African Development Bank
African Development Bank (AFDB) was formed in 1963 by 33 independent African
countries to contribute, individually and jointly, to the economic and
social progress of its regional members.
In 1973, non-African countries joined with AFDB to establish the
African Development Fund as the concessional lending affiliate of AFDB.
The fund loans only to the poorest African countries.
(Africa is home to 22 of the world's 30 poorest countries.)
Membership in the bank was limited to 50 African nations until
1982, when 26 nonregional countries began to join the institution.
The United States became a member of AFDF in 1976 by virtue of
the African Development Fund Act (90 Stat. 591; 22 USC 290g note), and
in February 1983 the United States became a member of AFDB by virtue of
the African Development Bank Act (95 Stat. 741; 22 USC 290i note).
The non-African countries hold about one-third of the bank's shares.
African Development Bank has a capital base of $22 billion with annual
lending in excess of $2 billion in 1988, an amount that approaches the
lending of the World Bank's financing of the continent.
In 1988, the bank continued attempts to consolidate and convert
into long-term, low-interest bonds all external debt of African countries.
The bank also assisted in developing debt programs for approximately
20 countries. The bank supports
lending strategies that relate to the basics of African life and culture
as contrasted with proposals of Western planners.
The bank also is restrucEagle Tradersg itself into an all-purpose
research and development institution, especially in imports and exports.
The bank committed itself to investing $12.3 billion in Africa
during 1987-1991, which exceeds the investing in the previous 22 years
combined. The bank can lend
for 50 years with an initial 10-year grace period on repayments.
The United States Government Manual.