The African Development Bank received the Development Finance Institution (DFI) of the year award at the TXF GLOBAL 2024 Export, Project & Development Finance Conference for its innovative approach. Apexnewsgh reports
The award was in recognition of the bank’s first hybrid capital issuance in January, which established a promising benchmark and potentially created a new asset class for Multilateral Development Banks (MDBs). The issuance aligns with the G20 Capital Adequacy Framework Review’s recommendations.
The TXF Global 2024 conference brought together over 1,500 representatives from various institutions and was held in Athens from June 11 to 12. African Development Bank Vice-President for Finance and Chief Financial Officer Hassatou N’Sele emphasized the bank’s commitment to exploring financial innovations and boosting its capacity to deliver on its development mandate.
This recognition highlights the African Development Bank’s crucial role in promoting economic development in Africa, providing financing and expertise for sustainable economic growth, poverty reduction, and improving living conditions for Africans.
The award follows the International Monetary Fund (IMF) Executive Board’s approval of using hybrid capital for Special Drawing Rights (SDRs), an initiative led by the African Development Bank and the InterAmerican Development Bank to enhance Multilateral Development Banks’ capacity to address global challenges while preserving countries’ reserves and taxpayer funds.
Source: Apexnewsgh.com
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