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AfDB calls for additional funding
January 28, 2018, 4:58 pm
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Finance ministers from West and Central African countries have called for additional capital injection into African Development Bank (AfDB) to enable it meets its mandate for Africa. This was one of the highlights of the Regional Consultative Meeting between the AfDB President, Akinwumi Adesina and the bank's Governors and Ministers of Finance from West Africa and Central Africa held in Abidjan, Côte d'Ivoire last week, the first such consultations since the creation of the Bank in 1963.

Making the case for a general capital increase for the AfDB, the Governors recalled that the sixth capital increase, ratified in 2010, made it possible for the bank to take the volume of loans to unprecedented levels, noting that aid to countries receiving African Development Fund financing has increased seventeen-fold.

A strong and well capitalized AfDB is critical to helping it fulfill its commitments to member-countries, said a statement following the meeting. Raising the capital will provide the bank with the resources it needs to support member-states in their development efforts as they face up to new challenges of population growth, climate change and security threats.

 

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