African Development Bank meets ahead of leadership vote
The Peninsula
Abidjan: The African Development Bank (AfDB) on Tuesday began its annual meetings due to culminate in the election of a new president later this week,...
Abidjan: The African Development Bank (AfDB) on Tuesday began its annual meetings due to culminate in the election of a new president later this week, as the lender faces a reduction in the US's financial commitment.
The bank, founded in 1964, is a major lender to economic development projects on the continent, with 81 member countries, 54 of which are in Africa.
It has helped build Africa's largest wastewater treatment plant at Gabal el-Asfar in Egypt, contributed to the construction of a bridge between Senegal and Gambia and extended the port of Lome in Togo.
The bank has also supported projects for sanitation in Lesotho and access to electricity in Kenya.
The AfDB draws most of its resources from subscriptions by member countries, borrowing on international markets as well as loan repayments and income.
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