Content from our Premium Partner

African Development Bank (Abidjan)

AfDB Board Approves Largest Capital Increase 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."

Photo: AfDB

African Development Bank (AfDB) president Akinwumi Adesina speaking at the extraordinary shareholders’ meeting in Abidjan, October 31st, 2019. The Governors of the African Development Bank, representing shareholders from 80 countries, approved a landmark $115 billion increase in capital for the continent’s foremost financial institution. The capital increase, the largest in the history of the African Development Bank since its establishment in 1964, is a remarkable show of confidence by shareholders.

Photo: AfDB

The President of the Republic of Côte d'Ivoire, Alassane Ouattara speaking at the extraordinary shareholders’ meeting in Abidjan, October 31st, 2019. The Governors of the African Development Bank, representing shareholders from 80 countries, approved a landmark $115 billion increase in capital for the continent’s foremost financial institution. The capital increase, the largest in the history of the African Development Bank since its establishment in 1964, is a remarkable show of confidence by shareholders.

Photo: AfDB

Cote d'Ivoire's minister of planning and development, Kaba Nialé, at the extraordinary shareholders’ meeting held in Abidjan, October 31st, 2019. The Governors of the African Development Bank, representing shareholders from 80 countries, approved a landmark $115 billion increase in capital for the continent’s foremost financial institution. The capital increase, the largest in the history of the African Development Bank since its establishment in 1964, is a remarkable show of confidence by shareholders.

Photo: AfDB

On October 31st 2019, the Governors of the African Development Bank, representing shareholders from 80 countries, approved a landmark $115 billion increase in capital for the continent’s foremost financial institution. The capital increase, the largest in the history of the African Development Bank since its establishment in 1964, is a remarkable show of confidence by shareholders.

InFocus

AllAfrica publishes around 700 reports a day from more than 140 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.