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.
The bank runs on three arms namely, the AfDB, the African Development Fund and the Nigerian Trust Fund . 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.
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. 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.
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.
AfDB_Group akin_adesina Shameful that no media house is reporting the calculated genocide going on in Southern Kaduna.
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African Union must rise in defence of AfDB now – Aremu – Daily TrustLabour leader and Vice President Industrial Global Union, Comrade Issa Aremu, has called on Africa Union leaders to rise and fight for independence of African Development Bank (AfDB) against foreign influence. The labour leader made the call during a media briefing yesterday in Kaduna on the repatriation of Almajiri, easing of COVID-19 lockdown and the […] No comment
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BREAKING: Buhari In Closed-door Meeting With AfDB President, Adesina | Sahara ReportersBREAKING: MBuhari In Closed-door Meeting With AfDB_Group President, Akin_Adesina | Sahara Reporters This is coming shortly after the United States demanded a fresh probe of Adesina over allegations levelled against him. READ MORE:
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Embattled AfDB president Adesina visits Buhari – Daily TrustThe embattled president of the African Development Bank, Akinwunmi Adesina, on Tuesday visited President Muhammadu Buhari at Aso Villa. We will all stand for him if he is upright, PMB will stand for him too so long as there is no Fulani or northern Muslim man interested in that position. But don't tell me afdb president chattered a jet to come to Abuja to settle this matter at whose expense?
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BREAKING: Buhari meets AfDB President, AdesinaPresident Muhammadu Buhari is in a closed-door meeting with the President of the African Development Bank (AfDB), Dr Akinwumi Adesina...
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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.
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