With New Capital Base of $208bn, AfDB Targets Fresh Ambitious Plans to Support Hundreds of Millions of People in Africa
Governors of the African Development Bank (AfDB) Thursday approved a capital increase of $115 billion, moving the bank’s capital from $93 billion to $208 billion.
This is the highest height ever attained by the bank in the history since 1964.
With this new general capital increase, the African Development Bank said it planned to do more for the continent through its various ambitious projects.
Some of the bank’s ambitious pprogrammes include: Desert to Power project with the aim of provide 250 million people with access to electricity in the Sahel region; giving opportunity to 244 million people to benefit from improvements in agriculture; providing opportunity for 15 million people to benefit from investee projects; creating opportunity for 252 million people to benefit from improved access to transport; mobilising $3 billion in new financing for Affirmative Finance Action for Women in Africa (AFAWA); providing 128 million people to benefit from improved…
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