AFDB increases capital from $93bn to $115bn, highest in its history

Governors of the African Development Bank (AFDB) has voted to increase its working capital from $93 billion to $115 billion to enhance its capacity.

The bank’s president, Akinwunmi Adesina who announced the development earlier on Friday, said it was a the highest in the bank’s history.

According to him, the increase is a big step forward, “a great day Africa.”

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Adesina wrote, “Today Governors of the African Development Bank approved a capital increase of $115 Billion, moving Bank’s capital from $93 Billion to $208 Billion! It’s the highest in the history of the Bank since 1964. Thanks to all shareholders for your huge support!”

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Historic day: Today Governors of the African Development Bank approved a capital increase of $115 Billion, moving Bank’s capital from $93 Billion to $208 Billion! It’s the highest in the history of the Bank since 1964. Thanks to all shareholders for your huge support!🙏🏼🎉👏🏼😀💕

— Akinwumi A. Adesina (@akin_adesina) October 31, 2019