This archive report was first published on 1 November 2019.
AfDB Shareholders Approve Landmark $115 Billion Capital Boost ¶
On November 1, 2019, the African Development Bank (AfDB) shareholders approved a landmark $115 billion capital boost, marking a significant milestone in the bank's efforts to increase its resources and support economic development in Africa.
The capital increase, which was approved by the AfDB's Board of Governors, will enable the bank to provide more financing to African countries and private sector entities, thereby supporting the continent's economic growth and development.
The AfDB's President, Akinwumi Adesina, welcomed the approval, saying it was a testament to the bank's commitment to supporting Africa's economic development. He noted that the increased capital would enable the bank to provide more financing to African countries and private sector entities, thereby supporting the continent's economic growth and development.
The AfDB's shareholders, which include 54 African countries, 27 non-African countries, and 18 African regional member countries, approved the capital increase through a unanimous vote. The increase will bring the AfDB's total capital to $208 billion, making it one of the largest development banks in the world.
