African Development Bank : « strong financial health, despite Covid-19 crisis »
The Bank Group unveiled its financial results in Accra, on the sidelines of its Annual Meetings. « The Bank is progressing with financial reforms that have helped it become stronger, more resilient, and better equipped in the wake of the Covid-19 crisis, the institution’s Senior Vice President Bajabulile Swazi Tshabalala said. Addressing the Bank Group’s shareholders, Executive Directors, and partner agencies at the organization’s 2022 Annual Meetings in Accra, Tshabalala said the institution strengthened its long-term financial sustainability framework over the last three years, ensuring that it built more resilience against future shocks. “We updated our financial and risk policy; we undertook a review of our cost structure and are currently developing the Bank’s new cost containment framework to optimize the resources available for fulfilling our mandate. »
The Bank Group achieved “very strong” financial results for 2021, achieving the third-highest amount of distributable income in the last 10 years. The Bank generated a cumulative profit of $2.5 billion over the last 10 years, close to the $3.6 billion paid by shareholders for the 6th General Capital Increase in 2010. “More than half of this benefit has been allocated to development on the continent. We are balancing development — development effectiveness — with the financial sustainability of the institution.”
