African Development Bank board eyes 125% capital increase - Ivorian president

The African Development Bank's board of governors may approve a 125% capital increase to $225 billion on Thursday, Ivory Coast President Alassane Ouattara said. The board is holding an extraordinary meeting to decide whether to approve the seventh boost to the bank's capital base. The last increase was agreed in 2010, giving the Abidjan-based lender far greater scope to meet the continent's funding needs.

Addressing the board before the meeting, Ouattara said: "We are convinced the governors will take the right decision to increase the general capital up to 125%." The AfDB's shareholders are Africa's 54 nations and 26 non-African donor countries. Part of its lending to poorer countries is at concessionary rates, largely financed by Western donors.

Each member country appoints a governor to the board whose voting power is proportionate to the amount of capital contributed by the country.

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