The African Development Bank Group (AfDB) on Thursday announced the largest capital increase in its history, with an almost 125 percent jump from $93 billion to $208 billion.
AfDB President Akinwumi Adesina hailed “a historic day” for the bank and “a day of joy for Africa” at a press conference in Côte d’Ivoire’s economic capital city of Abidjan.
“This general capital increase represents a very strong commitment of all our shareholders to see better quality projects that will significantly have an impact on the lives of the people in Africa – in cities, in rural communities, and for millions of youth and women, ” Adesina, a Nigerian, said after the AfDB’s Board of Governors approved a landmark $115 billion increase in the bank’s authorized capital base.
It is the largest injection of capital in the AfDB since it was established in 1964.
He said the increase will give the bank, a financial provider to African governments and private companies investing in the African member countries, “a lot of resources to go further in the development of our continent”.
Created in 1964, the AfDB, which is headquartered in Abidjan, is one of the five principal multilateral development banks in the world. Its shareholders are the 53 African countries as well as 26 non-African states.
The overarching objective of the Bank is to spur sustainable economic development and social progress of its African member countries by fighting poverty and improving living conditions.