The AfDB adds $117B to its capital to meet the challenge of development in Africa

At the close of its recently concluded Annual Meetings in Kenya, the Board of Governors of the African Development Bank (AfDB) approved a general increase in callable capital of $117 billion. The aim is to preserve the pan-African bank’s lending capacity.

This was one of the key announcements made at the Annual Meetings of the African Development Bank (AfDB) Group, which ended on 31 May 2024 in Nairobi, Kenya. The Board of Governors approved a general increase in its callable capital of USD 117 billion. This increases the authorised capital of the Ivory Coast-based bank from USD 201 billion to USD 318 billion.

One of the AfDB’s priorities for the next ten years is to accelerate the electrification of Africa. On this issue, the Bank has made a number of commitments in recent months, including the launch of a plan with the World Bank to provide 300 million Africans with access to electricity over the next few years. As part of this programme, the AfDB will mobilise resources to finance the electrification of 50 million people.