AFDB capital base increases to $208b —largest since 1964
THE African Development Bank (AfDB) has received a unanimous vote from its shareholders approving the sum of $115 billion increase to accelerate delivery on its High 5 development strategies across the region.
This was part of the outcome of an extraordinary shareholders’ meeting in Abidjan, Coted I’voire who represented 80 countries.
The capital increase, the bank said, is the largest since its establishment in 1964.
The approval, increased the banks’ capital to $208 billion which is more than a triple increment from a previous $93 billion.
According to the AFDB, discussions for a general increment were ongoing since 2017 to help facilitate attaining its priorities hinged on the sustainable development goals and the African Union Agenda of 2063.
“This solidifies the Bank’s leadership on development financing for the continent and ensures that the Bank will continue to maintain a sterling AAA rating, all stable, from the top rating agencies,” the bank said in a statement posted on its official website.
Akinwumi Adesina, President of the bank noted that the approval would be instrumental in the improvement of quality of life for Africans.
“This general capital increase represents a very strong commitment of all our shareholders to see better quality projects that will significantly have an impact on the lives of the people in Africa – in cities, in rural communities, and for millions of youth and women,” Akinwumi said.