The multilateral banks are powerful forces in the international community, providing loans of more than $250 billion to developing countries over the last halfcentury. The best known of these, the World Bank, has been studied extensively, but the 'regional development banks' are little understood, even within their own geographic regions. This series looks specifically at the policies and projects of the various regional development banks, which like the World Bank, have recently come under growing criticism from grassroots organizations, environmental groups and others. In the course of the past decade, the majority of countries in Africa have undergone rigorous structural adjustment and monetary liberalization. When the African Development Bank was created, and for a greater part of the Bank's history, the present tolerant political regimes, and the liberal macroeconomic and development environments did not exist. The Bank has had to operate as best it could in a politically unstable setting and among stagnant and declining regimes. It is because such problems face the bank that this book is of great value to both African and non-African investors in the Bank, as well as all Africans. The banks operational and policy shortcomings are clearly described and analysed, and every major point in the book has been dispassionately made on the basis of thorough research or from the wealth of experience of the authors.

List of Tables vii
Foreword, Jonathan H. Frimpong-Ansah ix
Preface, Roy Culpeper xi
Acknowledgments xiii
List of Acronyms xv
1 Introduction 1
Governance and the Governed, 1
Lending a Hand, 3
Country Case Studies, 5
Mobilizing and Managing Money, 6
Crosscutting Issues, 7
The Way Ahead, 9
Part 1 Historical Setting and Record of Performance
2 History in the Making 19
A Cautious Change of Heart, 20
Internal Politics, 22
Moving Money, 24
The African Development Bank Group Today, 27
A Continent in Crisis, 29
Literature Review, 32
3 Governance and the Governed 39
Board of Governors, 39
Board of Directors, 40
Presidency, 45
Vice-Presidencies, 47
Grappling with Governance, 48
Staff, 51
Conclusions, 58
4 Lending a Hand: Projects and Programs 63
Overall Resource Flows, 64
Geographical Distribution, 68
Sectoral Allocation, 71
Vi CONTENTS
Country Programming, 74
Policy-Based Lending, 76
Project Lending, 82
Quest for Quality, 89
5 Country Case Studies: A View from the Field 95
Kenya, 95
Mali, 201
Egypt, 108
Case Study Conclusions, 113
Part 2 Development Agenda
6 Mobilizing and Managing Money 117
Resource Mobilization, 227
Bank Subscriptions, 117
ADF Contributions and Special Funds, 119
Borrowing from Governments and Capital Markets, 229
Future Needs and Prospects, 222
Financial Policies, 223
Conclusions, 236
7 Crosscutting Issues: A Full Agenda 141
The African Debt Problem, 242
The Nature of African Debt, 243
Debt Relief Initiatives, 244
The ADB Group Response, 246
Regional Integration, 249
The Private Sector, 153
Environment, Gender, and Poverty, 257
Governance, 265
An Emerging Pattern, 269
8 The Way Ahead 175
The Basic Building Blocks: Projects and Personnel, 276
The Engineers and Architects: Management and the Board, 279
Paying the Bills: Mobilizing and Managing Money, 282
The Blueprint: Bank Strategy, 284
Appendix 195
Bibliography 199
Index 203
About the Book and Authors 213

E Philip English
E. Philip English is a Washington, D.C.-based economist, having worked at both the North-South Institute and the International Development Research Centre in Ottawa, Ontario. He worked at the African Development Bank from 1985 to 1988

Harris M Mule
Harris M. Mule was for fourteen years deputy permanent secretary and then permanent secretary in the Kenyan government's Ministry of Finance and Planning, and for a further five years in senior positions at the International Fund for Agricultural Development.