African Bank to Triple its Level of Capital |
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May 29, 2010
The African Development Bank overtook the World Bank as the leading multilateral lender to Africa during the financial crisis last year and now plans to triple its capital base to $100bn.
The African Development Bank overtook the World Bank as the leading multilateral lender to Africa during the financial crisis last year and now plans to triple its capital base to $100bn.
Donald Kaberuka, AfDB president, told the Financial Times that this increase, approved by shareholders at the bank's annual meeting in Ivory Coast's commercial capital, Abidjan, yesterday, would allow it to expand financing of infrastructure and power, increase lending to the private sector and promote regional economic integration.
It would also provide a ballast to African economies as the debt crisis in the eurozone and worries about future demand in emerging markets threaten the continent's recovery from last year's slump.
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