AfDB Group Financial Presentation - May 2005
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  • 1. African Development Bank Financial and Operational Analysis May 2005
  • 2. Highlights 2000 to 2004  Commission for Africa established and UN Millennium Project launched 2004  The tenth replenishment of the African Development Fund (ADF) was the highest ever  Launched US$ 14.2 billion Rural Water Supply and Sanitation Initiative to accelerate access to safe water for Africa  Post conflict country facility (PCCF) established  Reaffirmation of ‘AAA’ credit ratings by Fitch, JCR, Moody’s and Standard & Poor’s  Highest level of operations and income as well as lowest cost of funds ever achieved in the capital markets  African Ministers Council on Water (AMCOW) appoints Bank Group as host of the African Water Facility 2003  Successful execution of business continuity plan and smooth relocation to back up facilities  Nigeria creates a Technical Co-operation Fund to promote intra-Africa technical cooperation  Upgrade by Standard & Poor's to 'AAA'  The largest bond transaction by the Bank - USD 1 billion global  Monterrey Consensus on Financing for Development 2002  Ninth replenishment of the ADF  New organization structure and Strategic Plan 2003-2007 to enhance selectivity and responsiveness  Initiated the establishment of the African Law Institute  Championed a donor coordinated initiative to clear arrears owed by Democratic Republic Congo, the bulk of arrears owed to the Bank Group  International Financing Review's (IFR) Agency/Supranational Bond of the Year Award received for first global bond (US$ 500 million)  New Partnership for Africa's Development (NEPAD) launched by African Heads of State 2001  NEPAD appoints the Bank Group as leader on infrastructure, banking and financial standards  First Bank Group Annual meeting outside Africa - Valencia, Spain  International Accounting Standard (IAS) 39 adopted by the Bank  Unlimited Global Debt Issuance Facility set up to enhance flexibility with respect to capital markets activities  First Hong Kong dollar and Singapore dollar bond transactions by the Bank  Millennium Development Goals adopted 2000  Creation of the African Union  Omar Kabbaj re-elected as President of the Bank Group  New financial products, including guarantees and risk management products, approved 2  First guarantee transaction executed (a local currency syndicated loan to MTN-Cameroon)  JPY 50 billion bond transaction by the Bank
  • 3. Highlights 1995 to 1999  Enhanced Highly Indebted Poor Country Initiative (HIPC) implemented 1999  Established Joint Africa Institute with World Bank and IMF  Developed Bank Group's Vision Statement through broad consultations with all stakeholders  Eight replenishment of ADF  One billion Euro-commercial Paper facility established  Fifth General Capital Increase raised authorized capital by 35 % to US$ 34 billion 1998  Project AFRICA, a bankwide initiative to streamline business processes using SAP as platform  First Rand denominated line of credit to Development Bank of South Africa  First Rand denominated bond issue  Uganda becomes the first country to qualify for HIPC 1997  New loan products offering clients interest rate and currency choice  South African Rand introduced as a borrowing and lending currency  First Yen structured private placement bond transaction issued by the Bank  HIPC Initiative approved 1996  African Heads of State meet to deliberate on the future of the Bank Group  Seventh replenishment of ADF  Financial reforms initiated  FRF 2 billion bond transaction by the Bank  New Credit Policy adopted 1995  Accession of Republic of South Africa to Bank membership  Omar Kabbaj elected as President of the Bank Group  Strategic renewal and Institutional reforms initiated  ‘AAA’ credit ratings by Fitch, JCR, Moody’s, AA+ by Standard & Poor’s 3  US$ 400 million subordinated debt issued in Yankee market
  • 4. Table of Contents I. Bank Group Profile (1995 – 2004) II. Bank Group Action Plan for the Future III. ADB Financial Profile Appendices  ADB Financial Statements  Africa at a Glance 4
  • 5. I. Bank Group Profile (1995 – 2004)
  • 6. The Bank Group embodies an effective partnership for the development of Africa Africa Europe Algeria Libya Austria Netherlands Angola Madagascar  African Development Bank (ADB) Belgium Norway Benin Malawi Denmark Portugal Botswana Mali – Established in 1964 Finland Spain Burkina Faso Mauritania France Sweden Burundi Mauritius – Subscribed capital - US$ 33.54 billion Germany Switzerland Cameroon Morocco Italy UK Cape Verde Mozambique – 53 African and 24 non-African countries Central African Rep. Namibia Chad Niger Comoros Nigeria Congo Rwanda  African Development Fund (ADF) North & South America Cote d’Ivoire S. Tome & Principe D. R. Congo Senegal Argentina Canada Djibouti Seychelles – Established in 1972 Brazil USA Egypt Sierra Leone Equatorial Guinea Somalia – Subscriptions - US$ 19.98 billion Eritrea South Africa Ethiopia Sudan – Primarily financed by non-African countries Middle East Gabon Swaziland Kuwait Saudi Arabia Gambia Tanzania Ghana Togo Guinea Guinea Bissau Tunisia Uganda  Nigeria Trust Fund (NTF) Asia Kenya Zambia Lesotho Zimbabwe – Established by Nigeria in 1976 China India Liberia Korea Japan – Total assets of US$ 572 million 6
  • 7. Through its three constituent windows, the Bank Group addresses the diverse needs of African countries  African Development Bank – Up to 20 years maturity including 5-year grace period – Market-based lending terms  African Development Fund – Up to 50 years maturity including 10-year grace period – Service charge of 75 bp and commitment fee of 50 bp starting 120 days after signature  Eligible to ADB funding – Grants represent 44% of ADF-X resources (13 countries)  Eligible to ADF funding (38 countries)  Nigeria Trust Fund  Eligible to ADB and ADF – All African countries are eligible to NTF funding funding (2 countries) – Up to 25 years maturity including 5-year grace period – Interest rate of 2% to 4% and commitment fee of 75 bp starting 120 days after signature 7
  • 8. The Bank Group supports critical sectors in all regions of Africa Social 32.5% Agriculture Transport 11.6% & Rural 16.6% Finance 23.8% Developme 13.4% nt 18.3% 14.8% 13.8% 12.1% Industry Other 5.5% 3.0% 2.7% Water Multi-sector Power Supply 15.3% Supply Central Africa East Africa 7.5% 9.1% North Africa Southern Africa West Africa Multiregional Over 3,000 cumulative approvals amounting to USD 52 billion as of 31 December 2004 8
  • 9. Bank Group financial assistance is maintained at a level that ensures high quality operations In SDR million 2 787 2004 APPROVALS IN US$ 3 000 9 2 374  Bank Group approvals amounted to 301 2 500 5 US$ 4.33 billion 2 039 437 10 708  Heavily Indebted Poor Countries (HIPC) 2 000 1 766 approvals amounted to US$ 1.57 billion 175 263 23 2 188 including US$ 905 million for Democratic 1 500 Republic of Congo 945 697 996 957  ADB approvals excluding HIPC 1 000 540 amounted to US$ 1.26 billion1 86  ADF approvals excluding HIPC 500 812 880 746 812 amounted to US$ 1.49 billion 454 0  NTF approvals amounted to 1995 2001 2002 2003 2004 US$ 14.4 million ADB approvals excluding HIPC ADF approvals excluding HIPC HIPC approvals (ADB) HIPC approvals (ADF) 9 NTF approvals
  • 10. Country ownership, greater selectivity and rigorous project selection have resulted in a high quality portfolio 9.00  Credit policy directs ADB market-based lending to lower risk countries, while ADF concessional resources are directed at the low income countries  Heavily Indebted Poor Countries (HIPC) debt relief effectively guarantees debt 7.00 service on market-based ADB loans made to low income countries prior to the adoption of the credit policy in 1995 5.00 3.29 3.07 2.97 2.92 2.97 3.00 1.00 2000 2001 2002 2003 2004 10 ADB Public Sector Portfolio Risk Rating on a risk scale of 1 (lowest risk) to 10 (highest risk)
  • 11. Development of competitive private sector across Africa is a strategic priority for the Bank Group Approvals in SDR million Weighted average risk rating 1200 4.7 5.0 4.5 1000 Finance 4.0 54.9% 3.5 Infrastructure 3.5 800 3.2 3.5 19.1% 3.0 Health 600 2.5 0.3% 1115 949 2.0 Miining 400 Manufacturing 1.5 2.8% Oil & Gas 5.5% 751 19.1% 1.0 Tourism 200 Agribusiness 555 2.8% 68 0.5 1.4% 0 0.0 1995 2001 2002 2003 2004 Cumulative Approvals Weighted Average Risk Rating Sector Distribution  Continue to emphasize financial intermediation,  Non-sovereign guaranteed lending accounts for 6% focusing on lines of credit with technical assistance, of the total ADB portfolio syndication, leasing and trade finance  New private sector strategy leverages the Bank’s  Expand infrastructure intervention through public experience with sovereign guaranteed operations private partnerships, focusing on renewable energy such as hydro, wind, water purification in rural areas  Introduction of private sector country profiles, a country by country comprehensive analysis of  Expand franchising, support to women entrepreneurs, private sector issues to be included in the Bank’s corporate governance and corporate social country strategy responsibility  Dedicated portfolio management group to monitor 11  Co-financing with partners to share risk and expertise projects
  • 12. The significant increase in the ADF replenishment level demonstrates support of the donor community to Africa KEY HIGHLIGHTS OF ADF-X 2005 ADF X 3.7 2002 ADF IX 2.6  Grant resources more than doubled from 21% under ADF-IX to 44% 1999 ADF VIII 2.2  To curtail their debt burden 26 countries will 1996 ADF VII 1.7 receive 100% of assistance in the form of grants instead of loans 1991 ADF VI 2.5  Initial allocation of SDR 100 million 1988 ADF V 2.1 (US$ 155 million) made to the Bank’s Post- Conflict Country Facility (PCCF), with the 1985 ADF IV 1.5 possibility of further increases, if need be 1982 ADF III 1.1  Up to 30% of the financial requirements of 1979 ADF II 0.6 the Rural Water Supply and Sanitation Initiative will be provided by ADF 1976 ADF I 0.3  Allocation to multinational projects 0 1 2 3 4 increased from 10% to15% in the context of 2 regional integration and NEPAD ADF Resources (in SDR billion) 12
  • 13. The Bank’s largest shareholder, Nigeria, supports the Bank Group and continent through the Nigeria Trust Fund  NTF has approved 72 projects for US$ 402 million Communication in 30 countries since 1976 Social sector 9% 18% Finance 6%  Concessionality of loans extended by reducing Industry interest rates in 2003 to a minimum of 2% 5% Power supply  Participate in the HIPC Trust Fund through 10% Transport 4% 33% net income allocation Water supply 6% Agricultural &  Nigeria created a US$ 25 million technical Rural development 19% cooperation fund in 2004 Sector Distribution 13
  • 14. Cofinancing and partnership are critical elements of the Bank Group’s strategy 5% 1%  Since inception, 833 projects have benefited 13% from cofinancing with US$ 74 billion mobilised 30% from sources other than the Bank Group 8%  In 2004, 31 projects benefited from cofinancing with US$ 3.1 billion raised from other sources and implying a leverage of more than 2.3 times the Bank Group’s resources 17%  Memorandum of Understanding with various Sector Distribution 26% multilateral agencies. 25 technical cooperation grants managed by the Bank Group Multisector Energy Sector Poverty Reduction Water Supply and Sanitation Infrastructure Agricultural Sector Social Sector 14
  • 15. The Bank Group champions critical initiatives for the continent International Comparison HIPC Initiative Program Rural Water Supply and Sanitation Initiative Post-Conflict Country Facility African peer review mechanism African Water Facility Governance 15
  • 16. The Bank’s governance activities include the promotion of transparency, responsibility and accountability Credit ratings  19 countries already rated by international credit rating agencies while some other countries are in the process  United Nations Development Program (UNDP) and the United States (US) sponsored initiatives facilitate the process African Peer Review Mechanism  24 countries have so far acceded to the African Peer Review Mechanism (APRM), a voluntary self monitoring governance mechanism  The Bank Group is an APRM strategic partner in economic and corporate governance and country assessment 16
  • 17. II. Bank Group Action Plan for the Future
  • 18. Most African countries will not achieve the Millennium Development Goals if development efforts are not accelerated 4 5 Improve 1 Reduce child mortality maternal health Eradicate extreme poverty and hunger A global partnership for development 8 Combat HIV/AIDS, Promote gender Ensure environmental malaria, and other Achieve universal equality sustainability diseases 3 2 and empower women 6 7 primary education 18
  • 19. The Bank Group is well positioned to scale up its activities to meet Africa’s development challenges 19
  • 20. The Bank’s comprehensive approach to re-engineering its operations is reflected in the shareholder support for its Action Plan 1996 to 1999 2000 to 2004 2005 to 2007  US$ 80 million increase by 2007 in Bank  Three-year phased approach to leverage Group administrative budget to enhance the Bank’s experience with managing institutional capacity corporate growth  Number of field offices to be increased  Over 400 additional staff including 300 for from 9 to 25 by 2006 field offices by 2007 20
  • 21. Objectives of the Action Plan, a comprehensive time-bound program that consolidates the Bank’s achievements over the last decade Enhancing development effectiveness by strengthening diagnostic studies and country programming managing for results establishing the Bank as a leading knowledge institution pursuing harmonization and alignment Strategic positioning through initiatives such as New Partnership for Africa Development (NEPAD) Rural Water Supply and Sanitation Initiative (RWSSI) building strategic partnerships; Building institutional capacity to deliver mandate by realigning resources to corporate priorities increasing staffing for key activities reinforcing the control framework streamlining business processes. Accelerated decentralization program and new corporate governance functions 16 offices in 2005-2006 for total of 25 inspection function compliance review anti-fraud and anti-corruption mechanisms. 21
  • 22. III. ADB Financial Profile
  • 23. ADB Summary Financial Information (in SDR million)3 1995 2001 2002 2003 2004 2004 US$ million Approvals including HIPC 454 987 1,068 746 1,520 2,360 Assets 9,553 8,873 8,197 10,034 10,044 15,598 4 Subscribed Capital 15,750 21,491 21,510 21,564 21,597 33,542 5,6 Paid in Capital net of CEAS 1,445 1,770 1,803 1,866 1,920 2,982 7,8 Reserves before IAS 39 604 1,195 1,356 1,480 1,572 2,441 Adjustment 8 Net Income before IAS 39 69 125 189 178 220 341 23 Adjustment
  • 24. The Bank’s strong risk bearing capacity is reflected in the growth in its reserves to which more has been added in the past decade than in the first three decades Net Income excluding IAS 39 Adjustment Reserves net of CCTA excluding IAS 39 1 572 1 480 1 356 In SDR million 1 195 1 114 1 016 919 847 710 604 189 178 220 104 117 112 124 117 125 69 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 24
  • 25. 9 The Bank continues to allocate increasing amounts of net income to development initiatives to accelerate development 144  HIPC initiative: 23 African countries In SDR million 15 out of 32 eligible have received 115 5 11 US$ 4.2 billion in debt relief 6 10  PCCF facilitates the reconstruction 36 efforts of post-conflict countries 45 57 10 including arrears clearance. Burundi and Congo benefited in 2004 10 30 9 22 10  Increased contribution to the Middle 54 1 5 15 37 Income Country (MIC) Technical 6 0 10 13 Assistance Trust Fund to enhance competitiveness of operations in 1995 2001 2002 2003 2004* Middle Income Countries 12 13 DRC Special Account PCCF 10 Allocation to ADF Special Allocation to ADF 11 Allocation to HIPC Trust Fund Allocation to Special Relief Fund 14 Allocation to Technical Assistance Funds* MIC Technical Assistance Fund 25 (*) Proposed allocation for 2004
  • 26. Strong shareholder support underscores the Bank’s strong financial and operational condition In SDR million 25 000 21166 21178 21249  The Fifth General Capital increase 21294 in 1998 raised authorized capital 20 000 base by 35% to US$ 34 billion 15746 15 000 13 240  Shareholding of non-regional 12 186 13 248 13 713 countries increased form one-third 10 056 to 40% 10 000 3 059 1 250 1 154 169  Revised share transfer rules link 5 000 737 subscription to economic capacity 4 885 4 981 5 492 1998 4 151 3 508 of member countries and curtail 1 445 1 770 1 803 1 866 1 920 subscription arrears. 0 2,021 3,059 1995 2001 2002 2003 2004 1,373 763 Paid-in Capital (net of CEAS) AAA Callable Capital AA Callable Capital Other Callable Capital 4,999 26 3,767 4,151 3,508
  • 27. 15 The Bank has substantially improved its risk bearing capacity In SDR million 3 942 4 000 3 651 3 815 3 459 450 492 469 494 “…, its financial position has never 3 000 1 572 been healthier and its risk-bearing 2 292 1 356 1 480 1 195 capacity is sufficient enough to meet 243 2 000 expanding operations…” 604 Japan Credit Rating Agency, 2004 1 866 1 920 1 000 1 803 1 770 1 445 0 1995 2001 2002 2003 2004 Paid-in capital Reserves before IAS 39 Adjustment Loan Loss Provisions 27
  • 28. The Bank’s ratios are well within conservative interest coverage 16 and debt limits 2.2 2.11 100% 2.0 1.81 98.3% 1.8 1.73 1.6 1.4 1.36 61.6% 61.7% 1.2 1.16 51.2% 47.9% 50% 1.0 0.8 0.6 0.4 0.2 0.0 0% 1995 2001 2002 2003 2004 1995 2001 2002 2003 2004 17 Interest Coverage Ratio - Minimum 1.25 Debt / Usable Capital Statutory Limit 28
  • 29. Bank wide financial controls and risk management culture lead to effective mitigation of non-core risks 18 Loan management practices Capital adequacy and provisioning policy  Strict sanctions practices including  ADB capital adequacy policy is derived from the suspension of loan disbursements to clients in Basle Capital Accord and links its capital arrears for at least 30 days requirements to the risk profile of the portfolio  No write-off on public sector loans  ADB ensures that adequate provisions are made for impaired loans Market risk Operational risks  Liquidity risk addressed by holding  Operational risks are addressed by periodic sufficient liquid assets to meet future cash review of internal controls and back-up requirements for at least one year procedures  Interest rate risk management strategy  Detailed and tested business continuity plan stabilizes the Bank’s net interest margin  COSO control framework under  Statutory prohibition on taking foreign implementation exchange risk 29
  • 30. The Bank maintains conservative gearing and leverage ratios 153% 99% 150% 100% 91% 83% 121% 109% 69% 102% 100% 50% 50% 0% 0% AfDB AsDB IADB IBRD AfDB AsDB IADB IBRD Gross Debt / Shareholders' Equity Adjusted + AAA Callable Capital Provisions for Losses + Adjusted Shareholders' Equity + AAA Callable Capital / Disbursed loans and Equity Investments and Guarantees Source: Standard & Poor’s Supranationals Report – October 2004 30
  • 31. The Bank’s portfolio is better diversified than those of other MDBs 250% 219% 200% 170% 150% 140% 99% 100% 50% 0% A f DB A sDB IA DB IBRD Disbursed Loans and Equity Inv estments to 5 largest Countries / Shareholders Equity Adjusted Source: Standard & Poor’s Supranationals Report – October 2004 31
  • 32. The Bank uses the derivatives market to provide the most attractive funding to its clients Before Swaps After Swaps CAD AUD SEK 8.10% 3.00% EUR HKD 0.21% 5.94% 0.15% JPY EUR JPY 35.90% 39% 8% CHF 3.00% GBP USD 1.10% 42.60% USD 46% Others 7% Borrowing portfolio amounted to US$ 8.8 billion as of 31 December 2004 32
  • 33. The Bank’s effective communication strategy is facilitating investor understanding of its strong credit story 5 -5 Spread against USD Libor -15 -25 -35 -45 Jan-04 Mar-04 May-04 Aug-04 Oct-04 Dec-04 AfDB 3.25% Aug 08 IADB 3.375% Mar 08 IFC 3% April 08 ADB US$ 1 billion Global Bond - 1 August 2008 33 Source: Bloomberg
  • 34. The Bank is committed to the development of local capital markets  South African Rand (ZAR): Full treasury operation and third largest lending currency after US$ and EUR  Communauté Financière Africaine (CFA): Euro 13 million equivalent guarantee for a private sector project  Egyptian Pound (EGP): USD 27 million equivalent in Equity participation in Egypt  Actively preparing to launch benchmark issues in several local capital markets 34
  • 35. The Bank nurtures a diversified investor base with presence across capital markets 35
  • 36. The Bank leverages its AAA credit rating to accelerate economic and social development in Africa JCR The ratings reflect the strong support Membership Support FITCH that the African Development Bank (the Bank) draws from its members, particularly the industrialized countries, Preferred Creditor Capitalisation is sound at its solid capital base and sound financial position resulting from prudent Status AfDB, ranking among the operations and conservative risk highest of the MDBs… management, and the “preferred creditor status” that it enjoys Franchise Value Strong Operational and MOODY’s Financial Condition S&P Indeed, the AfDB’s indicators Prudent Financial In sum, while Africa remains a challenging environment in which to of risk-adjusted assets are on Policies and operate, the bank's management in a par with or compare Management recent years has greatly strengthened the bank's financial profile. AFDB's favourably to those of other capital and liquidity, as well as its Aaa-rated multilateral Cooperation With qualitative features, place it solidly in the institutions Partners 'AAA' rating category. 36
  • 37. More information is available at www.afdb.org Financial and Operational Analysis Documentation for Debt Programs Rating Agencies Reports Financial Products for Borrowers Exchange Rates Annual Report 37
  • 38. Appendices I. ADB Financial Statements
  • 39. ADB Statement of Income and Expenses 39
  • 40. ADB Balance Sheet Highlights 40
  • 41. Appendices II. Africa at a Glance
  • 42. Steady and broad based economic growth across Africa Africa: Real GDP Growth Rates, 1990-2004 (%) 6.0 5.6 5.0 4.4 3.6 3.9 5.1 4.0 3.2 2.6 3.2 3.0 3.4 3.5 3.2 2.0 1.3 1.3 1.0 0.9 0.0 -1.0 -1.2 -2.0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 42
  • 43. Sound macroeconomic policies are leading to a sharp decline in fiscal deficit Africa: Fiscal Balance, 1990-2004 (% of GDP) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 1.0 0.0 -0.3 0.0 -0.5 -1.0 -1.5 -2.0 -1.4 -3.0 -3.6 -2.2 -2.2 -4.4 -3.0 -4.0 -3.9 -5.0 -6.0 -4.8 -6.0 -6.6 -6.3 -7.0 43
  • 44. The era of high inflation rates in Africa is over Africa: Inflation, 1990-2004 (%) 45.0 42.0 40.0 35.0 30.7 30.0 24.5 28.6 26.2 25.0 27.9 20.0 13.5 15.0 10.5 10.0 9.6 10.0 16.2 14.2 (%) 11.8 5.0 9.1 7.7 0.0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 44
  • 45. Official Development Assistance to Africa is increasing albeit below what is needed to achieve the Millennium Development Goals Official Development Assistance to Africa , 1990-2003 (US $ billions) 26.0 24.6 24.3 23.9 24.7 24.0 22.5 20.7 21.3 22.0 20.1 20.0 18.9 18.0 17.1 17.2 15.6 15.8 16.0 15.2 14.0 12.0 10.0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 45
  • 46. Africa’s key social indicators are below the average for developing countries Population Growth Rates Infant Mortality Rates (per 1000) 2004 2004 2003 2003 2002 2002 2001 2001 1995 1995 1990 1990 1985 In % 1985 0 2 4 0 20 40 60 80 100 120 Africa Developing Countries Africa Developing Countries Adult Illiteracy Rates 2004 2003 2002 2001 1995 1990 1985 In % 0 10 20 30 40 50 60 70 46 Africa
  • 47. The Millennium Development Goals 47 Source: ADB Statistics Division, UNESCO database 2004, UN Population Division, World Bank
  • 48. Notes and Glossary