SWITZERLAND, NOVEMBER 01 – Former Nigerian Minister of Agriculture, Akinwunmi Adesina has continued his successful spell as president of the African Development Bank with a record 125 percent increase in the bank’s capital base.
The African Development Bank’s board approved a 125 per cent capital increase to $208 billion on Thursday, the largest in the lender’s history, Akinwumi Adesina announced.
The decision caps two years of negotiations to give the Abidjan-based bank greater scope to meet the continent’s funding needs. The last increase was agreed in 2010.
At an extraordinary meeting of the board, Adesina said the extra capital would help the bank finance energy, climate, and agricultural projects, as well as support infrastructure needed for the success of a continental free-trade zone.
“This is a joyful day for Africa, a historic day,” he said in a press conference after the meeting. “This will give us greater stability for the future.”