This article is part of a series developed in collaboration with the African Development Bank to honor its sixtieth anniversary.
For insights into the Bank’s history and its current initiatives across the continent, please visit our dedicated portal.
In celebrating its Diamond Jubilee this year, the African Development Bank has organized numerous events throughout the continent to commemorate 60 years of advancing social and economic development in Africa. The regional celebration in Southern Africa, held in Johannesburg in December, brought together leaders, stakeholders, and partners to reflect on the institution’s milestones and its visions for a brighter future. This gathering showcased not only the Bank’s contributions to Africa’s progress but also gave officials a platform to reaffirm their dedication to fostering development in the region.
At the event, Leila Farah Mokaddem, Director General of the African Development Bank Group, highlighted the enduring influence of the Bank.
“Sixty years ago, the African Development Bank was founded on a vision for a more prosperous Africa. Today, we celebrate not just the statistics but the changed lives and empowered communities that have emerged from our initiatives,” she noted.
With 226 projects underway in the region, the Bank has invested over $11 billion in Southern Africa. Among these projects is the SADC Sub-Regional Transport and Facilitation Project, a $231.3 million initiative designed to connect Malawi and Mozambique for improved trade and reduced regional vulnerabilities. The Lesotho Highlands Water Project, valued at $2.1 billion, has enhanced water transfer and hydroelectric power services, tackling critical energy security challenges. The Kazungula Bridge Project, supported by $81.6 million from the Bank, has bolstered connectivity between Zambia and Botswana along the North-South Corridor. Additionally, the Bank recently approved a $1 billion sovereign-backed corporate loan to Transnet, supporting the recovery and expansion of South Africa’s freight transport sector.
Also present at the celebration was Enoch Godongwana, South Africa’s Minister of Finance, who reflected on the Bank’s contributions to the region and the collaboration between his country and the African Development Bank. “The Government of the Republic of South Africa shares in this significant celebration alongside the African Development Bank. Our region, particularly South Africa, continues to benefit from a fruitful partnership with the Bank as we work together towards creating a better Africa for future generations.”
Looking to the future, Godongwana stated, “As we gather to celebrate the numerous achievements of our collective efforts, we recognize the importance of advancing Africa’s development agenda. This milestone motivates us and reinforces our commitment to a shared vision for the coming 60 years!”
In alignment with Godongwana’s remarks, Mokaddem called upon all partners, including government entities, private sector stakeholders, and international organizations, to join forces with the Bank in building a more inclusive and sustainable Africa. “Our mission remains unfinished,” she emphasized, reiterating that “together, we can address climate-related challenges and mobilize resources to ensure that no one is left behind.”
Under its new Ten-Year Strategy, the African Development Bank intends to focus on integrated regional projects and climate resilience, with initiatives such as the Lobito Rail Integrated Corridor—connecting Angola, the Democratic Republic of Congo, and Zambia—set to stimulate economic growth, improve agricultural value chains, and attract investments in renewable energy.
As the largest development finance institution on the continent, with authorized capital of $318 billion and a Triple A credit rating, the African Development Bank is a vital partner for African nations, enhancing their economies through interventions in agriculture, manufacturing, energy, infrastructure, trade, health, education, and other social services. The Bank is also spearheading climate action by directing investments to support its member countries’ climate goals.
