INTEGRATING AND ADVANCING THE REGION’S ECONOMIES

Headlines

The Bank’s First Capital Increase which was approved by the Bank’s Board of Governors in 2007 got off to a good start after Mauritius and the African Development Bank cleared their dues in one tranche. The People’s Republic of China has also paid off what was due and pledges have also been received from other shareholders.

The first installment was due in January, and many countries are expected to honour their commitments starting this year.

At the 2007 meeting, the shareholders resolved to increase the Bank’s authorized capital to USD2 billion, thereby making the Bank one of the most heavily capitalized development financial institutions on the continent.

The paid-in capital was also doubled to USD236 million, increasing the Bank’s ability to leverage on its capital base in raising resources in the international market.

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