Articles Of Agreement Afdb

A draft agreement was submitted to senior African officials and then to the Conference of Finance Ministers on the establishment of an African Development Bank. The conference was convened by the United Nations Economic Commission for Africa (UNCA) from 31 July to 4 August in Khartoum, Sudan. The Agreement establishing the African Development Bank (AfDB) was signed by twenty-three African governments on August 4, 1963. [9] The Agreement entered into force on September 10, 1964. [10] 4. Loans granted under this Article to the Bank shall be remunerated on the interest to be paid by the Bank to the lending Member at a rate corresponding to the average interest rate which the Bank has paid on its loans from special funds for a period of one year before the conclusion of the loan agreement. This rate may in no case exceed a maximum rate fixed from time to time by the Governors of the Governing Council. 1. Members may not maintain or require the participation or use of the following points by the Bank or a beneficiary of the Bank for payments: the NTF uses its resources to finance projects of national or regional importance that promote the economic and social development of the low-income MIC, whose economic and social conditions require financing on non-conventional terms. In 1996, the NTF had a total resource base of $432 million. It grants loans at a rate of 4% with a repayment period of 25 years, including an additional period of five years.

[15] Loans can be used for both long- and short-term loans. [16] (a) borrow funds in the Member States or elsewhere and, in this context, to provide such guarantees or other guarantees, as if it were always provided that (d) the gold or currencies to be paid by the Bank for capital, interest, dividends or other taxes relating to loans or investments from any of the funds referred to in points (a) to (c), or for the payment of commissions or commissions relating to the guarantees issued by the bank; and AfDB highlights the role of women, as well as education reforms, and has supported important initiatives such as debt relief for heavily indebted poor countries and the New Partnership for Africa`s Development (NEPAD). [21] 5. The Bank shall repay the loan and interest due in the currency of the loan member or in an acceptable currency. 1. The Bank shall benefit from any form of judicial proceedings, except in cases resulting from the exercise of its bondary powers, if it deals with or has issued an agent only before a competent court in the territory of a member in which the bank has its registered office, or in the territory of a member or a third country in which it processes or has issued an agent for the purpose of accepting service of securities Guaranteed. However, members or persons acting for members or asserting members` rights may not bring an action. The constitutive meeting of the Board of Governors of the Bank was held in Lagos, Nigeria, from 4 to 7 November 1964. The Bank`s headquarters were opened in March 1965 in Abidjan, Côte d`Ivoire, and the Bank`s activity began on 1 July 1966. From February 2003, due to the political conflict then prevailing in Côte d`Ivoire, the Bank operated from its temporary relocation agency in Tunis, Tunisia. .

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