ADB Approves Plan To Triple Capital Base
The Asian Development Bank (ADB) said on Thursday that its Board of Governors had approved the plan to triple the lenders capital base, from 55 billion to 165 billion US dollar.
An overwhelming majority of ADBs 67 members endorsed the capital increase, the lenders largest one in history and also the first one since 1994.
– This substantial increase is a resounding vote of confidence from our shareholders for what we can achieve as a premier development partner in the region, said ADB President Haruhiko Kuroda.
The capital boost allows the ADB to substantially increase its support to countries affected by the global downturn and to provide an additional 10 billion dollar over the next few years for crisis-related assistance. The additional capital also will help address the regions huge, long-term development needs.
ADB said its developing member countries face an estimated resource gap of 53 billion dollar a year to meet the Millennium Development Goals, which include eradicating extreme poverty as well as combating disease and environmental degradation.
Kilde: www.worldbank.org
