October 31, 2019 / 4:17 PM / 21 days ago

African Development Bank board eyes 125% capital increase - Ivorian president

ABIDJAN, Oct 31 (Reuters) - The African Development Bank’s board of governors may approve a 125% capital increase to $225 billion on Thursday, Ivory Coast President Alassane Ouattara said.

The board is holding an extraordinary meeting to decide whether to approve a seventh boost to the bank’s capital base. The last increase was agreed in 2010, giving the Abidjan-based lender far greater scope to meet the continent’s funding needs.

Addressing the board before the meeting, Ouattara said: “We are convinced the governors will take the right decision to increase the general capital up to 125%.”

The AfDB’s shareholders are Africa’s 54 nations and 26 non-African donor countries. Part of its lending to poorer countries is at concessionary rates, largely financed by Western donors.

Each member country appoints a governor to the board whose voting power is proportionate to the amount of capital contributed by the country. (Reporting by Ange Aboa Writing by Alessandra Prentice Editing by Mark Heinrich)

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