African Development Bank (ADB) was established in 1964 following a joint meeting of some African Ministers of Finance with headquarters at Abidjan, Cote d’ Ivoire with 23 African countries as members. The bank is exclusively owned by West African countries which belong to Organisation of African Unity.
Both the O.A.U and the EGA contributed immensely to its establishment. The bank started operation in 1966. In 1970, the bank had a total membership of about 40 countries.