AfDB member countries to get more funds
Member countries of the African Development Bank (AfDB) will be able to access more funds at a cheaper rate, according to a report in the East African.This follows the Regional Governors' Consultative Forum in which those in attendance backed a 200 per cent general capital rise enabling members to apply for increased finance.
A statement from the governors read: "We commended the Bank for its timely and effective response to the needs of our countries in respect to the global financial and economic crisis."
It also welcomed the speed and commitment with which the Bank - currently located in Tunis temporarily - was able to make full use of its balance sheet.
The measure is part of the AfDB's reaction to the global financial crisis in order to help nations deal with its negative consequences.
The sixth capital increase was originally planned for 2012, although this was brought forward after the AfDB expanded its lending initiatives for tackling the credit crisis.