AfDB and the American affront - The Nation Nigeria News

one that established the Organization of African Unity in 1963 (now African Union) and the second that birthed the AfDB in 1964

6/4/2020 1:20:00 AM

Or, what assertion can we make if America whose foreign policy objective has always been America first, is the soul of an African bank? It can only be to the extent to which America permits it. AfDB_Group akin_adesina

one that established the Organization of African Unity in 1963 (now African Union) and the second that birthed the AfDB in 1964

More specifically, the agreement that birthed the bank came into force on September 10,1964 under the aegis of the United Nations Commission for Africa. It commenced operations two years after its establishment.Essentially, the bank is saddled with the following functions: “making loans and equity investment for the socio-economic development of the regional member-countries; providing assistance for developing projects and programs; promoting public and private capital for development; assisting in organizing the development policies of regional member- countries; giving special attention to national and multinational projects which are needed to promote regional integration and mobilizing financial resources from governments or foreign financial institutions with a view to lending such money for development of any sector of the economy.” Initially, only African countries were members of the bank.

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In 1982, it opened its regional door to non-African stakeholders which stand today at 27 countries namely, Argentina, Austria, Belgium, Brazil, Canada, China, Denmark, Finland, France, Germany, India, Ireland, Italy, Japan, Kuwait, Luxembourg, Netherlands, Norway, Portugal, Saudi Arabia, South Korea, Spain Sweden, Switzerland, Turkey, United Kingdom and the United States of America.

The bank runs on three arms namely, the AfDB, the African Development Fund (ADF) and the Nigerian Trust Fund (NTF). The ADF was created in1972 but did not begin operation until 1974. It makes development funds available on concessional terms to poor countries which are unable to borrow from the bank on the non-concessional terms.

It is made up of the AfDB 24 non-African countries. UK is its largest shareholder with 14% followed by the U.S. with 6.5 % and Japan , 5.4%.The ADF raises its funds through contributions by members and periodic replacements by non-African members.It lends without interests but it takes service charge of 0.75%, a commitment fee of 0.5%. Its repayment period is 50 years with a grace period of 10 years. The Nigerian Trust Fund (NTF) was established in 1976 by the Nigerian government.

The aim was to provide financial succour to the poorest members of the AfDB. It commenced operation with an initial capital of $80 million. Its loan attracts 4% interest rate, while repayment and grace periods are fixed at 25 years and five years respectively.

The bank is headed by a president who presides over both the boards of AfDB and ADF. The bank is controlled by a board of executive directors comprising the representatives of member countries. The voting power for arriving at decisions is shared on the basis of members capital contributions(shares).

As at present, the shares configuration of the bank shows 60% and 40% to African and non-African members respectively. Nigeria is the largest African shareholder of the bank with 9% of the voting strength and followed by the U.S. which wields 6.5% of the voting strength.

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This American voting strength, combined with its soft power and influence over African and non-African members of the bank, form the basis of America’s affront on the bank particularly this campaign of pulling down Adesina without following due process.

Assessed against the objectives of the bank, Adesina has been adjudged by African countries to have performed very well. Hence their unanimous support for his second term bid.This being the case, African countries should assert themselves and insist on due process in this matter, even though it is an African that will still head the bank should Adesina be convinced of genuine cause to drop his second term bid for the presidency of the bank.

In any event, the American stance on this matter should dawn the truth on African leaders that, without necessarily running autarkic economies, they have to heed the persistent call that, Africa must look in-ward for the resources to run its economic destiny.

Africa, we all know is a rich continent. Indeed, the resources that African leaders steal and stash away in Europe and America, are more than sufficient to run AfDB without having to create dependency syndrome and hampering the “Africaness” of the bank through heavy reliance on foreign capital participation.

Furthermore, the manner in which African countries fall for the great powers’ “pay check diplomacy”, particularly that of China, should be checked. As it has proved over the years, foreign aid has not only kept us in perpetual debt and subjugation, but has equally undermined Africa’s security and political stability and also robbed us of our pride as a people.

Or, what assertion can we make if America whose foreign policy objective has always been America first, is the soul of an African bank? It can only be to the extent to which America permits it.What is our pride if China was the country that donated the headquarters building of the African Union? If any at all, it is just any amount of respect the Chinese can give in pretence.

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AfDB_Group akin_adesina Shameful that no media house is reporting the calculated genocide going on in Southern Kaduna.

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Adesina: Disregard call for fresh probe, Reps tell AfDB boardI love this! US should come out openly, not this their politics. If I were to be MBuhari I would've worked with NOIweala & akin_adesina these people are technocrat and a good driver in GEJonathan adminstration. Nigerians misses these duo. Amerikkk leave our man Adesina alone.