AFDB Increases Capital from $93bn to $115bn, Greatest in its history

The African Development Bank will massively increase the size of its funding programme in the coming years, after approving the largest capital increase in its history.

At a meeting recently, the governors of the AfDB, representing shareholders from more than 80 countries, has approved to increase its working capital from $93 billion to $115 billion to enhance its capacity.

The capital increase is the bank’s first in nine years and is its biggest, taking its capital from $93bn to $208bn.

The bank’s president, Akinwunmi Adesina who announced the development earlier on recently, said it was a the highest in the bank’s history.

According to him, the increase is a big step forward, “a great day Africa.”

In addition, Adesina stated that, “Today Governors of the African Development Bank approved a capital increase of $115 Billion, moving Bank’s capital from $93 Billion to $208 Billion! It’s the highest in the history of the Bank since 1964. Thanks to all shareholders for your huge support.”