Celebrating 60 Years of Impact: The African Development Bank's Journey from 1964 to 2024

This year marks the 60th anniversary of the African Development Bank (AfDB), a cornerstone institution in driving sustainable economic growth across Africa. Established in September 1964 in Khartoum, Sudan, the Bank was founded with a clear mission: “To Promote Sustainable Economic Growth and Reduce Poverty in Africa.” Since its inception, it has focused on pivotal sectors including electric power, clean water, healthcare, education, and transportation.

The Early Years: 1964–1974 The Bank began as a modest operation with just 10 employees, initially operating out of the Economic Commission for Africa’s offices in Addis Ababa. By 1966, it had established new headquarters in Abidjan, Côte d'Ivoire, under the leadership of its first President, Mamoun Beheiry from Sudan. The early projects included road construction in Kenya and an equity stake in Sierra Leone's National Development Bank. The establishment of the African Development Fund (ADF) in 1972 and the Nigerian Special Fund in 1976 provided additional sources of funding.

Expansion and Challenges: 1974–1984 The 1970s and early 1980s were marked by significant global and regional challenges, including the oil crises of 1973 and 1979. The Bank responded by inviting non-African countries to become members, enhancing its global credit rating. This decade saw the Bank’s capital increase to $206 million and expanded its portfolio significantly.

Growth and Regional Integration: 1984–1994 In the 1980s, the Bank’s investments soared, reaching $880 million by 1984. It focused on regional integration and diversified its mission, including its first microfinance project. The fourth General Capital Increase in 1987 raised $22.3 billion, enabling the Bank to agree on a $13 billion lending program in 1988. The number of staff grew to 1,100 by 1989, reflecting the Bank's expanded role.

Modernization and Crisis Response: 1994–2004 The mid-1990s saw the Bank’s total loans and grants rise to $1.4 billion. Under President Omar Kabbaj, the Bank established country teams to align more closely with national development priorities. The 2008 financial crisis presented new challenges, but the Bank responded effectively with a $64 billion capital increase in 2010 and measures to support North African economies affected by the Arab Spring.

Innovation and Sustainable Development: 2004–2014 Donald Kaberuka’s presidency from 2005 was marked by an ambitious decentralization program and a response to the global financial crisis. The Bank's capital increased significantly, and new initiatives like the Africa Investment Forum and the Desert to Power project were launched to drive large-scale investments in renewable energy.

A Vision for the Future: 2014–2024 Under Dr. Akinwumi Adesina, who took office in 2015, the Bank launched the High-5 agenda, focusing on transformative goals such as lighting up and powering Africa, feeding Africa, industrializing the continent, integrating Africa, and improving quality of life. The Bank's efforts led to notable achievements, including mobilizing over $180 billion through the Africa Investment Forum and launching a $20 billion renewable energy initiative.

In 2019, the Bank increased its capital from $93 billion to $208 billion, the largest increase in its history, enabling significant growth in its lending capacity. The Bank has also embraced innovative financing mechanisms, including its first US dollar-denominated sustainable hybrid capital notes in 2024. The new Ten-Year Strategy (2024-2033) prioritizes inclusive and green growth, aligning with global sustainability goals.

As the Bank celebrates its 60th anniversary, it stands recognized as the Best Multilateral Development Bank globally by Global Finance and as the most transparent sovereign portfolio by Publish What You Fund. These accolades underscore its pivotal role in shaping Africa’s sustainable economic transformation.

Reflecting on its journey, the African Development Bank continues to drive progress and innovation, committed to its mission of fostering sustainable development and reducing poverty across Africa.