Panafrican News Agency

AfDB to receive 1.1 billion dollars from Canada

Abidjan, Côte d’Ivoire (PANA) - Canada will support operations of the African Development Bank (AfDB) with a contribution of 1.1 billion dollars, the Canadian minister of International development, Women and Gender equality, Maryam Monsef, announced on Friday at a meeting of the Spring assemblies of the World Bank and the International monetary Fund (IMF) in Washington.

The announcement was made a day after she met AfDB management on the seventh general increase in its social capital.

The AfDB President, Akinwumi Adesina, said he was pleased about the commitment and support from Canada which are true stimulants.

He said that this would enable AfDB to maintain its Triple A rating and increase the volume of loans for regional member countries.

Speaking on the donation, Mrs Monsef expressed the wish that this  commitment made by her country will facilitate negotiations on the increase in the AfDB capital and encourage other countries to do the same.

President Adesina had in February said at a meeting with members of the the diplomatic corps accredited in Côte d’Ivoire, that the negotiations were moving forward in harmony and that the increase should result in an additional amount of 11 billion US dollars.

The last general increase in the AfDB capital dates back to 2010, its current capital being 99 billion dollars.

The increase in the AfDB capital aims to attain the goals set in the African Union Agenda 2063 - the ‘’Africa we want’’.

Canada, which is a non-regional member country since January 1983, contributes to all increases of the AfDB capital.

Up till 30 June 2018, Canada's subscription to the AfDB capital was estimated at 3.5 billion dollars, including 252 million entirely subscribed and 3.22 dollars as guarantee capital.

Canada is therefore classified as the fourth shareholder among AfDB non regional member countries.

-0- PANA BAL/JSG/MSA/VAO 13April2019