AFRICA: AFDB APPROVES LARGEST CAPITAL HISTORY IN BANK’S HISTORY

At an extraordinary meeting held on Thursday October 31st, the board of the African Development Bank approved a 125% capital increase – the largest in the lender’s history.

The decision was the result of more than 2 years of negotiations among the Bank’s regional and non-regional shareholders to empower Africa’s premier development bank to meet its High-5 development goals for the continent.

An applause rang through the stately auditorium of the Sofitel Abidjan, Hotel Ivoire, around 5.30 in the evening after the decision was announced.

At a press conference after the meeting, AfDB president Akinwumi Adesina said, “Today is a day of joy for Africa…because the shareholders of the African Development Bank trust the…Bank and have provided this financing.” “The extra capital would help the bank finance energy, climate, and agricultural projects, as well as support infrastructure needed for the success of a continental free-trade zone.”

Credit: allAfrica

Leave a Reply

Your email address will not be published. Required fields are marked *