The global recognition of its constant efforts to provide its clients – its 54 regional member countries – with support in financing their development. This award represents clear support to the operational strategy that the African Development Bank has been pursuing under the able leadership of its President, Dr. Akinwumi A. Adesina, unanimously re-elected for a second consecutive five-year term as head of the institution last year. “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,” said Joseph D. Giarraputo, publisher and editorial director of Global Finance. In 2020 the African Development Bank received broad recognition for responding quickly to the needs of the African continent in the wake of the COVID-19 pandemic and for its pioneering role in the social bond sphere. It has been widely recognized for quickly repurposing its 2020 lending program and in developing crisis response budget support through an accelerated approval process and quick disbursement to provide the relevant fiscal space for countries to respond to the most pressing economic effects of the COVID-19 crisis as well as facilitate the purchase of critical imports and medical supplies necessary to fight the virus. It also put a strong focus on collaboration and partnerships to maximize its response to the crisis working with key development partners such as the World Bank and the International Monetary Fund. And despite challenges to its portfolio, it maintained very strong risk management practices.
SOURCE: AFRICA NEWS