AfDB: How we grew Bank’s capital from $93bn to $318bn in 10 years, Adesina

...Says bank scores 98.8% global transparency index in 2024
…Says Bank positively impacted over 565 million people
…Pays glowing tributes to Jonathan, Buhari, Obasanjo, Okonjo-Oweala, others

By David Adanu

The outgoing President of the African Development Bank, AfDB, Dr. Akinwumi A. Adesina, has declared that he earnestly gave his all to fight for Africa’s best interest to grow the Bank’s capital from $93 billion to $318 billion between 2015 and 2025, he led affairs at the bank.

Dr. Adesina, who is the President and Chairman of the Boards of Directors African Development Bank Group, spoke at the opening ceremony of Bank’s 2025 annual meetings held in Abidjan, Côte d’Ivoire

He said, “I earnestly gave Africa my heart, my mind and my all. I fought for what I believed were in Africa’s best interest, every single day and at every turn in my 10 years as President.”

According to him, “When I was first elected President of the Bank in 2015 the capital of the Bank stood at $93 billion. From 2015 to 2025, we have grown the Bank’s capital from $93 billion to $318 billion.

“We put the expanded capital into remarkable use with unprecedented financial support to all the African countries.”

Dr. Adesina recalled that, “Since the establishment of the African Development Bank in 1964 until 2014, it’s total approvals of were $118 billion. However, in the past ten years alone under my Presidency our total approvals were $102 billion, representing 46% of all approvals in the history of the African Development Bank Group.

“We have also ramped up our disbursements. The total disbursements of the Bank Group in the past ten years alone, at $59 billion, represents almost half of all disbursements in the history of the African Bank Group.

“These are not just numbers. Thanks to your collective support, this represents a new dynamism, scale and transformative impact of the African Development Bank Group, than at any point in its history.”

Adesina stressed further in his keynote address that, “We provided significant financial support to African financial institutions, from commercial banks to regional development financial institutions, to multilateral development finance institutions, boosting their capital bases.

“We worked very closely with and strongly supported the African Union. This includes the provision of $11.5 million in institutional support, over $17 million to the African Continental Free Trade Area, and over $27 million to the African Centre for Disease Control.

“The African Investment Forum, launched by the Bank and its partners in 2018 has since mobilized $225 billion in investment interests in Africa, across several projects.”

He noted that the African Development Bank under his leadership was ranked as the Best Multilateral Financial Institution in the world by Global Finance.

He added, “The African Development Bank was ranked (in the past two consecutive years) as the most transparent financial institution globally, by Publish What You Fund, scoring last year 98.8% on the transparency index, the highest ever in the history of the global transparency index.

“And in 2024, the Bank achieved its highest income ever in its 60-year history.”

On investments in redeemable energy, Adesina noted that the Bank advanced on providing universal access to clean cooking to women in Africa with a successful Africa Clean Cooking Summit in Paris, co-chaired with President Samia Suluhu Hassan, that mobilized $4 billion for clean cooking.

He said, “The African Development Bank launched the Alliance for Green Infrastructure in Africa (AGIA), supported by the G7, to mobilize $10 billion for climate resilient infrastructure in Africa.

“We strongly supported the youth and women. The Bank’s Affirmative Finance Action for Women in Africa (AFAWA) approved $2.5 billion in support of over 24,000 women-owned businesses in Africa; expanding access of women businesses to finance through 185 financial institutions in 44 countries.

“In support of the youth, and to help unleash their potential, the Bank launched Youth Entrepreneurship Investment Banks, which will expand access to finance to create youth-based wealth across Africa.”

In Nigeria, he said, “We are implementing the development of special agro-industrial processing zones in 8 States and the FCT and have mobilized $2.9 billion to support the establishment of these zones in 28 more States of Nigeria.

“We have stood by countries that were under sanctions to clear their debt arrears to the Bank, including Somalia and Sudan. Today, thanks to support from the African Development Fund, Somalia is showing recovery and greater resilience.”

On agriculture, Dr. Adesina said, “Thanks to the African Development Fund and the Bank’s Technology for African Agricultural Transformation (TAAT), Sudan (even in the midst of conflict) is showing remarkable progress towards achieving self-sufficiency in wheat. With our support it achieved 50% self-sufficiency in wheat in 2023 and 85% by 2024”

He recalled that, “In the past decade, the work of the African Development Bank has impacted the lives of 565 million people.

“This includes: 28 million people with access to electricity; 104 million people with food security; 121 million people with access to improved transport; 128 million people with access to improved health services; 67 million with improved access to information and communication technology; 63 million people with access to drinking water;
34 million people with access to sanitation.”

Adesina who prayed God to send rains of blessings on every one of the Bank’s 81 shareholder countries to continue to support Africa, also paid a glowing tribute to his beloved country Nigeria and the Presidents who nominated and supported him for election twice as President,

He said, “I owe my deepest appreciation and gratitude to President Goodluck Jonathan who nominated me for my first term; and to President Muhammadu Buhari who carried it forward and backed my reelection for second tenure.

He also extended appreciation to Nigeria’s former Presidents and heads of state, President Obasanjo, General Abdusalam Abubakar, General Yakubu Gowon, General Ibrahim Babangida, and former Vice Presidents Atiku Abubakar, Namadi Sambo, Professor Yemi Osinbajo, and former Governor Ibikunle Amosun of Ogun State, while also thanking Ngozi Okonjo Iweala, who as the then Minister of Finance of Nigeria in 2015.

To President Bola Ahmed Tinubu, and to Vice President Kashim Shettima, he thanked them for their support over the past two years, and for approving the replenishment of the Nigeria Trust Fund for another 15 years for $500 million.