The Board of Governors of the African Development Bank (AfDB) Group has approved a capital increase of 117 billion dollars to further support Nigeria and other countries on the continent.

The AfDB president, Dr Akinwumi Adesina, said this at the closing of the 2024 annual meetings of the bank in Nairobi.

“So the Board of Governors of the AfDB approved a general callable capital increase for the bank for 117 billion dollars.

“This is a major demonstration of the faith of our shareholders’ confidence in us. They have confidence in our ability to use resources well.

“They have confidence in our ability to mobilise more capital with what we have.  And it will give us more liquidity as a bank and enable us to do more.

“And that means that the authorised general capital of the AfDB will increase from 201 billion dollars to 318 billion dollars,’’ he said.

According to Mr Adesina, the resources will enable the bank to preserve its triple-A rating under any circumstance.

He said: “As president of the bank, I am grateful to our shareholders.  I am humbled by the level of confidence they have in us.

“This is because the boat we are in has to carry Africa to the destination of its transformation. That boat cannot leave and must have all the resources it needs to get there.

“And I think what we found today is the confidence of the bank’s shareholders to ensure there will be no delay in that boat to carry Africa to its destination for transformation.

The AfDB president said during the meeting with its board that the bank was charged with doing more on the private sector, corridors, infrastructure, climate change, and concessional financing for countries.

“We have been asked to support the economic structural transformation of Africa’s economy, renewable energy and women and youth, among others.

“All of that requires a significant increase in resources. But they are mindful that we operate against different kinds of shocks.

“We get significant resources from our countries, donor countries, that if there are shocks and they are not mitigated, it could become quite challenging for us in those kinds of situations,’’ he said.

The bank president then commended the media for their partnership and for ensuring that the bank’s good works were spread throughout the continent.

“Thank you for showing interest in Africa and in the issues we are discussing.

“And I do not doubt that you will properly report the good news of Africa and the news of a resilient Africa.”

(NAN)