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AfDB retains top spot in 2024 aid transparency index

PUBLISH What You Fund, the global campaign for aid and development transparency, has named the African Development Bank’s (AfDB) sovereign portfolio the most transparent.

Sovereign Portfolio means any account, trust, or other investment vehicle (except “Fund’ over which the firm has investment management discretion.

The portfolio emerged first out of 50 global development institutions with a top score of 98.8 in its 2024 Aid Transparency Index released on Tuesday, July 16.

The Bank’s sovereign portfolio climbed four places in the ranking in 2022 to top the Index, setting the standard for high-quality data publication.

The AfDB in a statement issued on Tuesday, July 16, said the Aid Transparency Index had tracked the transparency of the largest international aid organisations over the last 12 years.

The 2024 Index assesses six sovereign (public sector) portfolios and six non-sovereign (private sector) portfolios of development finance institutions (DFIs).

AfDB noted that sovereign portfolios of development finance institutions occupy three of the top five positions in the ranking with the African Development Bank coming first, the InterAmerican Development Bank second, and the World Bank International Development Association fourth.

“I am delighted by this recognition from Publish What You Fund. It is a testament once again to the commitment of the Bank’s Board, management, and staff to continuously improve the disclosure of aid flows by providing consistent, high-quality, and easily accessible data,” said Akinwumi Adesina, President of the AfDB.

“This achievement is especially significant given the new, more rigorous assessment standards and transparency requirements for development financial institutions.

The rating of our sovereign portfolio as the most transparent development organisation in the world for the second consecutive time is simply extraordinary.

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“I commend Publish What You Fund for its vital and much-needed work in making aid and development efforts more transparent and effective,” Adesina added.

Topping the 2024 Index, the AfDB’s Sovereign Portfolio demonstrated its commitment to publishing very good, high-quality data about its activities, the report noted. It is used as an example of data published about the Zambia – Lusaka Sanitation Programme – Climate Resilient Sustainable Infrastructure Project.

The report commended the Bank for detailed publication of project objectives, impact appraisal documents, environmental studies, and evaluation reports – a total of over 29 documents in both French and English.

“We congratulate the African Development Bank as it continues to lead the Aid Transparency Index with its sovereign portfolio. This is the result of a persistent focus on transparency, meaningful involvement with the Aid Transparency Index process, and pro-active engagement with the IATI community,” said Publish What You Fund’s CEO Gary Forster.



“AfDB has demonstrated that progress can be made swiftly and effectively by adhering to best practices and ensuring the availability of information. The AfDB’s desire to provide useful and timely data doesn’t end with what we measure in the Index, we’re also impressed by their investment in Map Africa – a portal which helps stakeholders locate and learn about individual projects,” said Forster.

This year’s Index focuses on the prominence of development finance institutions as vehicles for international aid.




     

     

    “The ongoing Multilateral Development Bank (MDB) reform agenda promises to increase resources, allow higher risk investments, streamline business processes and improve coordination between banks. In most cases, the growth of the banks will be from greater borrowing on the capital markets rather than use of aid money,” the report said.

    The African Development Bank’s non-sovereign portfolio was assessed for the second time and separately in the 2024 Index. Its non-sovereign portfolio ranked 13th among the 50 global development institutions under comparison.

    The ICIR  reported that the AfDB made a case for an overhaul of the global financial architecture that would see African countries’ access to “concessional loans” devoid of the debt crisis.

    AfDB’s Adesina also made bold proposals to reform the global financial architecture that would see Africa become a greater voice in multilateral global lending institutions.

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    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

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