AfDB secures development finance award
The African Development Bank (AfDB) has been recognised for its work in providing finance to African nations.At the Trade Finance Magazine 2010 Awards for Excellence awards ceremony in London, the AfDB was given a Highly Commended prize in the Best Development Finance Institution category. The body was praised for the establishment of its Trade Finance Initiative - which aims to boost the availability of financing required to facilitate trade - and Vice-President of Infrastructure, Private Sector and Regional Integration at the AfDB Bobby Pittman noted action had to be taken in order to combat the "detrimental impact" of the global financial crisis.
"In particular, as many African commercial banks were experiencing severe liquidity constraints, the AfDB had an important role to play in helping the continent through the financial crisis," he explained. Ghazi Ben Ahmed, Lead Trade Finance Officer at the AfDB - which counts 53 African countries among its shareholders - added the award highlights the relevance of the Bank's trade finance programme in assisting African nations with their recovery from the downturn.