African Development Bank Shareholders have approved 115 billion dollars capital increase to stimulate Africa’s development and growth.
A statement issued by the bank said that the approval was given at an extraordinary shareholders’ meeting in Abidjan.
It said that the capital increase was the largest in the history of the bank since it was established in 1964.
“With the approved increase, the capital of the bank would more than double from 93 billion dollars to 208 billion dollars.
“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,” AfDB stated.
AfDB inaugurated discussions on the request for a general capital increase in 2017, to help fast-track the delivery of its High 5 development strategies, the sustainable development goals and the Africa Union’s Agenda 2063.