The AfDB Welcomes South Korea's Decision to Increase its Callable Capital in the Institution

05/10/2009
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Tunis, 5 October 2009 – The African Development Bank (AfDB) Group welcomes South Korea’s decision to temporarily make available USD 306.1 million to the AfDB to enable the institution to respond to African countries’ financial demands, which have risen considerably following the global financial crisis. The decision, which is in line with the G20 decision to provide financial support to developing countries through the international financial institutions, was announced today, 5 October 2009, by the South Korean Ministry of Strategy and Finance.

Commenting the announcement from Istanbul where he is attending the World Bank / IMF Annual Meetings, AfDB President, Donald Kaberuka, declared: “I very much welcome the generous offer by South Korea to temporarily increase their callable capital to the African Development Bank. This will enhance the Bank’s capacity to sustain its lending to African countries, help mitigate the effects of the financial and economic crisis. It is important that we maintain the momentum of recent progress, to sustain growth and the development of the private sector.”

“South Korea’s gives effect to commitments made by the G20; it is an important signal of confidence coming from the next Chair of the G20 and demonstrates the increasing partnership between Africa and Asia. I will immediately recommend the offer for approval by the Bank’s Governors,” he added.