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1/African Development Bank

1/African Development Bank

The African Development Bank is the Group’s parent organization. The Agreement establishing the African Development Bank was adopted and opened for signature at the Khartoum, Sudan, conference on August 4, 1963.

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This agreement entered into force on September 10, 1964. The Bank began effective operations on July 1, 1966. Its major role is to contribute to the economic and social progress of its regional member countries – individually and collectively.

As of 31 December 2011, the African Development Bank’s authorized capital is subscribed to by 78 member countries made up of 53 independent African countries (regional members) and 25 non-African countries (non-regional members).

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The institution’s resources come from ordinary and special resources. Ordinary resources comprise:

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  • the subscribed shares of the authorized capital, a portion of which is subject to call in order to guarantee ADB borrowing obligations;
  • funds received in repayment of ADB loans;
  • funds raised through ADB borrowings on international capital markets;
  • income derived from ADB loans; and
  • other income received by the Bank, e.g. income from other investments.
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Under Article 8 of the Agreement establishing the AfDB, the Bank is authorized to establish or be entrusted with administering and managing special funds which are consistent with its purposes and functions. In line with this provision, the African Development Fund (ADF) was established with non-African states in 1972 and the Nigeria Trust Fund (NTF)with the Nigeria Government in 1976. Other special and trust funds include:

  • the Arab Oil Fund;
  • the Special Emergency Assistance Fund for Drought and Famine in Africa;
  • the Special Relief Fund.
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