The African Development Bank has been ranked as the world’s Best Multilateral Financial Institution for 2021 by the world-renowned American Magazine, Global Finance.
Global Finance names the World’s Best Investment Banks every year, using input from industry experts. The criteria for selection includes; entries from banks, number and size of deals, market share, distribution network, innovation, efforts to meet market needs, and structuring capabilities.
A statement on the AfDB website said, “The award is an affirmation of the success of the operational strategy being pursued by the African Development Bank under the leadership of Akinwumi A. Adesina”.
In 2020, the African Development Bank received several awards for its swift response to the needs of African nations affected by the covid19 pandemic. The lender, in March 2020 issued the world’s largest (at the time of issuance) US dollar-denominated social bond $3 billion, with the aim to fight the adverse effects of the pandemic on African economies. Additionally, AfDB received the Environmental Finance’s 2020 bond of the year award for the successful issuance of the 1 billion social bond in Norway in 2019.
African Development Bank President Akinwumi Adesina, said: “I am delighted at Global Finance’s recognition of the African Development Bank as the best multilateral financial institution in the world in 2021. I am proud that for the first time since its establishment in 1964, the African Development Bank has risen to a position as a foremost globally-respected financial institution.”
Global Finance also named Renaissance Capital as the best investment bank in Kenya and Standard Bank as Africa’s top investment bank in 2021.