AfDB Approves New Capital of $117bn to Support Nigeria, Others
By Towncriernews
The Board of Governors of the African
Development Bank (AfDB) Group,
has approved a capital increase of
$117 billion to further support Nigeria
and other countries on the continent.
The AfDB President, Dr. Akinwumi
Adesina, disclosed this at the closing of the 2024 Annual Meetings of the bank
in Nairobi, Kenya.
He said: “So, the Board of Governors of the AfDB approved a general callable
capital increase for the bank for $117
billion.
“This is a major demonstration of the faith of our shareholders’ confidence in us. They have confidence in our ability to use resources well.
“They have confidence in our ability
to mobilise more capital with what
we have. And it will give us more
liquidity as a bank and enable us
to do more.
“And that means that the authorised
general capital of the AfDB will
increase from $201 billion to $318
billion,’’ he said.
According to Adesina, the resources will enable the bank to preserve its triple-A rating under any circumstance.
He further said: “As president of the bank, I am grateful to our shareholders. I
am humbled by the level of confidence
they have in us.
“This is because the boat we are in
has to carry Africa to the destination
of its transformation. That boat cannot
leave and must have all the resources
it needs to get there.
“And I think what we found
today is the confidence of the bank’s
shareholders to ensure there will be
no delay in that boat to carry Africa
to its destination for transformation,”
he said.
The AfDB president said during the meeting with its board that
the bank was charged with doing
more on the private sector, corridors,
infrastructure, climate change, and
concessional financing for countries.
“We have been asked to support the
economic structural transformation of
Africa’s economy, renewable energy,
and women and youth, among others.
“All of that requires a significant
increase in resources. But they are
mindful that we operate against
different kinds of shocks.
“We get significant resources from
our countries, donor countries, that
if there are shocks and they are not
mitigated, it could become quite
challenging for us in those kinds of
situations,’’ he said.
The bank president then commended the media for their partnership and for ensuring that the bank’s good works were spread throughout the continent.
“Thank you for showing interest in Africa and in the issues we are discussing.
“And I do not doubt that you will
properly report the good news of
Africa and the news of a resilient
Africa,” he said
