In 2023, the African Development Bank approved projects worth roughly $10.76 billion, according to figures from its annual report. These numbers are the bank’s second-highest recorded figures for a calendar year, behind only the $10.8 billion approved in 2009, which was primarily in response to the global financial crisis.
The bank records its financials in UA, or unit of account, which is similar to the Special Drawing Rights of the International Monetary Fund. In 2023, the estimated conversion rate was UA1 = $1.34. All figures mentioned in this analysis used this conversion rate unless stated otherwise.
Using the bank’s MapAfrica data portal, Devex extracted more detailed information on which projects were approved in 2023 and where the money went.