The African Development Bank (ADB) (also known as Banque Africaine de Developpement) is a major development bank in
Africa. It was established in 1963 by the Organisation of African Unity (OAU) with start-up capital of $250 million in order to promote economic and social development. Since then it has grown into a $33 billion, multinational development bank, with 52 African and 24 other shareholders.
ADB is backed by both African members and other overseas principals to provide Africa with greater independence from offshore credit. The ADB finances project and programme investments in member states, with a focus on regional projects. Affiliates of ADB include the African Development Fund (ADF) and the Nigeria
Trust Fund.
The ADB is overseen by a Board of Governers which
consists of representatives from each member country. It has an
Executive Council of nine members and a Board of 18 directors. The board
is responsible for the general operation of the bank.