The African Development Bank Welcomes Canada's Decision to Triple its Callable Capital to the Institution
Tunis, September 25, 2009 - The African Development Bank (AfDB) Group welcomes Canada's decision to temporarily make available USD$2.6 billion [CAD$2.8 billion] to AfDB to enable the institution address the challenges resulting from the impacts of the international financial crisis on African economies. The decision, which represents a tripling of Canada’s callable capital to the AfDB, was announced during the G20 Summit in Pittsburgh by Canadian Prime Minister Stephen Harper.
“I very much welcome Canada’s generous offer to triple its callable capital to the AfDB, and will strongly recommend acceptance by our shareholders, declared AfDB Group President Donald Kaberuka. Canada’s action responds to the needs in Africa. It will enable the Bank to continue its support to African countries affected by the financial and economic crisis. It will help facilitate trade, private sector activities, including in the low income countries, and to promote growth. It gives practical effect to the commitments made by G20 countries, and to their challenge to the MDBs, including the AfDB, to step up their efforts in responding quickly and effectively to the crisis. The offer is also a positive signal of confidence in the AfDB and that the resources will be used to good effect.”
The AfDB faces an unprecedented increase in requests from its Regional Members, and it must respond accordingly.