What Is the African Development Bank?

The African Development Bank is a mutual aid and regional international financial institution co-organized by African countries with the support of the United Nations Economic Commission for Africa. It was formally established in September 1964 and began operations in July 1966. The purpose is to provide funds for the economic and social development of member countries, assist the African continent to formulate overall development strategies, and coordinate the development plans of countries in order to gradually realize "African economic integration". The bank's approved capital was initially 250 million bookkeeping units. At the end of 1977, the subscribed capital was more than 700 million bookkeeping units, and the paid-up capital was more than 220 million bookkeeping units. In 1978, a resolution was passed at the annual meeting of the board of directors to allow countries outside the region to subscribe for capital. ^[1]

African development bank

The African Development Bank is a mutual aid and regional international financial institution co-organized by African countries with the support of the United Nations Economic Commission for Africa. It was formally established in September 1964 and began operations in July 1966. The purpose is to provide funds for the economic and social development of member countries, assist the African continent to formulate overall development strategies, and coordinate the development plans of countries in order to gradually achieve "African economic integration". The bank's approved capital was initially 250 million bookkeeping units. At the end of 1977, the subscribed capital was more than 700 million bookkeeping units, and the paid-up capital was more than 220 million bookkeeping units. In 1978, a resolution was passed at the annual meeting of the board of directors to allow countries outside the region to subscribe for capital. ^[1]

In July 1963, a meeting of senior African officials and experts and a ministerial meeting of African countries

Divided into ordinary funding sources and special funding sources.

Provide loans (including general loans and special loans) to member countries for the development of public utilities, agriculture, industrial projects and

The non-bank loan is targeted at member countries in the African region. It is mainly used for public utilities such as agriculture, transportation and communications, industry, and water supply. It also includes investment projects in the health, education, and private sectors. Since 1986, the bank has also supported some

The highest authority is the council, consisting of one member and one deputy member appointed by each member state. Directors are generally

The bank and its affiliated African Development Fund-ADF, Nigeria Trust Fund

Representatives from member countries of the African Development Bank (African Bank) and international and regional financial institutions met on May 18 and 19, 2005

China joined the African Development Fund and the African Development Bank in 1985. As of the end of 2006, China held 24,230 shares in the African Bank, accounting for 1.117% of the total shares of the African Bank.

China has participated in the 4th to 10th African Development Fund (African Development Bank soft loan window, hereinafter referred to as the Non-Development Fund) donations, and has accumulatively committed 364 million U.S. dollars to the African Development Fund. And other items.

In 1996, China and the African Bank signed a $ 2 million bilateral technical cooperation agreement. By the end of 2006, China had funded a total of 27 consultants under the agreement, carried out 14 projects in 8 African countries, and allocated about 1.2 million US dollars.

In October 2003,

The Board of Directors of the African Development Bank (African Bank for short) is the highest decision-making body of the African Bank. It usually holds a two-day meeting in late May each year with a size of about 2,000 people. Conventionally, members of the host country chair the council and chair the meeting. The conference usually invites the heads of state of the host country and a number of heads of African countries to attend the opening ceremony and make speeches.

The directors participating in the meeting are generally the finance, economy, industry ministers or the central bank governors of the member states. In addition,

According to media reports from the People's Liberation Army Network and other media, Angola's Finance Minister Manuel announced on the 28th that the Angolan government has signed an agreement with the African Development Bank, and the African Development Bank will provide Angola with a US $ 1 billion loan in the near future to help Angola implement this year more smoothly. budget.

Manuel announced the news to the media after Angolan President Dos Santos met with visiting African Development Bank President Donald Kaberuka on the same day. He said that the African Development Bank is expected to provide Angola with the first US $ 600 million loan in the agreement in August, and the Angolan government will give priority to these loans to the construction, transportation and energy industries. ^[3]