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AfDB’s capital base now $115b, says Adesina

The African Development Bank (AfDB) has raised its capital base to $115 billion and instituted strong corporate governance systems, its President, Akinwumi Adesina has said.

Speaking at the ongoing virtual 2020 annual meetings of the AfDB Group, in Abidjan, Côte d’Ivoire, he said he is proud of the AfDB and its shareholders, who are contributors to the bank’s success story. He said the present capital base already approved by the bank’s Governors is the highest capital increase in the history of the bank.

“I thank the Board of Directors and my extraordinary staff at the bank for working so hard and for strongly supporting us to get this done. But we will have no rest. The price of good work is more work. We have our work cut out for us —now more than ever — to help Africa rebound; and to get back on a stronger pathway of economic growth and resilience,” he said.

Adesina added: “At this Annual Meetings, I offer myself to you, our Governors, for your consideration for election for a second term, as President. I do so, with humility. I do so with a strong sense of duty and commitment and a call to serve Africa and our Bank, selflessly, to the very best of my God-given abilities. I do so with confidence in the power of our mission, the primacy of our vision — and the strength of our togetherness”.

The AfDB boss said Africa needs a strong and stable AfDB to support it through the COVID-19 pandemic and help its economies rebound for better, healthier lives and livelihoods for its people.

The bank chief also gave account of its stewardship in the last five years. “Five years ago, right here in Abidjan, you elected me as President of the African Development Bank. It was such a great honor and a responsibility placed on my shoulders. I promised to work hard, to accelerate Africa’s development. My vision for the High5s was my bond — my oath of office, my compass,” he said

“Time has gone so fast. Fast also has been our impacts in those five years for Africa’s progress: 18 million people now have access to electricity. 141 million people have benefitted from improved agricultural technologies for food security. 15 million people have access to finance. 101 million people have access to improved transport. And 60 million people have gained access to water and sanitation”.

He said that the bank will going forward, unite to help fast track Africa’s development — building on its collective achievements, strengthening weaknesses and deepening our impacts. “Our experience has made us better and stronger. Our challenges, though difficult, have become our gain,” he said.

The election of the AfDB president will hold Thursday.

 

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