Global Finance, an American magazine that specialises in financial markets and investment banking, named the African Development Bank (AfDB) the best multilateral financial institution in the world for 2021, the bank said in a statement.
In 2020, the AfDB was widely praised for having been able to respond quickly to the needs of African countries in the face of the COVID-19 pandemic and its related socio-economic impacts.
Also, the bank reoriented its lending program in 2020 and provided budget support in the face of the crisis for the continent’s countries, which enabled them to respond urgently to the most serious economic impacts of the health crisis and facilitated the purchase of imported products and vital medical supplies essential for the fight against the virus.
The bank said it has also focused its efforts on collaboration and partnerships to optimise its response to the crisis through joint work with major development partners, including the World Bank and the International Monetary Fund.
In October 2020, the AfDB was named as the best bond issuer against the COVID-19 pandemic through its $3 billion ‘Fight COVID-19’ social impact bond, denominated in the same currency and issued on 27 March 2020.
This bond was listed on the Luxembourg Stock Exchange, on the London Stock Exchange, and admitted to the Nasdaq Sustainable Bond Network.
The proceeds from the bond, which has a three-year maturity, will help mitigate the impact of the pandemic on the livelihoods and economies of African countries, according to the AfDB.
In February 2021, financial rating agency S&P Global Ratings confirmed the AfDB’s credit rating of issuers in currencies “AAA / A-1 +”, with a stable outlook.
The US agency said the assignment of a stable outlook reflected the assumption that the AfDB, over the next two years, “would prudently manage its capital while maintaining solid levels of liquidity assets, high quality, and a robust funding profile, expecting that the exceptional support provided by shareholders to the bank will remain unchanged.”