AfDB Group Governors 11th Consultative Committee Meeting to Hold in Washington, D.C.

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Date: 23/04/2010
Location: Washington, D.C, USA

Tunis, 20 April 2010 - The eleventh meeting of the African Development Bank (AfDB) Group Board of Governors Consultative Committee (GCC) will be held in Washington, D.C. on 23 April 2010 on the sidelines of the World Bank Group and IMF Spring Meetings.

The meeting aims at finalizing recommendations for the 6th General Capital Increase (GCI-VI) of the Bank Group. This meeting follows the February 2010 Regional and Non-Regional Governors Consultation meetings held in Tunis, Tunisia and Cape Town, South Africa respectively.

The AfDB Group seeks a 200% increase, a target that has been fully endorsed by the governors of regional members’ countries at their 12th February 2010 meeting in Tunis. Shortly afterwards, on 24 February 2010 in Cape Town, the governors of non regional member countries called for a substantial increase in resources.

There is an immediate need for the Bank to receive a capital infusion in a magnitude consistent with the needs of its borrowing countries. Such an action would be consistent with the vital role that the Bank can and should play in Africa’s future. It is increasingly playing a crucial part in the continent’s development efforts and is deepening its position as Africa’s leading development finance institution and as a lender of choice.

The AfDB Group Board of Governors is expected to reach a decision on the GCI VI increase at the Bank’s Annual Meeting in Abidjan, Côte d’Ivoire, from 27 – 28 May 2010.