(Ecofin Agency) - Steve Mnuchin (pictured), the US Secretary of the Treasury, opposes the conclusions of an AfDB investigation that found Akinwumi Adesina innocent of bad governance.

“We have deep reservations about the integrity of the committee’s process. Instead we urge you to initiate an in-depth investigation of the allegations using the services of an independent outside investigator of high professional standing,” Steve Mnuchin said.

“We fear that wholesale dismissal of all allegations without appropriate investigation will tarnish the reputation of this institution as one that does not uphold high standards of ethics and governance. This is a serious risk when we need strong confidence in the AfDB to play an influential role in the current global economic and health crisis,” the US official said.

This US decision comes at a time when the AfDB has defended itself against the reflections made by David Malpass, the President of the World Bank Group (proposed by the US government), on the lending mechanisms of some multilateral financing institutions. Concerning Africa, the Bretton Woods institution said that these practices add to regional debt problems.

“This statement is inaccurate and not fact-based. It impugns the integrity of the African Development Bank, undermines our governance systems, and incorrectly insinuates that we operate under different standards from the World Bank. The very notion goes against the spirit of multilateralism and our collaborative work,” the AfDB responded in a statement issued on February 13, 2020.

The pan-African institution has recently successfully raised $3 billion on the international market to fight the coronavirus pandemic, reflecting the strong interest of investors. The bank has an AAA rating from Fitch Ratings, Moody’s Investors Service and S&P Global Ratings.

Idriss Linge