African Development Bank

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Updated: Aug 20, 2021

A regional international bank established in 1964 for assisting in the economic growth of the independent African states. In 1972 an affiliated organization, the African Development Fund, was set up with a membership open, unlike that of the Bank, to non-African states. It is through this Fund that loans are made to member states at low rates of interest. Affiliation to the Fund has also enabled the Bank to broaden its sources of fonds for investment. In 1982, the African membersof the Bank agreed to open its membership to non-African states. In 1979 the Bank and the Fund together made available a total of about $150 million in grants and loans for development aid.

Reference: The Penguin Dictionary of Economics, 3rd edt.



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