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.”