Friday, February 12, 2010

African Governments Support a 200% Capital Increase

Today, African governments met and unanimously agreed to endorse the proposal for a 200% general capital increase. The regional member country shareholders of the Bank, including low income countries, with limited budget resources commended the Bank for its swift and effective response to their needs during the height of the global financial crisis. African governments acknowledged the benefits of the Bank’s strategic focus on infrastructure, private sector, governance and regional integration. They also recognized the increased relevance of the Bank’s activities across a wide geographic spectrum which includes middle income, low income and fragile states. The 200% capital increase would allow the Bank to meet the growing demands of the continent, especially in low income countries, while continuing its role as the leading development finance institution and voice for Africa in the global arena. Click here to read to the Communiqué.