A statement on its website said said while meeting in Busan, South Korea, the 80 AfDB governors authorized their committee to begin negotiations on shoring up its general capital in a bid to enable the bank meet its financing needs to regional member countries.
The 53rd AfDB AGMs ended in Busan on Friday “in an atmosphere of general satisfaction” especially due to the capital increase measure approved by the governors.
AfDB's authorized and subscribed capital stands at just over $65 billion as of December 31, 2017.
However, the Governors say this capital increase should be preceded by the presentation of a well-focused strategic report on the role of the AfDB within the context of the overall development architecture and an assessment of reforms to increase its ability to meet its objectives.
The Governors also welcomed the Bank's performance in 2017, which recorded $8.7 billion in approval and over $ 7 billion in disbursements.
The Council underscored “the need for a strong and financially sustainable, efficient, effective, accountable and results-oriented African Development Bank.”