The African Development Bank (AfDB) has achieved a remarkable milestone by topping the 2024 Aid Transparency Index, published by Publish What You Fund. The pan-African institution’s sovereign portfolio was recognized as the most transparent among 50 global development organizations, earning an impressive score of 98.8. This accolade underscores AfDB’s commitment to high standards of data publication and transparency.
Dr. Akinwumi Adesina, President of the AfDB, expressed his delight at the recognition, attributing the success to the ongoing dedication of the Bank’s Board, management, and staff. “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,” Adesina stated.
The 2024 Aid Transparency Index evaluates development finance institutions (DFIs) on their data publication practices, assessing both sovereign (public sector) and non-sovereign (private sector) portfolios. This year’s index, notable for its more rigorous standards and transparency requirements, placed the AfDB’s sovereign portfolio at the pinnacle of transparency globally. The InterAmerican Development Bank followed in second place, while the World Bank’s International Development Association secured fourth position.
Adesina highlighted the significance of this achievement, emphasizing the rigorous standards applied in the assessment. “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 organization in the world for the second consecutive time, is simply extraordinary,” he added. Adesina also commended Publish What You Fund for its crucial role in enhancing aid and development transparency.
The 2024 index assessed six sovereign and six non-sovereign portfolios, with AfDB’s sovereign portfolio being lauded for its comprehensive data publication. Publish What You Fund cited the example of the Zambia – Lusaka Sanitation Program – Climate Resilient Sustainable Infrastructure Project as a model of transparency. The report praised AfDB for its detailed documentation of project objectives, impact appraisals, environmental studies, and evaluation reports, totaling over 29 documents available in both French and English.
Gary Forster, CEO of Publish What You Fund, acknowledged AfDB’s dedication to transparency, stating, “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.”
In addition to its sovereign portfolio’s top ranking, AfDB’s non-sovereign portfolio was also assessed for the second time in the 2024 Index, securing 13th place among the 50 global development institutions evaluated. This further underscores AfDB’s commitment to transparency across all facets of its operations.
Overall, the AfDB’s performance in the 2024 Aid Transparency Index highlights its leadership in promoting transparency and accountability within the development finance sector. The Bank’s continued efforts to provide accessible, high-quality data play a crucial role in enhancing the effectiveness of aid and development initiatives worldwide.
Kenya and India are in advanced talks for a loan facility of Sh32.2 billion (USD 250 million) to enhance trade Read more
Governor Johnson Sakaja recently distributed 1,000 title deeds in a ceremony held at Charter Hall. This event marks another significant Read more
Saudi Arabia's Crown Prince Mohammed bin Salman (MBS) made a strong statement on Wednesday, September 18, 2024, reaffirming that the Read more
Germany’s Economics Minister, Robert Habeck, has called for a political resolution between the European Union (EU) and China. His remarks Read more
Russian President Vladimir Putin has signed a decree extending the country's food embargo on imports from Western nations for an Read more
The Tourism Fund is under fire for accumulating Sh3.4 billion in interest penalties due to delayed payments in the construction Read more