The African Development Bank has been adjudged the Development Finance Institution (DFI) of the year award at the TXF GLOBAL 2024 Export, Project & Development Finance Conference. This recognition recognizes the African Development Bank as a pioneer in multilateral development bank (MDB) innovation.
The Bank was recognized for its first hybrid capital issuance in January 2024. The $750 million 10.5-year perpetual non-call hybrid capital issuance has not only established a promising benchmark but also signaled what could be the first in a new asset class of MDB hybrid offerings, in alignment with recommendations from the G20 Capital Adequacy Framework Review.
TXF Global 2024 conference, hosted by TXF (export finance), Proximo (project finance), and Uxolo (development finance), brought together over 1500 representatives from export credit agencies, development finance institutions, exporters, borrowers, project sponsors, SOEs, government ministries, commercial banks, private market insurers, brokers, law firms and institutional investors. The conference was held in Greece- Athens from 11-12 June.
Hassatou N’Sele, Vice-President for Finance and Chief Financial Officer of the African Development Bank, stated upon receiving the award.
“The Bank will continue to explore financial innovations and spearhead key initiatives to boost its capacity to deliver on its development mandate.”
The award underlines the African Development Bank’s commitment to and effectiveness in promoting economic development in Africa, and its crucial role in providing financing and expertise to support sustainable economic growth, reduce poverty, and improve the living conditions of Africans.
Following the approval of the use of hybrid capital to channel Special Drawing Rights (SDRs) by the International Monetary Fund (IMF) Executive Board, the African Development Bank and the InterAmerican Development Bank championed an initiative to increase the firepower of Multilateral Development Banks and their capacity to meet global challenges at no cost to taxpayers while preserving the reserves of the countries.
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