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African Development Bank (AFDB)
The African Development Bank (AFDB) established in September 1964, was opened for business on July 1, 1966 in Abidjan, Ivory Coast now Cote D’Ivoire.
Aims and Objectives of the African Development Bank (AFDB)
- To finance projects aimed at promoting the socio-economic development of African countries.
- To aid mobilization of funds from within and outside the continent to finance private and public investments in the economies of African nations.
- To participate in selecting projects for meinber nations to ensure their orderly development.
- To undertake activities and provide services aimed at improving the welfare of the African people.
- To provide technical assistance to African nations in areas of project appraisal, financing and execution.
- Its operational areas include trade promotion, agricultural and industrial development, insurance, transport and communications, etc.
Goals of the African Development Bank (AFDB)
- End poverty in all its forms everywhere.
- End hunger, achieve food security and improved nutrition and promote sustainable agriculture.
- Ensure healthy lives and promote well-being for all at all ages.
- Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all.
- Achieve gender equality and empower all women and girls.
- Ensure availability and sustainable management of water and sanitation for all.
- Ensure access to affordable, reliable, sustainable and modern energy for all.
- Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all.
- Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation.
- Reduce inequality within and among countries.
- Make cities and human settlements inclusive, safe, resilient and sustainable.
- Ensure sustainable consumption and production patterns.
- Take urgent action to combat climate change and its impacts.
- Conserve and sustainably use the oceans, seas and marine resources for sustainable development.
- Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss.
- Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels.
- Strengthen the means of implementation and revitalize the global partnership for sustainable development.
African Development Bank (AFDB) and Nigeria
The AFDB group comprises the African Development Bank (AFDB), the African Development Fund (ADF) and the Nigerian Trust Fund (NTF).
The group has granted twenty-seven loans to Nigeria since its inception. The loans consist of BUA 1,637.29 million, FUA 160.76 million and ninety-seven Technical Aid Fund (both BUA and FUA represent AFDB and ADF unit of account).
The loans are for the development of agriculture, water supply, rural infrastructure and industry through NERFUND, etc.