One of Malawi’s economic development partner institutions, African Development Bank (AfDB), has been named the best multilateral financial institution in the world for 2021.
The accolade has come from the United States-based magazine Global Finance.
This comes at a time the institution has just released funds to shore up Malawi’s economic resilience efforts as the Covid pandemic rages.
Ministry of Finance spokesperson Williams Banda indicates that, in October last year, AfDB released $45 million to go towards Covid response support.
Commenting on the accolade, the bank’s president Akinwumi Adesina described the award as deserved.
He said the bank has made strides in combating economic impacts of Covid in different economic spheres, among other interventions.
“I am proud that, for first time since its establishment in 1964, the African Development Bank has risen to a position as a foremost globally-respected financial institution,” Adesina said.
In 2020, the bank received broad recognition for responding swiftly to the needs of the continent in the wake of the Covid pandemic and for its pioneering role in the global social bond market.
Last year, it was also selected in a poll of global bond market players as the best issuer for its $3 billion dollar-denominated fight Covid social bond, issued on March 27 2020.
Global Finance Editorial Director Joseph Giarraputo said the magazine thrives on helping people to make sound financial decisions by exposing reliable financial institutions.
“With widespread expectations of consolidation in multiple sectors and all around the world, investment banks will play a leading role in reshaping the world economy post-pandemic,” Giarraputo said.