Africa-Press – Namibia. GLOBAL credit rating agency Fitch Ratings has affirmed the African Development Bank’s long-term credit rating at AAA, with a stable outlook.
This strong endorsement of the African Development Bank (AfDB) is reflective of the bank’s financial strength and profile, as well as the support of its shareholders.
The importance of the bank’s public mandate, its governance, and the excellent quality of its risk management were also highlighted by Fitch.
“This stellar credit rating allows the AfDB 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,” said AfDB acting vice president for finance and chief finance officer Hassatou N’Sele.
Based on its strong financial position, the bank has launched game-changing initiatives for Africa, from helping African countries build back from Covid-19 recovery, to tackling the global food insecurity crisis sparked by the Russia-Ukraine conflict.
As the global food crisis brought growing fears of food insecurity in Africa, the bank approved a US$1,5 billion African emergency food production facility, which will provide 20 million smallholder farmers the ability to rapidly produce 38 million tonnes of food.
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