AfDB to raise USD 9.4 billion from capital markets
The fund will be used to finance new projects in member nations.As it prepares for new development projects in member countries, the African Development Bank (AfDB) has approved a borrowing scheme to raise USD 9.4 billion from the capital markets. The borrowing scheme which was approved by the Bank's Board of Directors was announced in December 2016. Evident in its borrowing level, the Bank has recorded significant growth from USD 4.4 billion three years ago. The treasurer of the Bank, Hassatou N'Sele in a statement stated that "the AfDB's credit story and impact on the continent is very high, and investors in its bonds get not only a financial return, but the assurance that the funds will be used to combat poverty and promote social and economic growth. "The Bank continues to explore the prospects for local currency bonds to facilitate the financing of its local currency operations and promote the development of domestic bond markets across Africa." As a major development partner in Africa, AfDB commenced 2017 with various new investments which will lead into significant socio-economic empowerment in various African nations.