The bank established to finances project aimed at promoting economic and social development within the African continent is

Analyze the question: It asks for the bank set up to finance projects that promote economic and social development across Africa.

Explain the concept: The African Development Bank (AfDB) is a multilateral development finance institution established in 1964 (it began operations in 1966). Its headquarters is in Abidjan, Côte d'Ivoire. Its main goal is to reduce poverty and promote economic and social progress in African countries. It does this by:

• Giving loans and grants for projects such as roads, power, water supply, agriculture and education
• Providing technical assistance
• Mobilizing resources for development

Solution (eliminating the options):

• A. African Bank for Commerce and Industry: Not a recognized continental development institution.
• B. Economic Bank for Africa: No such continental institution exists.
• C. Recovery Fund Bank for Africa: Not a real institution.
• D. African Development Bank: Its purpose, "financing projects for economic and social development in Africa," matches the question's wording exactly.

Answer: D. African Development Bank

Exam tip: In JAMB Economics, match the purpose in the question to the name of the institution. Words like "development" and "Africa" together point to the AfDB. Also remember related bodies: the IMF (balance-of-payments support), the World Bank (long-term development finance), and ECOWAS Bank for Investment and Development (EBID) for West Africa.