Annual Meetings underscore fintech’s potential to build growth into Africa’s financial sector

The African Development Bank has received five awards in the 2022 Achievement Awards organized by EMEA Finance(link is external). The awards were announced on Thursday 8 June 2023 in London.

The EMEA (Europe, Middle East and Africa) Finance Achievement Awards are nominated by banks and their clients and chosen by the EMEA Finance editorial team to highlight the innovative work taking place in the region's capital markets. The Awards recognize the most notable transactions and the firms behind them across a variety of markets, including debt and equity capital markets, loans, Islamic finance, structured finance and more.

The African Development Bank was recognized as the Best supranational borrower in 2022 in the Debt Capital Markets category. This award reflects the outstanding performance of the African Development Bank during the year. As of December 2022, a total amount of USD 8.9 billion had been raised from financial markets, representing 94% of the institution’s USD 10 billion approved borrowing program for the year.

"The AfDB's treasury team delivered outstanding results for the bank in 2022. First, the team was able to meet the bank's planned funding thresholds, then they completed a diversified set of currency borrowings, and finally the group continued to expand the bank's investor base," says Christopher Moore, publisher and CEO of EMEA Finance magazine. "All told, the bank won five awards in EMEA Finance's Achievement Awards 2022 awards package, and was not only our Best multinational borrow, but also took home an award for the bank's €1.25 billion 7-year social issuance."

In 2022, the African Development Bank executed four global benchmarks, two EUR benchmarks and two USD benchmarks which garnered strong investor interest globally, contributing to further expansion and diversification of the Bank's investor base. These transactions were complemented by a 3-year GBP 600 million global benchmark issued in the British pound market. In the Environmental, Social, and Governance (ESG) space, the Bank issued 2 green bonds, 2 social bonds, and 27 theme bonds related to its five strategic operational priorities, the “High 5s”, namely “Light up and Power Africa”, “Feed Africa”, “Industrialize Africa”, “Integrate Africa” and “Improve the Quality of Life for the People of Africa”.

The Bank also won:

Best supranational bond: For the African Development Bank’s EUR 1.25 billion 5-year Global Benchmark due March 2027.

Best social bond: For the African Development Bank’s EUR 1.25 billion 7-year Social Bond Benchmark due September 2029. This transaction marked the Bank’s second EUR Global Benchmark in 2022, following the EUR 1 billion 5-year benchmark issued in March, extending further the Bank’s EUR curve. Additionally, this new line brought a new liquid and on-the-run reference point in the 7-year part of African Development Bank’s EUR curve, refreshing a key benchmark maturity, which the Bank last visited in 2017.

Best kangaroo bond: The African Development Bank’s AUD 155 million 10.5-year Kangaroo Social Bond due October 2032 won the 2022 “Best kangaroo bond”. The AUD is the 5th currency in which the Bank has issued social bonds since the establishment of its Social Bond Program in 2017. The success of this AUD transaction is reflective of the Bank’s solid social bond framework and the high quality of its impact reporting.

Best Swedish krone bond: For the African Development Bank’s SEK 1.5 billion 5-year Green Bond due February 2027. This transaction represents the Bank’s 7th green bond issuance in the Swedish krona market since the establishment of its Green Bond Framework in 2013.

By issuing green bonds, the Bank is advancing its mission to spur sustainable economic development and social progress in Africa. It is also capitalizing on its track record of financing projects in the fields of climate change adaptation and mitigation. African Development Bank’s green bonds target renewable energy, energy efficiency, biosphere conservation, sustainable water & wastewater management and other critical areas.

Omar Sefiani, Acting Treasurer of the African Development Bank Group said: “The Bank is extremely delighted to be receiving these awards which speak to the excellent work we have put in over the years to widen our investor base and grow our presence in the global capital markets. We look forward to continued innovation and providing the market with the relevant products that will help support Africa’s transition to a green and sustainable future.”

EMEA Finance is a bi-monthly magazine produced in London and covering the capital markets of Europe, the Middle East and Africa. EMEA Finance's Achievement Awards 2022 awards package recognizes the leading capital markets deals and the firms behind them across Europe, the Middle East and Africa. The fifteenth anniversary of the Achievement Awards Charity Dinner was held on June 8 in London, and brought together the EMEA region's leading companies, banks, multilaterals and sovereigns to celebrate their triumphs in dealmaking across a busy 2022. More information on the publication can be found at is external)