The shareholders of the African Development Bank (AfDB) have approved $115 billion capital injection that will see the pan-African lender capital base jump from $93 billion to $208 billion.
The new financing, the largest in the bank's 55-year-history, will ensure the bank's AAA rating, all stable, from rating agencies, the board said after an extraordinary meeting on Thursday in Abidjan, Ivory Coast.
The bank plans to pump the money into infrastructure projects to improve electricity connectivity, energy, transport and water and sanitation services in several African countries.
AfDB President Akinwumi Adesina said the bank would channel the funds to infrastructure, regional integration, supporting fragile states to build resilience, addressing climate change and boosting private sector investments.
"We will do a lot more. This is a historic moment,” said AfDB President Akinwumi Adesina.
Ivory Coast President Alassane Ouattara said: “the integration of the continent’s priorities into the High 5s indicates that the African Development Bank group is a strategic partner for African governments.”
Founded in 1964, the Abidjan-based lending institution currently has 80 member countries, including the 54 states of the African continent, and 26 non-African states.