll of global bond market players as the best issuer.

This was for its $ 3 billion dollar-denominated Fight Covid-19 social bond, issued on 27 March 2020.

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