This archive report was first published on 1 November 2019.
On November 1, 2019, the African Development Bank's (AfDB) board of governors made a historic decision, approving a $115 billion capital injection to boost the bank's capital base.
This substantial increase, the largest since the bank's establishment in 1964, comes after two years of negotiations between AfDB and its 54 African state shareholders and 26 non-African donors.
The capital boost will enable AfDB to maintain its AAA rating and improve its capacity to finance infrastructure projects across the continent.
AfDB President Akinwumi Adesina praised the shareholders for their strong confidence in the bank, saying, "I applaud the shareholders for their strong confidence in the Bank and for boosting support for Africa's development."
With the new capital, AfDB now has a record capital base of $208 billion, up from $93 billion. The bank plans to use the funds to improve access to electricity for 105 million people and fund agricultural projects benefiting 244 million people.
AfDB aims to improve transport networks in Africa, benefiting up to 252 million Africans, and targets to use the capital to improve the lives of 128 million people through better access to water and sanitation.
These initiatives align with AfDB's President Akinwumi Adesina's High 5 development strategy, which seeks to transform African lives through electricity access, industrialization, integration, and a better quality of life.
