African Development Bank Marks 60th Anniversary, Celebrating Six Decades of Transformative Impact on Africa’s Development

The African Development Bank Group, led by President Dr. Akinwumi Adesina, has celebrated its 60th anniversary, honouring the institution’s enduring role in Africa’s development. The celebrations, held in Abidjan, highlighted the bank’s transformative impact on the continent, with speeches from key figures such as President Adesina and Adama Coulibaly, Côte d’Ivoire’s Minister of Finance and Budget.

Dr. Adesina praised the 2,000-strong workforce of the Bank for their dedication to Africa’s progress, emphasising the Bank’s role in lifting millions of people out of poverty. Since its founding in 1964, the Bank has financed 6,575 projects with total capital growing from $250 million to $318 billion. “You are part of Africa’s transformation,” Adesina said, acknowledging the staff’s contributions in changing the lives of 400 million people over the past eight years.

The African Development Bank (AfDB), now the continent’s premier multilateral development institution, has been instrumental in funding infrastructure and development projects across Africa. Notably, it has invested $77 billion in 3,000 projects in the last decade alone, focusing on priorities like energy, agriculture, industrialization, and integration through its High 5s strategy: Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa.

Adama Coulibaly, representing Côte d’Ivoire, commended Adesina’s leadership and reaffirmed the Ivorian government’s commitment to supporting the Bank’s mission. Coulibaly reflected on the Bank’s progress in fostering economic development and reducing poverty, calling it a “pillar of extraordinary support.”

Foster Ofosu, Chairman of the Bank’s Staff Council, paid tribute to the institution’s employees, emphasizing their crucial role in realizing Africa’s aspirations. He highlighted the Bank’s partnership with humanitarian organizations like the International Committee of the Red Cross (ICRC), which has empowered vulnerable women in the Sahel and supported displaced populations in South Sudan.

Looking to the future, President Adesina reaffirmed the Bank’s commitment to addressing emerging challenges like climate change, food security, and job creation for youth and women. The Bank’s Africa Adaptation Acceleration Programme has mobilized $25 billion to tackle climate challenges, while efforts to boost agricultural output were highlighted at the Feed Africa Summit.

Adesina’s leadership has also been central to securing the Bank’s largest-ever capital increase of $115 billion in 2019, enabling it to scale up its development interventions across Africa. The President concluded with a rallying call: “This celebration is a call to action to build the Africa we want to see. May the African Development Bank keep scoring development goals for Africa.”

As Africa continues to face challenges, from climate disasters to political instability, the Bank is set to play an even greater role in shaping the continent’s future, driving economic growth, and improving the livelihoods of millions across the region.

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Source: African Development Bank