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Article: The African Development Bank Group.(African Development Bank Newsletter)
- Article from:
- African Business
- Article date:
- May 1, 2007
CopyrightCOPYRIGHT 2007 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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On August 4, 1963, 23 African Governments signed the Agreement establishing the ADB in Khartoum, Sudan. Eight additional countries signed up in December. On September 10, 1964 the agreement came into force when 20 member countries subscribed to 65% of the capital stock which then stood at US$ 250 million. From November 4-7, 1964, the inaugural Board of Governors' Meeting was held in Lagos, Nigeria.
The African Development Bank Group comprises the African Development Bank (ADB), and two concessional lending arms--the African Development Fund (ADF) established in 1972 and the Nigeria Trust Fund (NTF), set up in 1976.
The African Development Bank (ADB) is a ...