AfDB Hopes to Triple its Capital

The African Development Bank will triple its capital to better support Africa’s development, the bank’s President Donald Kaberuka said, according to Agence France-Presse. The bank’s current capital stands at USD32 billion and will be increased by 200 percent following AfDB board’s Feb. 18 decision.

“This increase in capital is very important because it will give the AfDB supplementary means to finance development on the continent,” Kaberuka said. He added that AfDB is expecting response from non-African stakeholders of the bank by May 2010.

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  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.