African Development Bank Ranks 4th on Global Transparency Index

African Development Bank Ranks 4th on Global Transparency Index

Publish What You Fund (PWYF) has ranked African Development Bank (AfDB), fourth out of 47 global development institutions on its Aid Transparency Index.

AfDB was ranked by the index using the “very good” indicator of performance. The African financial institution was ranked alongside the World Bank and Asian development bank in transparency excellence.

“We congratulate the African Development Bank-Sovereign portfolio on achieving 4th place in the 2020 Aid Transparency Index. As large quantities of aid are being reallocated to deal with the COVID-19 emergency, the transparency of international aid is more important than ever,” said Gary Foster, the CEO of Publish What You Fund.

The Index uses several criteria which range from finance and budgets, basic information data, to organizational planning and performance. For the year 2019, the African Development Bank scored 95.5 out of 100 on transparency, which is a significant improvement from the 2018 score.

Acting Senior Vice President for AfDB, Swazi Tshabalala said the result tells of the institution’s transparency at a time it is being questioned.

“I am absolutely delighted with this achievement. It crowns this institution’s commitment to transparency at a time when it has never been so important. With such large volumes of funding now being assigned to combat the COVID-19 pandemic, it is crucial for our citizens to know how much, where and when African development Bank is investing in Africa’s development,” he said.

Weeks ago, the development bank came under serious allegations of inconsistency and carrying out activities void of transparency. The president, Akinwunmi Adesina came under investigation, putting the bank in spotlight, especially as the COVID-19 pandemic has triggered the aid function of the development bank.

The African Development Bank has been giving out millions of dollars in aid to African countries to mitigate the effects of the pandemic. However, the activities of the bank have been under scrutiny following the allegation of corruption made by the United States.

The web-based platform, MapAfrica, that maps all of the Bank’s investments across the African continent, illustrated the institution’s commitment to transparency. Though the allegations were not based on the financial functions of the AfDB, it is believed that the PWYF report is enough testimony to discredit the allegations.

Publish What You Fund has produced the index yearly since 2011, with the collaboration of other aid organizations.

“It is promising to see an increase in the quantity, quality and timeliness of aid data now being shared by a broad cross section of the world’s major aid agencies. As we work together to fill the gaps in the aid data landscape, we look forward to exploring how we can best meet the demand for data and data engagement,” Foster said about the credibility of PWYF.

Advertisements

Share this post

Post Comment