The United States (US) has joined shareholders in endorsing a general callable capital increase (GCCI) of up to 117 billion dollars (about N175.5 trillion at N1,500 per dollar) for the African Development Bank( AfDB) Group.
The AfDB in a statement said the US recognised the bank and its African counterparts as key partners in fostering prosperous, inclusive, resilient, and integrated development.
The News Agency of Nigeria (NAN) reports that the bank has undertaken several initiatives to support financing across Africa.
The AfDB is noted for its leadership in financial innovation, being the first multilateral development bank to issue hybrid capital to the private sector.
The US Assistant Secretary for International Trade and Development Alexia Latortue, said the US supported the GCCI to ensure sustained financing levels for the continent.
Latortue said this became eminent following the multiple external shocks affecting the AfDB’s balance sheet.
“We furthermore applaud AfDB’s completed delivery of policy commitments under the 7th General Capital Increase and welcome the Bank’s new Ten-Year Strategy.
“This positions the AfDB to continue delivering quality infrastructure for Africa as well as tackling global and regional challenges such as climate change and fragility.
“The United States is proud to stand together with AfDB and our fellow shareholders in support of a prosperous, inclusive, resilient and integrated Africa.
“The US commitment to the AfDB is rooted in our shared development agenda. An agenda that strives for economic development in Africa that is inclusive, sustainable, and lifts people out of poverty,” she said.
Latortue said:” in our shared agenda, high-quality jobs and sustainable economic development have the potential to transform economies and change lives.”
During the AfDB’s Annual Meetings, Governors reviewed progress on the Bank’s evolution journey, and discussed ways to enhance private sector engagement and mobilisation.
The governors also approved additional measures aimed at strengthening the AfDB as a preferred partner on the continent.(NAN)
