The shareholders of the African Development Bank (AfDB) have
approved $115 billion capital injection that will see the pan-African
lender capital base jump from $93 billion to $208 billion.
The
new financing, the largest in the bank's 55-year-history, will ensure
the bank's AAA rating, all stable, from rating agencies, the board said
after an extraordinary meeting on Thursday in Abidjan, Ivory Coast.
The
bank plans to pump the money into infrastructure projects to improve
electricity connectivity, energy, transport and water and sanitation
services in several African countries.
AfDB President
Akinwumi Adesina said the bank would channel the funds to
infrastructure, regional integration, supporting fragile states to build
resilience, addressing climate change and boosting private sector
investments.
"We will do a lot more. This is a historic moment,” said AfDB President Akinwumi Adesina.
Ivory
Coast President Alassane Ouattara said: “the integration of the
continent’s priorities into the High 5s indicates that the African
Development Bank group is a strategic partner for African governments.”
Founded in 1964, the Abidjan-based lending institution currently
has 80 member countries, including the 54 states of the African
continent, and 26 non-African states.
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