Minister of Finance, Budget and National Planning, Hajya Zainab Ahmed with the President of the African Development Bank, Dr. Akinwunmi Adeshina at the 19th meeting of the Governors’ Consultative Committee (GCC) meeting in Sharm el-Sheikh Resort in Cairo Egypt, this morning.
Minister of Finance, Budget and National Planning, Zainab Ahmed joins other experts at the Africa Development Bank’s 19th Governors’ Consultative Committee meeting to deliberate on a proposal for a 7th General Capital Increase and discussed priority reforms.
With the Increase, the Bank seeks to strengthen its ability to catalyze sustainable economic growth development, as well as support poverty reduction in member countries.
The bank also seeks to improve share capital to have increased resources to lend out to member and the private sector.
The last GCI-V1 was in 2010.
The increase that year was moved from 2,394,746 to 6,768.746 shares, which is expected to put the bank in a good lending position