EDIGIN EGHOSA CONFIDENCE

The African Development Bank came into existence asa result of the pressing necessity to create a financial organization that would support the growth of several African
economic sectors. Development banks were specially created to fill the gaps when the African government realized that commercial banks which served as the country’s central bank were unable to deliver financial development services. The African Development Bank (AfDB) was founded in 1964 by the Organization of African Unity, which was preceded by the African Union. AfDB comprises of different entities: The African Development Bank, the African Development Fund, and the Nigeria Trust Fund. The AfDB’s mission is to fight poverty and improve living conditions on the continent through promoting the investment of public and private capital in projects and programs that contribute to the economic and social development of African countries. The AfDB was established in response to the need for more unity within the African continent after the end of the colonial period. A draft accord was submitted to top
African officials and then the conference of finance ministers on the establishment of the African development bank in Khartoum, Sudan from July 31 to August 4, 1963. The agreement was signed between 23 African governments on August 4, 1963, and came into force on September10, 1964. The inaugural meeting of the board of governors of the bank was held from November4 to 7, 1964, in Lagos, Nigeria. The banks headquarter opened Abidjan, Ivory Coast in March1965,and its operations commenced on July1, 1969.