Minister of Finance, Mrs. Kemi Adeosun and finance ministers from West and Central African countries have called for additional capital injection into African Development Bank (AfDB) to enable it meets its mandate for Africa.
This was one of the highlights of the Regional Consultative Meeting between the AfDB President, Mr. Akinwumi Adesina and the bank’s Governors and Ministers of Finance from West Africa and Central Africa held in Abidjan, Côte d’Ivoire. The meeting was the first consultations of its kind since the creation of the Bank in 1963.
Making the case for a general capital increase for the AfDB, the Governors recalled that the sixth capital increase, ratified in 2010, made it possible for the bank to take the volume of loans to unprecedented levels, noting that aid to countries receiving African Development Fund financing has increased seventeen-fold.
According to Adeosun there is need for a strong and well capitalized AfDB that is capable of fulfilling its commitments to member-countries.
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