News Column

Nigeria : AfDBs capital base reaches US$103 billion

June 5, 2014

In December 2013, the capital base of the African Development Bank (AfDB) reached US$103.53 billion and 2,065 staff strength, said Dr. Ousmane Dore, Nigeria Country Director of the Bank, during a news conference organised to mark the 50th anniversary of the bank on Wednesday in Abuja.

According to him, the bank had started with the capital base of US$250 million in 1964 in Lagos and has now evolved to be Africa s premier development finance institution. AfDB is commanding the respect of its much older peers such as the World Bank and the International Monetary Fund (IMF) as undisputed development finance institution.

He added that, at present AfDB was financing projects and programmes and also dissemination of knowledge on development issues in all regional member countries. Between 1967 and 2013, the bank had committed a cumulative 4,501 loans and grants worth around US$104 billion in its member countries.

Dore said that, in Nigeria as at 2013, AfDB's total investment amounts to US$5 billion covering sectors like Agriculture, infrastructure, education and social development, environment and also peace and security.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: TendersInfo (India)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters