The president of the African Development Bank Group, Dr. Akinwumi Adesina, has outlined the Bank’s successes in mobilizing financial resources for the continent’s development needs at the African Union.
Addressing heads of state and government at the 6th Mid-Year Coordination Meeting of the AU in Accra, Ghana, Adesina highlighted the Bank’s recent general capital increase from $201 billion to $318 billion, approved by the Board of Governors during its Annual Meetings in Nairobi last May.
The approval will enable Africa’s only AAA-rated financial institution to preserve its status and meet the continent’s urgent and increasing development needs.
Other highlights included joint efforts by the African Development Bank and the Inter-American Development Bank in developing a new financial model that enables the International Monetary Fund’s Special Drawing Rights to be channeled through multilateral development banks.
“I am delighted to inform you that following over two years of work, supported by the advocacy of the African Union, we succeeded,” Adesina told the meeting, attended by several heads of state and government and representatives of regional economic communities.
The year began with the African Development Bank successfully launching a globally acclaimed landmark $750 million hybrid capital, the first ever by a multilateral financial institution.