African Development Bank (AfDB) shareholders on 31 October approved a $115bn capital increase – from $93bn to $208bn – more than doubling its capital base. The AfDB said its largest ever General Capital Increase (GCI) signalled “a united front by shareholders”. Analysts commented that it was a major success for the AfDB’s Nigerian president, Akinwumi Adesina, who is focused on securing a second term in office next year. The GCI will allow the AfDB to expand its operations, with a focus on investment in agriculture and infrastructure.
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