ABIDJAN (Reuters) – The African Development Bank’s board of governors may approve a 125% capital increase to $225 billion on Thursday, Ivory Coast President Alassane Ouattara said.
The board is holding an extraordinary meeting to decide whether to approve a seventh boost to the bank’s capital base. The last increase was agreed in 2010, giving the Abidjan-based lender far greater scope to meet the continent’s funding needs.
Addressing the board before the meeting, Ouattara said: “We are convinced the governors will take the right decision to increase the general capital up to 125%.”
The AfDB’s shareholders are Africa’s 54 nations and 26 non-African donor countries. Part of its lending to poorer countries is at concessionary rates, largely financed by Western donors.
Each member country appoints a governor to the board whose voting power is proportionate to the amount of capital contributed by the country.
Reporting by Ange Aboa; Writing by Alessandra Prentice; Editing by Mark Heinrich