WASHINGTON – The United States applauds the successful Annual Meetings of the African Development Bank (AfDB) and joins all shareholders in our approval of a general callable capital increase (GCCI) of up to $117 billion. The AfDB is a key partner for the United States and our African partners in advancing prosperous, inclusive, resilient, and integrated development.
The Bank has taken numerous steps to support financing for countries across Africa. The AfDB has been a leader in financial innovation, and we applaud the Bank for being the first multilateral development bank to issue hybrid capital to the private sector. In the context of multiple external shocks that have impacted the AfDB’s balance sheet, the United States was proud to support the GCCI, which will enable the AfDB to sustain its level of financing 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, which 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 reflected on progress made on the Bank’s evolution journey, discussed how the institution can strengthen private sector engagement and mobilization, and approved other measures that continue to strengthen the AfDB as a partner of choice on the continent.
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