The AfDB Welcomes South Korea's Decision to Increase Its Callable Capital in the Institution

5 October 2009
Content from a Premium Partner
African Development Bank (Abidjan)
press release

Tunis — Commenting the announcement from Istanbul where he is attending the World Bank / IMF general Meetings, AfDB President, Donald Kaberuka, declared: "I very much welcome the generous offer by South Korea to temporarily increase their callable capital to the African Development Bank. This will enhance the Bank's capacity to sustain its lending to African countries, help mitigate the effects of the financial and economic crisis. It is important that we maintain the momentum of recent progress, to sustain growth and the development of the private sector."

"South Korea's gives effect to commitments made by the G20; it is an important signal of confidence coming from the next Chair of the G20 and demonstrates the increasing partnership between Africa and Asia. I will immediately recommend the offer for approval by the Bank's Governors," he added.

Contacts

Chawki Chahed

Read the original article on African Development Bank (AfDB).

Tagged:
Copyright © 2009 African Development Bank. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.