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

Step 1: Analyze the question The question asks for the bank that finances projects to promote economic and social development within Africa. This is a multilateral development finance institution.

Step 2: Explain the concept Development banks provide loans, grants, and technical assistance to member countries for projects such as roads, power, agriculture, education, and health. Examples:

• World Bank (IBRD): global
• Inter-American Development Bank: Latin America
• Asian Development Bank: Asia
• African Development Bank (AfDB): Africa

The AfDB was established in 1964 (it began operating in 1966) with headquarters originally in Abidjan, Côte d'Ivoire (temporarily relocated to Tunis, and returned to Abidjan in 2014). Its stated mission is to promote sustainable economic development and social progress in its regional member countries, which it does by funding development projects.

Step 3: Check the options

• A. African Bank for Commerce and Industry: not a recognized continental development institution.
• B. African Development Bank: matches the description exactly.
• C. Economic Bank for Africa: no such institution.
• D. Recovery Fund Bank for Africa: no such institution.
• E. Africa Currency Board Bank: currency boards manage currency issuance, not development financing.

Step 4: Answer The correct answer is B. African Development Bank.

Exam tip: Match the bank's name to its region and purpose. "Development" plus the region's name usually points to the regional development bank (AfDB for Africa, ADB for Asia, IDB for the Americas). Also remember that Nigeria is one of the AfDB's largest shareholders, so questions on it come up often.