The Board of Governors of the African Development Bank (AfDB) Group has approved the capital increase of $117 billion to further support Nigeria and other countries on the continent.
This announcement was made by AfDB President, Akinwumi Adesina, at the closing of the 2024 Annual Meetings of the bank in Nairobi, on Saturday.
Adesina stated, “The Board of Governors of the AfDB has approved a general callable capital increase for the bank amounting to $117 billion. This decision reflects the strong confidence our shareholders have in our ability to effectively manage resources and mobilize additional capital. This boost in capital will enhance our liquidity, allowing us to achieve more.”
“With this increase, the authorized general capital of the AfDB will rise from $201 billion to $318 billion. “
Adesina emphasized that this will help the bank maintain its triple-A rating under any circumstances.
“As president of the bank, I am deeply grateful to our shareholders for their trust. This trust is crucial because our mission is to lead Africa to its transformation. The resources provided will ensure that we can continue this journey without delay,” he added.
The increased capital is expected to address various needs, including private sector development, infrastructure, climate change initiatives, and concessional financing for countries.
During the board meeting, the bank was tasked with playing a greater role in Africa’s economic structural transformation, renewable energy, and support for women and youth, among other areas.
Adesina acknowledged the challenges posed by various shocks and emphasized the importance of significant resources to address these needs.
Adesina also praised the media for their role in promoting the bank’s efforts and the positive developments across Africa.
“Thank you for your interest in Africa and the issues we are discussing. I am confident that you will report the good news of Africa and its resilience,” he concluded.
