The African Development Bank (AfDB) has accomplished an unprecedented capital increase over the past decade, growing from $93 billion in 2015 to $318 billion today, President Akinwumi Adesina announced Tuesday at the bank’s annual meetings in Abidjan.
Speaking at the opening ceremony of the assemblies, which run through May 30, Adesina highlighted the transformative impact of this expansion. “Thanks to this capital, we have provided unprecedented financial support to all African countries,” he stated, emphasizing the bank’s enhanced capacity to drive continental development.
The institution approved financing totaling $102 billion during this period, representing 46% of all approvals since the AfDB’s establishment in 1964. Total disbursements reached $59 billion over the decade, equivalent to half of all distributions in the bank’s 60-year history.
Adesina also celebrated the successful mobilization of $8.9 billion for the African Development Fund’s 16th replenishment, marking the largest resource mobilization in the fund’s history. The bank maintained its AAA credit ratings from Fitch, Moody’s, and Standard & Poor’s throughout the decade, even during COVID-19 turbulence and multiple challenges facing member countries.
Under the “High 5” program aimed at lighting up, feeding, industrializing, and integrating Africa while improving quality of life, the AfDB’s initiatives have impacted 565 million people across the continent. The bank also strengthened African financial institutions, from commercial banks to regional development finance institutions.
As his tenure approaches its conclusion, Adesina expressed pride in the bank’s achievements and its unprecedented impact on millions of African lives, while noting the creation of Africa50, which has become a premier equity investment platform with portfolio companies valued at over $7 billion.