AfDB needs recapitalisation to execute projects – Adesina …disburses $7.67bn in 2017

The African Development Bank needs more resources through a general capital increase to execute the various projects it has earmarked for this year and beyond, its president, Dr. Akinwumi A. Adesina, has said.

Speaking at the 2018 diplomatic luncheon in Abidjan, Cote D’ivoire, Adesina said the support of all shareholders will be crucial for the general capital increase of the bank.

“The Bank should do more for Africa and we are working extremely hard to revamp it, and put it in a much stronger position, with more highly capable staff and institutional capacity to deliver more … better and faster.

“Our ability to deliver in the past and now is a good indication that you can depend on us to deliver more in the future,” he said.

Adesina said the bank has continued to grow its income solidly, “reversing the declining income of the bank when I started two years ago. The bank achieved its highest annual disbursement ever in its history, at $7.67 billion,” he stated.

“Our investment in the energy sector in 2017 covered 31 operations in 23 countries, and totaled $1.39 billion, representing a 30% increase over 2016, he revealed.

According to him, the bank launched its largest bond transaction, with a $2.5 billion 3-year global benchmark, followed by its largest ever 5-year global benchmark for $2 billion.

Adesina, who said the net operating income of the AfDB declined from US$ 589.3 million in 2014 to $492.7 million in 2015 when I took over, however stated that ever since then, there has seen a rapid turnaround.