Global Finance has named African Development Bank (AfDB) the best multilateral financial institution in the world.
The U.S. magazine, which specialises in financial markets and investment banking, recognised AfDB’s efforts to provide the 54 regional member countries with support in financing their development.
It is understood the award is an affirmation of the success of the operational strategy being pursued by the bank under the leadership of Akinwumi Adesina.
‘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’, Publisher and Editorial Director of Global Finance, Joseph Giarraputo, said.
‘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 the bank 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.
AfDB’s Fight Covid-19 Social bond was the largest ever U.S. 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.
Also, in March 2020, the AfDB received the Environmental Finance’s 2020 bond of the year award for a successful one billion Norwegian Krone social bond issued in 2019.
‘I am delighted at Global Finance’s recognition of the African Development Bank as the best multilateral financial institution in the world in 2021’, AfDB President, Adesina, said.
‘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’.
The full results of the 22nd annual World’s Best Investment Banks will be published in an exclusive survey in April 2021.
Photo source: AfDB