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The African Development Bank

In: International Financial Institutions and Their Challenges

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  • Felix I. Lessambo

Abstract

The African Development Bank (AfDB) came into existence on September 10, 1964, founded as part of the pan-African movement at the beginning of decolonization in the mid-twentieth century. Initially headquartered in Khartoum, Sudan, the AfDB was created to “contribute to the development and unity of Africa.” The African Development Bank Group consists of (1) the AfDB; (2) the African Development Fund (ADF); and (3) the Nigeria Trust Fund (NTF). The AfDB is owned and overseen by its 79 members (Luxembourg became the seventy-ninth member in May 2014). As of May 31, 2013, there were 53 regional members 1 that held 59.712 percent of the voting power and 26 non-regional members. 2

Suggested Citation

  • Felix I. Lessambo, 2015. "The African Development Bank," Palgrave Macmillan Books, in: International Financial Institutions and Their Challenges, chapter 0, pages 123-129, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-52270-2_13
    DOI: 10.1057/9781137522702_13
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