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The African Development Bank Group (AfDB) president, Akinwumi Adesina, has reportedly outlined the Bank’s successes in mobilising financial resources for the continent’s development needs.
Adesina highlighted in a statement issued on Sunday that the Bank’s recent general capital has increased from US$201 billion to US$318 billion, as approved by the Board of Governors during its annual meetings in Nairobi last May.
The approval would enable Africa’s only AAA-rated financial institution to preserve its status and meet the continent’s urgent and increasing development needs.
He said this when addressing Heads of State and government at the sixth Mid-Year Coordination Meeting of the African Union (AU) on Saturday in Ghana.
Read more: AfDB says Zambia needs $3.5 billion annually for its structural transformation
Other highlights included joint efforts by the AfDB and the Inter-American Development Bank in developing a new financial model that enables the International Monetary Fund’s Special Drawing Rights to be channelled through multilateral development banks.
“I am delighted to inform you that following over two years of work, supported by the advocacy of the African Union, we succeeded,” Adesina told the meeting, attended by several Heads of State and government and representatives of regional economic communities.
“By so doing, we created a new asset class for investors globally. The hybrid capital will be leveraged four times to allow the Bank to boost its lending capacity,” Adesina said.
He also briefed the leaders about the progress the Bank is making in spearheading global efforts to ensure Africa’s natural wealth is taken into consideration as a measure of Gross Domestic Product.
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