The African Development Bank (AfDB) has been named as the World's Best Multilateral Financial Institution for 2021 by Global Finance. The bank stood out at the 22nd edition of the Global Finance Best Investment Bank Awards, where the prestigious US magazine, which specialises in financial markets, recognises investment banking capacities. Global Finance named the AfDB as the best multilateral financial institution in the world, a global recognition of its constant efforts to provide its clients with support in financing their development. This award represents clear support to the operational strategy that the AfDB has been pursuing under the able leadership of its President, Akinwumi Adesina. It is noteworthy that Adesina was unanimously re-elected for a second consecutive five-year term as head of the institution last year. "With widespread expectations of consolidation in multiple sectors and all around the world, investment banks will play a leading role in reshaping the world economy post-pandemic," said Joseph Giarraputo, publisher and editorial director of Global Finance on announcing the winning list on 18 February 2021. He added, "Companies need more than ever to understand the specialties and skills that investment banks bring to the table, and the Global Finance awards are a valuable guide." "I am delighted at Global Finance's recognition of the African Development Bank as best multilateral financial institution in 2021," Adesina said, "It is a distinct honour, and I consider it as a mark of confidence in my leadership of Africa's premier multilateral finance institution." He described the award as one which was "duly earned", and credited the Bank's continued success to strong teamwork by staff across all its jurisdictions. Adesina added, "And I would be remiss if I did not recognise the support of our fabulous Board of Directors, who have made an accelerated approval process a hallmark of our pandemic response operations." In 2020, the AfDB received broad recognition for responding quickly to the needs of the African continent in the wake of the novel coronavirus (COVID-19) pandemic, and for its role in the social bond sphere. It has been widely recognised for quickly repurposing its 2020 lending programme, and in developing crisis response budget support through an accelerated approval process and quick disbursement. This ensure that the AfDB provides the relevant fiscal space for countries to respond to the most pressing economic effects of the COVID-19 crisis, as well as facilitate the purchase of critical imports and medical supplies necessary to fight the virus. The bank also put a strong focus on collaboration and partnerships to maximise its response to the crisis working with key development partners such as the World Bank and the International Monetary Fund (IMF). Despite challenges to its portfolio, it maintained very strong risk management practices.
