Definition for : African Development Bank (ADB)

The "African Development Bank (ADB)" was founded in 1964 and headquartered in Abidjan (Ivory Coast). The ADB is a multilateral development bank aiming to promote economic and social development in Africa. Its Shareholders include 53 African countries and 24 non-African countries from the Americas, Asia, and Europe. The ADB is increasing the Share of its lending to non-sovereign borrowers (around 6% on 1 January 2007). It provides project loans, but also agency lines, Equity stakes and guarantees (for example to credit-enhance Bond issues). ADB's funding comes from Equity contributions made by its Shareholders, as well as from borrowing on the Capital markets at sub-Libor levels reflecting its 0% Risk weighting and highest ratings. [www.afdb.org]

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