The United States is one of the Group of Seven nations holding 28 per cent investment grade equity in the African Development Bank (AfDB).
The others include Germany and Japan. About 41 per cent of their Group’s shareholding is held by non-regionals and multilateral development finance institutions.
The AfDB Group comprises three entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF).
The United States has been a member of the ADF since 1976 as well as the AfDB since 1983.
In 2008, the U.S. government, through a bilateral cooperation spelled out in the Memorandum of Understanding with the Bank signed with United State Agency for International Development (USAID), launched a five-year partnership.
The pact was in support of African small and medium-sized enterprises to accelerate investment in Africa.
The agreement also provided co-financing arrangements for a shared contribution of 40 per cent for the bank, 10 per cent for USAID and 50 per cent for other partnering banks.
Another Memorandum of Understanding was concluded in May 2016 with the Millennium Challenge Corporation that provides for sharing information and data, particularly in the power sector, focusing on mobilising private investment.
In addition to developing financial assistance, the U.S. government also provides support for productive investment and local development in the member countries of the AfDB.
Besides, USAID and the AfDB are cooperating on to establish a Multi-Donor Trust Fund for the agriculture sector, among others.
Under the arrangement, the USAID has committed about $11 million to the Multi-Donor Agriculture Fast Track Fund to facilitate project preparation in the agriculture sector in partnership of the African Legal Support Facility and the Sustainable Energy Fund for Africa.
A certain Mr Stephen Dowd is the U.S. government representative at the bank.