Chronicle Editor
Business Reporter
THE African Development Bank (AfDB) has been named the best multilateral financial institution in the world for 2021 by a United States-based prestigious magazine, Global Finance.
The AfDB has been instrumental in assisting member states including Zimbabwe on a range of developmental projects. The City of Bulawayo is one of the beneficiaries after receiving a US$37 million boost from the AfDB in 2016 to improve the local authority’s water and sewerage services. Some of the upgrade works are being finalised this year.
The award is a global recognition for the breaking efforts of the regional financier as it transforms itself into a solutions bank for Africa.
Acknowledging the award, the bank said the recognition was an affirmation of the success of the operational strategy being pursued under the leadership of Dr Akinwumi Adesina, who was unanimously re-elected to a second consecutive five-year term as president of the institution last year.
On announcing the winning list, Global Finance publisher and editorial director Mr Joseph Giarraputo was quoted as saying:
“With widespread expectations of consolidation in multiple sectors and all around the world, investment banks will play a leading role in reshaping the world economy post-pandemic.
“Companies need more than ever to understand the specialties and skills that investment banks bring to the table. Global Finance awards are a valuable guide.”
In 2020, AfDB received broad recognition for responding swiftly to the needs of the African continent in the wake of the Covid-19 pandemic and for its pioneering role in the global social bond market.
Last October, AfDB was selected in a poll of global bond market players as the best issuer for its US$3 billion dollar-denominated Fight Covid-19 social bond, issued in March 2020.
The bank’s Fight Covid-19 Social bond was the largest ever US dollar denominated bond in world history, floated on the Luxembourg stock exchange, and listed on the London Stock Exchange and the Nasdaq Sustainable Bond Platform.
“I am delighted by Global Finance’s recognition of the African Development Bank as the best multilateral financial institution in the world in 2021,” said Dr Adesina.
“I am proud that for the first time since its establishment in 1964, the African Development Bank has risen to a position as a foremost globally-respected financial institution.”
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