The headquarters of the African Development Bank (AfDB) are pictured in Abidjan - REUTERS
CAIRO - 2 November 2019: Governors of the African Development Bank (AfDB), representing shareholders from 80 countries, approved a landmark $115 billion increase in capital for the continent’s foremost financial institution during an extraordinary shareholders’ meeting in Abidjan, the bank posted on its website.
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.
With the approved increase, the capital of AfDB will more than double from $93 billion to $208 billion. This solidifies the Bank’s leadership on development financing for the continent.
The boost in capital ensures that the Bank will continue to maintain a sterling AAA rating, all stable, from the top rating agencies.
The African Development Bank launched discussions on the request for a general capital increase two years ago, to help fast track the delivery of its High 5 development strategies, the sustainable development goals and the African Union’s Agenda 2063.