The African Development Bank (AfDB) has been voted the world’s best multilateral financial institution for 2021 by the US magazine Global Finance, which specializes in financial markets and investment banking.
The award is a global recognition for the AfDB’s pioneering efforts in transforming itself into a solutions bank for Africa through a combination of operations, knowledge services and its investment positioning, which continue to help accelerate development in Africa.
According to a note from the AfDB, the award is a successful affirmation of the operational strategy pursued by the bank under the leadership of Akinwumi A. Adesina, who last year was unanimously re-elected to a second consecutive five-year term as president of the institution.
“With widespread expectations of consolidation across sectors and around the world, investment banks will play a leading role in reshaping the post-pandemic world economy,” stressed Joseph D. Giarraputo, editor and editorial director of Global Finance in announcing the list of winners.
“Companies need to understand the specialties and skills that investment banks possess. Global Finance’s awards are a valuable guide.”
In 2020, the African Development Bank received wide recognition for responding quickly to the needs of the African continent in the wake of the Covid-19 pandemic and for its pioneering role in the global market for issues of social bonds, so-called social bonds.
In October 2020, the ADB was selected in a survey of global bond market players as the best issuer for its $3 billion “Combat Covid-19” market bond issued on March 27, 2020.
The bank’s “Combat Covid-19” social bond issue was the largest in world history denominated in US dollars, launched on the Luxembourg Stock Exchange and listed on the London Stock Exchange and the Nasdaq Sustainable Bond Platform.
In addition, in March last year, ADB received Environmental Finance’s 2020 bond of the year award – SSA category – for a successful one billion Norwegian kroner social bond issue issued in 2019. It was the first social bond launched in the Norwegian market, and the bank’s first transaction in Norwegian kroner.
Since 2017, ADB has launched nearly five billion worth of such instruments, denominated in US dollars, euros and Norwegian kroner.
The bank’s president, Akinwumi Adesina, said – “I am very pleased with the recognition of the African Development Bank by Global Finance 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 AfDB is elevated to a position as a globally respected financial institution.”
Adesina described the award as “duly deserved” and credited the bank’s continued success to a new results-driven culture of strong customer orientation, leadership, creativity and continuous innovation by a team of outstanding employees based in all its jurisdictions. He added, “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.”
