AfDB to get 3-fold capital increase - bank chie

The African Development Bank is to get a three-fold increase in its capital base to $90-billion, giving the Tunis-based lender far greater scope to meet the continent's funding needs, its head said on Friday last week.

"It's significant, but you must bear in mind that in Africa now, the way the continent is going, we need to increase our firepower, especially to lend for infrastructure and the private sector," AfDB president Donald Kaberuka told Reuters from Washington.

Six percent of the increase would be capital paid in over eight years, Kaberuka said. The rest will be "call-up capital" in the form of guarantees from the bank's rich-country backers.

Editor's Comment
Closure as pain lingers

March 28 will go down as a day that Batswana will never forget because of the accident that occurred near Mmamatlakala in Limpopo, South Africa. The tragedy affected not only the grieving families but the nation at large. Batswana throughout the process stood behind the grieving families and the governments of Botswana and South Africa need much more than a pat on the back.Last Saturday was a day when family members said their last goodbyes to...

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