By RFPosted on 01-11-2019Modified on 01-11-2019 at 14:28
The capital of the African Development Bank will more than double to $ 208 billion. An increase that will allow the first development finance institution in Africa to accelerate its many projects.
This is the fifth time that the African Development Bank has made a capital increase since its inception in 1964, but it is by far the largest. The capital of the African Development Bank (AfDB) will grow from $ 93 billion to $ 208 billion.
The 80 shareholders of the institution have to put their hands in their pockets to increase their own funds. " This is a historic day, a day of joy for Africa, " said AfDB President Akinwumi Adesina of Nigeria. Above all, it is an opportunity to accelerate the transformation of the continent's economies. Because the ADB intends to support the strong development of Africa by financing equipment projects.
In its annual program, the AfDB recalls its objectives: to accelerate the industrialization of Africa to exit the informal, mass unemployment, and therefore poverty. For this, the continent needs energy and entrepreneurs. The other pillar of AfDB's action is to support the continental integration of countries.
The ADB is involved in many road, rail and port equipment projects. The capital increase will allow the institution to multiply its action, it will be able to borrow more and more easily on the international capital market. Already the leading development institution in Africa, the AfDB is now positioned as a leading investor.
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