Tunis, 19 February 2010 – The African Development Bank (AfDB) Group will, from February 21-24, in Cape Town, South Africa, hold three consultations with its key stakeholders to address future resource needs and plans.
The first meeting will be a session of the Committee of Ten (C10) on Sunday, February 21, 2010, followed by a meeting on the 12th replenishment of the African Development Fund (ADF-12) scheduled for February 22-23, 2010, and finally a meeting with the Bank’s non-regional (non-African) member countries over the call for a general capital increase (GCI) will take place on February 24, 2010.
All three meetings will focus on Africa’s special needs in the wake of the global financial crisis.
The C10 was created in November 2008 during a meeting of African Finance Ministers and Central Bank Governors in Tunis, with three main aims - taking stock of the impact of the global financial and economic crisis on African economies; making the case for governance reform in multilateral international institutions with enhanced African participation in mind, and identifying priority issues for Africa and agreeing on input for the G20.
The C10 has, since then, met regularly, with a recent meeting taking place in July 2009 in Abuja, Nigeria. The C10 has reiterated that the AfDB should be Africa’s primary development institution and has given its support to the ADF-12 replenishment and the general capital increase.
The ADF is the Bank’s concessional lending arm that provides soft loans and grants to Africa’s poorest countries. It is replenished every three years by 26 donor countries. The Cape Town meeting comes at a critical time for Africa due to the post-financial crisis period.
The consultation over the GCI with the Bank’s non-regional country members comes on the heels of the consultation held with governors of the Bank’s 53 regional member countries in Tunis on February 12, 2010.
At the Tunis consultation, regional member countries called for a 200% capital increase, urging non-regional member countries to lend their support in this regard. Similarly, the African Union has recently expressed its support for the GCI.