The African Development Bank President Akinwunmi Adesina has commended the bank’s Board of Directors and members of staff over the Fitch AAA rating accorded the bank.
Adesina made the commendation on his verified twitter handle @akin_adesina.
The global credit rating agency, Fitch Ratings had affirmed the African Development Bank’s long-term credit rating AAA with a Stable Outlook.
In the rating, the importance of the bank’s public mandate, its governance, and the excellent quality of its risk management were highlighted.
Adesina said the affirmation was a strong endorsement of the AfDB’s financial strength and profile, engendered through its shareholders support.
Meanwhile, the bank’s Acting Vice President for Finance and CFO, Hassatou N’Sele said the nod by Fitch Ratings was elating.
He said, “this stellar credit rating allows the African Development Bank to provide financial resources to African countries at favourable levels to develop their economies.
“This is extremely important in the current environment of rising interest rates and issues around debt sustainability.”
In a related development, AfDB’s role in shaping the global development landscape received additional recognition from ‘Publish What You Want,’ a global campaign for aid and development transparency.
It ranked the bank’s Sovereign Portfolio first out of 50 global development institutions.
The ranking was done in its 2022 Aid Transparency Index.