Which development bank began operations in 1966 to support economic development in Africa?
Answer
African Development Bank
The African Development Bank began operations in 1966 to support economic development in Africa.
The institution was established by agreement in 1964 and started operating two years later. Its purpose is to help finance projects and policies that promote sustainable economic development and social progress across African countries.
The African Development Bank Group includes the African Development Bank itself, the African Development Fund, and the Nigeria Trust Fund. These parts serve countries with different levels of income and financing needs.
The bank is sometimes confused with the African Export–Import Bank, which is a separate trade-finance institution. The African Development Bank is a multilateral development bank owned by regional and non-regional member countries.