The African Development Bank (AfDB) has been named the “Best Multilateral Financial Institution in the world for 2021”, according to the prestigious US magazine, Global Finance.
The award is a testament to the AfDB’s contribution to the multi-sectorial development of African nations, particularly in key sectors like agriculture and infrastructure.
Recall that the bank had pledged the support of $6.5 billion to the Great Green Wall Initiative- a project aimed at securing the Sahel region of Africa through climate change reduction and energy conservation.
Publisher and Editorial Director of the magazine, Joseph Giarraputo said, “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”.
The AfDB has also piloted several agricultural transformation schemes, including its flagship project- Technologies for African Agricultural Transformation (TAAT).
The TAAT was launched in 2018 and is an integral part of the bank’s Feed Africa Strategy of 2016-2025.
The initiative seeks to improve agribusiness across Africa by targeting nine commodities for technology-driven transformation.
The priority commodities are; rice, wheat, cassava, orange-fleshed sweet potato, sorghum/millet, maize, aquaculture, small livestock and high-iron brand.
On his part, Adesina said, “I am delighted at Global Finance’s recognition of the African Development Bank as the best multilateral financial institution in the world in 2021.
“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.
“We are constantly innovating, developing and deploying financial, investment and knowledge products to meet the rapidly changing needs of African countries and the private sector,” he added.