The report that follows is the third in a Center for Global Development series designed to provide external independent advice for the new leadership of international organizations. This report summarizes the recommendations of a Working Group set up to advise Donald Kaberuka, who became president of the African Development Bank in September 2005, and the AfDB’s shareholders on the broad principles that should guide them as they continue the Bank’s renewal. President Kaberuka inherited an institution whose financial standing has been restored, but whose operational credibility remains a work-in-progress. The next few years will be critical to the AfDB’s efforts to fully recover and establish itself as a key player in Africa’s economic and social development.