The African Development Bank is looking at tripling its capital to nearly USD100 billion to enable the bank to meet the financing demands of its member countries. The proposed increase, which will support a higher level of lending particularly to the private sector, has been endorsed by a committee of governors representing AfDB at a meeting in Washington.The regional lender has used its available resources more quickly than previously anticipated as it set up new instruments and restructured its portfolio to counter the impact of the financial crisis. “The massive increase in demand for financing has brought us close to our lending limits,” AfDB President Donald Kaberuka said. “With this capital increase we will be better able to meet the needs of African countries, including low-income countries, and help them return to the previous high rates of growth.”
