In a historic move, the African Development Bank’s (AfDB) Board of Governors has approved a $117 billion increase in the bank’s capital, bringing its total capital to $318 billion. Apexnewsgh reports
This significant decision was announced by AfDB President Akinwumi Adesina at the 2024 AfDB meeting in Nairobi, Kenya.
Adesina praised the governors for their confidence and commitment to the bank, stating that their support will enable the AfDB to maintain its AAA rating while driving accelerated development in Africa. The bank’s capital increase is a testament to its growing strength and capacity to support African countries’ development needs.
The AfDB has received recognition for its financial innovations, including its presence on the global capital market. Adesina expressed appreciation for the success of their efforts in collaboration with partner institutions, such as the American Development Bank and the International Monetary Fund.
The Africa Investment Forum’s Founding Partners, including Deutsche Bank and the European Investment Bank, were present at the meeting. The AfDB’s capital increase is expected to have a positive impact on its ability to support African development and drive economic growth.
Source: Apexnewsgh.com
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