Canada has committed $1.1 billion in temporary callable capital to support the African Development Bank, Canada’s Minister of International Development Maryam Monsef said on the sidelines of the World Bank-IMF Springs meetings.
Monsef said that the funds reflect the country’s support of the Bank’s African member countries. The announcement is yet to be approved by AfDB’s governors.
“Canada and Canadians are proud of our long history of partnership and collaboration with Africa, Canada is determined to ensure that not less than 50% of bilateral development assistance is dedicated to sub-Saharan Africa by 2021-2022.” read a statement from Monsef.
“I sincerely hope that this announcement will facilitate the general capital Increase negotiations and help support your efforts. Canada stands with you.” he continued.
AFDB president Akinwumi Adesina said that Canada’s financial support would enable the Bank to strengthen its Triple-A rating and boost lending to member countries.
“The announcement is a clear indication that Canada has strong confidence in the African Development Bank,” Adesina added.
In 2010, Canada issued funds to the AfDB enabling the bank to support regional member countries following the international financial crisis.
Canada has been a member of the African Development Bank since January 1983.