AfDB announced as 2021 World’s Best Multilateral Financial Institution
March 10, 2021577 views0 comments
- As rating agency S&P Global confirms the banks’s AAA/A-1+ foreign issuer credit rating with a stable outlook.
The African Development Bank has been named the World’s Best Multilateral Financial Institution 2021 by the Global Finance Best Investment Bank Awards, an initiative of the U.S. financial magazine Global Finance.
The award is a recognition of the bank’s continuous effort to provide its 54 regional countries with developmental financial support and is coming on the heels of other numerous recognitions it has received for its outstanding service to its member nations. One of these was the broad recognition it received for its efforts to quickly respond to the needs of the African continent in the wake of the COVID-19 pandemic and its pioneering role in the social bond sphere.
The award is a prestigious platform that celebrates international finance institutions contributing to global economy through best practices.
Speaking on the announcement of the award, the publisher and editorial director of Global Finance, Joseph D. 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,” he 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,” he concluded.
On his part, the bank’s President, Nigeria’s former Minister of Agriculture and Rural Development Dr. Akinwunmi Adesina said, “I am delighted at Global Finance’s recognition of the African Development Bank as best multilateral financial institution in 2021. It is a distinct honor, and I consider it as a mark of confidence in my leadership of Africa’s premier multilateral finance institution.”
He described the award as one “duly earned.” while attributing same to the continued strong team spirit displayed by staff across all its jurisdictions adding that it would be a ‘remiss’ on his part if he failed to recognize the support of the bank’s fabulous Board of Directors who have made an accelerated approval process a hallmark of its pandemic response operations.
Achievements of the Bank
In October 2020, the African Development Bank was selected as the best issuer of a COVID-19 bond as a result of its $3 billion dollar-denominated ‘Fight COVID-19’ social bond which was issued March 27, 2020.
The bond received a huge nod of approval and support from investors when it was flouted on the Luxembourg Stock Exchange and it was recorded as the world largest social bond at the time it was issued.
The bond has since gone on to be listed on the London Stock Exchange and was equally admitted on the Nasdaq Sustainable Bond Platform
The bond which has a three-year maturity is aimed at cushioning the impact of the COVID-19 pandemic and will see the livelihoods of African communities improved.
Also in March 2020, the Bank received the Environmental Finance’s 2020 bond of the year award—SSA category—for its successful one billion Norwegian Krone social bond issued in 2019. It was the first social bond ever launched in the Norwegian market, and the African Development Bank’s first transaction in Norwegian Krone.
Since 2017, the African Development Bank has launched nearly $5 billion worth of such instruments, denominated in US dollars, euros and Norwegian krone.