AfDB boosts its ‘One Bank’ policy to expand African economies in 2011

The African Development Bank (AfDB) said it strengthened its “One Bank” approach during the 2011 financial year in order to make the economies and social structures of its member countries in Africa strong.

The policy, the AfDB says, is in contrast to a more limited, product-driven strategy. With the One Bank approach, the AfDB Group offers a holistic approach to the needs of its regional member countries (RMCs) in Africa.

The policy maximises the use of the AfDB Group’s resources, instruments and competencies across financing windows, and also engages both the Bank’s headquarters and its field offices.

According to the Tunis-based lender, one aspect of the “One Bank” way of operating has been through increased dialogue between the AfDB and the RMCs at the country level.  This has been made easier over recent years through institutional reform, in particular the AfDB’s decentralisation programme.

Features of the programme included setting up regional resource centres, empowering field offices and close engagement at the grass roots level, it says.

Also, as “One Bank”, the AfDB noted that it is able to work better not just with its RMCs, but also with its partners in the international development community, regional economic communities in Africa and civil society organizations.

The approach also further cemented the Bank’s position as the premier development finance institution and knowledge bank for Africa.

The AfDB Group has three resource windows – the African Development Bank, the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). Each resource window offers different terms and conditions, which are tailored to the needs of the RMCs.

The AfDB delivers its development assistance through two main channels – the public sector and the private sector.

By Ekow Quandzie