African Development Bank named World’s Best Multilateral Financial Institution 2021

ADDIS ABABA – The prestigious U.S. magazine, Global Finance, specializing in financial markets and investment banking, has named the African Development Bank (AfDB) as the ‘Best Multilateral Financial Institution in the world for 2021’. 

The Bank said the award is an affirmation of the success of the operational strategy being pursued by the AfDB under the leadership of Akinwumi A. Adesina, who was unanimously re-elected to a second consecutive five-year term as President of the institution last year. 



“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,” said Joseph D. Giarraputo, publisher and editorial director of Global Finance on announcing the winning list. 

“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. The same year, it was selected in a poll of global bond market players as the best issuer for its $3 billion dollar-denominated Fight Covid-19 social bond, issued on 27 March 2020. 

The Bank said its Fight Covid-19 Social bond was the largest ever US 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 African Development Bank received the Environmental Finance’s 2020 bond of the year award—SSA category— for a successful one billion Norwegian Krone social bond issued in 2019. It was the first social bond ever launched in the Norwegian market, and the AfDB’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.

Bank President Adesina expressed his delight at Global Finance’s recognition of the African Development Bank as the best multilateral financial institution in the world in 2021.

“I am proud that for first time since its establishment in 1964, the African Development Bank has risen to a position as a foremost globally-respected financial institution,” he said.

Adesina described the award as one which was “duly earned” and credited the Bank’s continued success to a new culture of results, strong client orientation, leadership, creativity and continued innovation by a team of excellent staff across all its jurisdictions.

“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,” he added.

Last month, the ratings agency S&P Global affirmed the African Development Bank’s “AAA/A-1+” foreign currency issuer credit rating with a stable outlook.

The Bank has continued to receive extraordinary support from its shareholders, including an increase in its subscribed capital from $93 billion to $208 billion, the largest increase in its capital since its establishment.

The full results of the 22nd annual World’s Best Investment Banks will be published in an exclusive survey in the April 2021 print and digital editions and online at GFMag.com.

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