The African Development Bank shareholders from 80 countries have approved $115 billion increase in capital for the continent’s foremost financial institution.
The approval was made at a shareholders meeting in Abidjan.
The capital increase indicates a significant show of confidence by shareholders.
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With the approved increase the bank’s will more than double from $93 billion to $208 billion.
The boost in capital ensures that AfDB will continue to maintain a stable AAA rating from top rating agencies.
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