African Development Bank announces record capital increase to $208bn

File: AfDB President Akinwumi Adesina hailed "a historic day" for the bank and "a day of joy for Africa".

File: AfDB President Akinwumi Adesina hailed "a historic day" for the bank and "a day of joy for Africa".

AFP/Sam Panthaky

ABIDJAN - The African Development Bank announced the largest capital increase in its history, with an almost 125 percent jump from $93-billion to $208-billion.

AfDB President Akinwumi Adesina hailed "a historic day" for the bank and "a day of joy for Africa" at a press conference after the bank's board of governors held an extraordinary meeting in Ivory Coast's economic capital Abidjan.

He said the increase will give the bank "a lot of resources to go further in the development of our continent".

Created in 1964, the AfDB is one of the five principal multilateral development banks in the world. 

Its shareholders are the 53 African countries as well as 26 non-African states. 

Its priorities are fighting poverty, improving living conditions and mobilising resources for the economic and social progress of its African member countries.

Source
AFP