The African Development Bank (AfDB) remains strong with growing operating revenues and allocable income generated since 2010 reaching $2.5 billion.
The Bank Group’s Treasurer, Hassatou Diop N’sele, that in 2018, the Bank earned $214 million in allocable income, 48% of which has been reinvested in the institution to reinforce reserves and its business growth capacity.
The bullish numbers were revealed during the Bank’s financial presentation on Thursday, a highlight of the 2019 Annual Meetings of the Bank currently underway in Malabo, Equatorial Guinea.
The panel was led by N’sele and Simon Mizrahi, Director of Service Delivery, Performance Management and Results at the Bank.
At the presentation attended by delegates, Governors, Executive Directors and Bank staff, N’Sele noted that the Bank could chart a new path on account of its ability to raise funds on the capital markets.
“The amount of infrastructure financing covered by private sector could double if African countries harness the full potential of their capital markets.”
According to N’sele, a number of African countries could save as much $1 billion on a 20-year loan, if they borrow from the African Development Bank, instead of from the Eurobond market, due to preferable lending rates.
Delegates were informed of the Bank’s successful issuance of the first-ever NOK social bond sold in Norway and sealed in 2018.
