Kaberuka: "We have been able to manage efficienlty a larger portfolio, while keeping financial prudence"
The African Development Bank (AfDB) Group President, Donald Kaberuka, has said that in his introductory remarks to the 2009 Annual Report that “We have been able to efficiently manage a larger portfolio, while keeping financial prudence. The volume and quality of non-sovereign operations have continued to grow. He further stressed that “the Bank is consolidating its capacity to manage risks at all levels.”
All the institution’s windows posted positive results in 2009 and all major rating agencies have continued to give the Bank their highest score, thanks to shareholder support as well as the institution’s healthy financial and risks management policies and practices.
This solidity, he stressed, “has greatly served us as proven by the fact that despite financial market turbulence, the Bank has continued to mobilize capital at competitive and interesting rates. That’s one eloquent testimony to our institution’s credibility. It goes without saying that the increased demand for resources over the last two years has weighed on the Bank and will limit its lending capacity.
In this regard, he hailed “ongoing discussions with shareholders for a sixth general capital increase which is expected to provide the Bank with the means to help the development efforts of our countries.” He added that “we are in the active phase of consultations with ADF state participants for the twelfth replenishment of the African Development Fund whose beneficiaries are many of our regional member countries.” We look forward to concluding these consultations in 2010. The Bank’s management would like to commend the constructive spirit which marked the discussions, as well as confidence reposed in the Bank and the continent.
Mr. Kaberuka also underscored that “through its response to the global financial crisis, the Bank has proven that it is the partner of choice for African economies – both big and small. The reaffirmation of confidence in the institution and its expanding field of action prove that it is time to raise the bar.”