African Development Bank Group (ADB Group)
Groupe de la Banque africaine de développement (Groupe BAD)
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1964. Inaugural meeting of the Board of Governors of the Bank held 4-7 Nov 1964, Lago (Nigeria). Operations commenced 1 Jul 1966.
Spur sustainable economic development and social progress in Regional Member Countries (RMCs), thus contributing to poverty reduction; mobilize and allocate resources for investment in RMCs; provide policy advice and technical assistance to support development effort.
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Comprises 3 distinct entities: F-XF0018 - African Development Bank (ADB), parent institution; F-XF6183 - African Development Fund (ADF); G-XG0205 - Nigeria Trust Fund (NTF). Headquarters opened in Abidjan (Côte d'Ivoire), Mar 1965. Since early 2003, operates from Temporary Relocation Agency (TRA), Tunis (Tunisia). Shareholders comprise 53 African countries (RMCs) and 24 non-African countries (non-RMCs). Board of Governors is the highest policy-making organ, comprising one representative from each member country. Board of Directors, elected by Board of Governors, consisting of 20 members, including 13 from RMCs and 7 from non-RMCs, for a 3-year term, once renewable. President, elected by Board of Governors from among RMCs for 5-year term, once renewable, is also the Chair of the Board of Directors, and appoints Vice-Presidents.
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