The Board of Governors of the African Development Bank (AfDB) Group, has approved a capital increase of 117 billion dollars to further support Nigeria and other countries on the continent.
Jerrymusa.com reports that Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), announced at the closing of the 2024 Annual Meetings in Nairobi that the Board of Governors approved a $117 billion general callable capital increase.
“This demonstrates the shareholders’ confidence in the bank’s ability to utilize resources effectively and mobilize additional capital.
Capital Funding
“The authorized general capital will increase from $201 billion to $318 billion, providing the bank with more liquidity and enabling it to do more.”
Adesina expressed gratitude to the shareholders, acknowledging their confidence in the bank’s ability to drive Africa’s transformation.
He emphasized the need for increased resources to support economic structural transformation, renewable energy, women, and youth, among other areas.
“The bank aims to preserve its triple-A rating and address various challenges, including shocks and concessional financing for countries.”
Adesina commended the media for their partnership and encouraged them to report the positive news of Africa’s resilience, highlighting the bank’s good works and the continent’s potential.