WASHINGTON – The United States has expressed its approval of the successful Annual Meetings of the African Development Bank (AfDB) and joins all shareholders in endorsing a general callable capital increase (GCCI) of up to $117 billion. The AfDB is recognized as a key partner for the United States and its African counterparts in fostering prosperous, inclusive, resilient, and integrated development.
The Bank has undertaken several initiatives to support financing across Africa. It has been noted for its leadership in financial innovation, being the first multilateral development bank to issue hybrid capital to the private sector. In light of multiple external shocks affecting the AfDB’s balance sheet, the United States supported the GCCI to ensure sustained financing levels for the continent.
"We furthermore applaud AfDB’s completed delivery of policy commitments under the 7th General Capital Increase and welcome the Bank’s new Ten-Year Strategy," said Assistant Secretary for International Trade and Development Alexia Latortue. "This positions the AfDB to continue delivering quality infrastructure for Africa as well as tackling global and regional challenges such as climate change and fragility."
During the Annual Meetings, AfDB Governors reviewed progress on the Bank’s evolution journey, discussed ways to enhance private sector engagement and mobilization, and approved additional measures aimed at strengthening the AfDB as a preferred partner on the continent.
