Bank Group President, Donald Kaberuka, on Tuesday, May 11, 2010, in Tunis held a meeting with managers on the eve of the Annual Meetings scheduled to take place in Abidjan from May 27-28, 2010. Mr. Kaberuka used the occasion to take stock of the achievements and support to development efforts on the continent. He called on the institution's senior management and staff to mobilize in order to meet challenges that come with a capital increase whose approval is on the Annual Meetings agenda. Bank Group governors are expected to approve a proposal by the consultative committee for a 200% general capital increase.
General Capital Increase: AfDB Braces to Meet Commitments
As the global financial and economic crisis spread pain and suffering across the globe, many knew that Africa, a continent that was posting some impressive growth rates, would face many challenges. The continent's growth had, in part, been driven by soaring commodity prices and confidence in the continent had increased as governance and the business environment showed signs of improvement. Read More
200% General Capital Increase
With a 200% General Capital Increase endorsed in April 2010 by the African Development Bank (AfDB) Governors Consultative Committee, Bank resources are currently estimated at US$100 billion. This achievement has embedded opportunities for the Bank to address development challenges in Africa, as the preferred lender on the continent. The Bank's regional member countries will be able to make robust demands. At the same time, the Bank will build a higher delivery capacity and implement the enhanced risk management framework. Read More
The GCI will ensure financing for low and middle income countries
The next stage in the final adoption of the AfDB General Capital Increase will take place in Abidjan during the institutions' Annual Meetings scheduled to take place from May 27-28, 2010. AfDB Governors are expected to approve a proposal by the Governors Consultative Committee for a 200% capital increase 200%. Read More
The Bank will honor its commitments under the GCI
"The Bank will do its best to fulfill its promises to its stakeholders during the general capital increase negotiations," Mr. Kaberuka said during a meeting with members of the institution's senior management team in Tunis on May 11, 2010. He said that "with its enormous human resources potential and technical skills, the Bank must overcome all development challenges on the continent. In this regard, it must continue to deepen ongoing reforms which are already bearing fruits. Read More
Pursuing Institutional Reforms
Mr. Kaberuka statements indicate that the Bank is finalizing and deepening its institutional reform agenda undertaken in 2006. The reforms, which have radically changed the institution's organizational structure, were driven by an agenda which aimed at rendering the Bank's functioning compatible with the ambitions of its stakeholders and its current mandate. Thus, the changes announced (link on fine tuning the organizational structure) underscore the emergence of new priorities such as energy and climate change and the need to strengthen integrity and anti-corruption mechanisms such as results-based management. Read More
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Joachim Arrey
