Malawi Philately: 1969 African Development Bank

The African Development Bank Group (ADB) or Banque Africaine de Développement is a multilateral development finance institution to African governments and private companies investing in the regional member countries (RMC).

Following the end of the colonial period in Africa, a growing desire for more unity within the continent led to the establishment of two draft charters, one for the establishment of the Organisation of African Unity (established in 1963, later replaced by the African Union), and for a regional development bank.

A draft accord was submitted to top African officials then to the Conference of Finance Ministers on the Establishment of an African Development Bank. This conference was convened by the United Nations Economic Commission for Africa (UNECA) in Khartoum, Sudan, from 31 July to 4 August. It was here that the agreement establishing the African Development Bank (AfDB) was cosigned by twenty-three African governments on 4 August 1963. The agreement came into force on 10 September 1964.