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The African Development Bank (AfDB) Vice President, Finance, Thierry de Longuemar, has hailed Canada’s decision to temporarily make available US$2.6 billion, equivalent to CAD$2.8 billion, to the AfDB to enable it address the impact of the global financial crisis on African economies.
Speaking in an audio interview (in French) held on September 28, 2009, Mr. de Longuemar said “Canada’s announcement of its support to our institution through the tripling of its callable capital is a major event, which I hope, will lead to the institution’s board of governors approving the AfDB’s sixth capital increase.” He added that “the sustained growth of Bank Group operations as provided for in the institution’s medium term strategy as well as its countercyclical response to the effects of the global financial crisis on the continent could lead to the institution surpassing its prudential ratio limits.”
Meanwhile, the AfDB President, Donald Kaberuka, had welcomed the Canadian government decision saying that “I very much welcome Canada’s generous offer to triple its callable capital to the AfDB, and will strongly recommend acceptance by our shareholders.” “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 G-20 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,” he said.