African Development Bank celebrates 60th founding anniversary

African Development Bank (AfDB) President Akinwumi Adesina speaks at the celebration of the 60th anniversary of the AfDB, Abidjan, Cote d'Ivoire, Sept. 10, 2024. (Photo by Yvan Sonh/Xinhua)

ABIDJAN, Sept. 10 (Xinhua) -- Traditional musical and cultural activities, an exhibition, discussions and seminars, as well as interventions highlighting the key milestones of the African Development Bank (AfDB) and its impact on the economic development of Africa since its inception, marked the celebration of the 60th anniversary of the pan-African bank on Tuesday in Abidjan.

Ivorian President Alassane Ouattara said that over six decades, the AfDB has become an "essential player" in development in Africa and a "reference" in terms of development and financing transformative projects for African economies.

"Today, the performance of the AfDB generates a sense of pride and hope, especially regarding transparency and governance, where it has been recognized as the most transparent institution among 50 development institutions," Ouattara said, highlighting the AfDB's "AAA credit rating" and its designation in 2021 as the "best multilateral financial institution in the world."

The Ivorian president called on the AfDB to "make more efforts" in areas concerning peace and democracy, particularly in climate and agriculture, to address the severe flooding, significant agricultural losses, and hunger in several African countries.

"Yesterday as today, you are part of Africa's transformation. For every project, it is the entirety of the Bank's ecosystem that contributes," AfDB President Akinwumi Adesina told his staff.

Over the past 60 years, he added, the various types of personnel have been able to bring about "real change" to the continent.

"Our work over the past eight years has transformed the lives of 400 million people, and I would like to thank you for your extraordinary work," Adesina reiterated, reviewing the achievements and actions of his institution.

He specifically emphasized the "High 5" -- the operational priorities of the AfDB Group, namely to Light up and Power Africa, to Feed Africa, to Industrialize Africa, to Integrate Africa and to Improve the Quality of Life for the People of Africa.

Adesina also reviewed the significant achievements and actions of the AfDB since its establishment, the challenges it has faced, and the perspectives ahead.

Cote d'Ivoire, the host country of the AfDB, has seen its development significantly accelerated thanks to the support of the pan-African financial institution, which has increased from 460 million U.S. dollars in 2015 to 3.3 billion U.S. dollars in 2023, according to him.

As of the end of July 2024, the active portfolio of the AfDB Group in Cote d'Ivoire included 40 operations, totaling commitments of approximately three billion U.S. dollars.

The country is preparing to host the AfDB's annual meetings next May, which will provide an opportunity to review current development strategies and policies as well as to choose a new president for the institution.

To date, 81 member countries have subscribed to the capital of the AfDB, including 54 African countries (regional members) and 27 non-African countries (non-regional members).

Ivorian President Alassane Ouattara speaks at the celebration of the 60th anniversary of the African Development Bank (AfDB) in Abidjan, Cote d'Ivoire, Sept. 10, 2024. (Photo by Yvan Sonh/Xinhua)

African Development Bank (AfDB) President Akinwumi Adesina (L) and Ivorian President Alassane Ouattara attend the celebration of the 60th anniversary of the AfDB in Abidjan, Cote d'Ivoire, Sept. 10, 2024. (Photo by Yvan Sonh/Xinhua)