Juliana Taiwo-Obalonye, Abuja
President Muhammadu Buhari has commended African Development Bank (AfDB) for increasing its capital from $93 billion to $208 billion to drive growth and development on the continent.
According to the President, it clearly demonstrates the quality of leadership at the helm of affairs, and the technical expertise that has been steadily pushing reforms for a smart and nimble institution focused on alleviating poverty.
According to the statement by the Special Adviser to the President, Media and Publicity, Femi Adesina, President Buhari congratulated the President of the AfDB, Dr Akinwunmi Adesina, its Board of Governors and members of staff on the historic increase of its capital for the continent’s development.
The President commended the leadership of the bank for numerous reforms undertaken to reposition the institution for current global realities and the peculiar needs of the African continent, citing the visionary policies that have started yielding results in providing electricity, financing and modernizing agriculture, encouraging industrialisation, integrating Africa and improving the livelihoods of many.
With the historic approval of $115 billion by the board of governors, which will buoy the bank’s operations and reach, the President Buhari extolled Adesina for taking the AfDB to new heights of achievements, and inspiring confidence that the Sustainable Development Goals (SDGs) and the African Union Agenda 2063 are realisable.
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