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African Development Bank to raise cap reserves to USD100bn.

Global Banking News-15 May 2009-African Development Bank to raise cap reserves to USD100bn(C)2009 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 15 May 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

The head of African Development Bank (AfDB) has said that he was in negotiations with shareholders to triple its capital reserves to around USD100bn.

'It's reasonable and desirable,' said the head of AfDB Donald Kaberuka. 'We need such a substantial increase. We are negotiating with the shareholders,' which are its member states, both within and outside Africa.

African Development Bank, whose current reserves amount to nearly USD35bn, has warned that per capita income in Africa will fall in 2009 for the first time in 15 years.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:Global Banking News (GBN)
Date:May 15, 2009
Words:145
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