Moody’s Investor Service has affirmed the African Development Bank’s (AfDB) AAA credit rating, with a stable outlook.
In a press statement made available to BusinessDay, AfDB said the credit profile of AfDB was supported by the bank’s robust capital buffers and superior risk management.
Akinwumi Adesina, the President of AfDB said the AAA rating by Moody’s validates the strength of the bank’s prudent financial, risk management and strong governance systems even in the face of tough challenges imposed by the COVID-19 pandemic.
Adesina admitted that the extraordinary support of the bank’s shareholders boosts its capacity to finance African countries.
While assuring of health, economic and climate resilience, the AfDB President said they would continue to manage risks and capital requirements adequately to help African countries to build their economies back better and faster.
Reacting to the development, Swazi Tshabalala, acting senior vice president, vice president for finance and chief finance officer at the AfDB said the AAA rating from Moody’s follows earlier affirmations of the AAA rating of the bank, with stable outlook by other leading rating agencies such as Fitch Ratings, Standard and Poor’s Global Ratings and Japan Credit Rating Agency.
Meanwhile, Ghana and the African Development Bank Group have signed a Memorandum of Understanding (MOU) for 2021 Annual Meetings.
In a press statement, the bank stressed that the 56th Annual Meetings of the AfDB and the 47th Annual Meeting of the African Development Fund had been scheduled to take place from 24 to 28 May 2021 in Accra, Ghana.
