{"id":465655,"date":"2019-04-13T13:15:23","date_gmt":"2019-04-13T12:15:23","guid":{"rendered":"https:\/\/en.financialafrik.com\/?p=465655"},"modified":"2019-04-13T13:15:23","modified_gmt":"2019-04-13T12:15:23","slug":"african-development-bank-hails-canadas-us1-1-billion-pledge-in-callable-capital-support","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2019\/04\/13\/african-development-bank-hails-canadas-us1-1-billion-pledge-in-callable-capital-support\/","title":{"rendered":"African Development Bank Hails Canada\u2019s US$1.1 billion pledge in callable capital support"},"content":{"rendered":"
<\/div>

On the sidelines of the World Bank-IMF Spring meetings, Canada announced a $1.1 billion commitment in temporary callable capital to support the African Development Bank.<\/span><\/p>\n

Canada\u2019s announcement, to be approved by the Bank\u2019s governors, was made by Maryam Monsef, the Canadian\u00a0Minister of International Development and for Women and Gender Equality.<\/span><\/p>\n

\u201cI am happy to say that today, Canada is demonstrating its commitment to African countries and our confidence in the African Development Bank by announcing that we are going to subscribe up to US$ 1.1 billion in temporary callable capital, if required.\u201d Minister Monsef told\u00a0members of the Diplomatic Corps based in Washington D.C., governors of the African Development Bank, executive directors, including executive director David Stevenson, who represents\u00a0Canada, China, Korea, Turkey and Kuwait. The Bank\u2019s senior management team was also in attendance.<\/span><\/p>\n

The announcement comes a day after a meeting of the Bank\u2019s governors in Washington D.C. to continue discussions on a 7th General Capital Increase.<\/span><\/p>\n

\u201cThe African Development Bank is a key partner for Canada and we are committed to supporting the Bank\u2019s African member countries. Canada and Canadians are proud of our long history of partnership and collaboration with Africa,\u201d Monsef noted, before reminding the 100 attendees that Canada was determined to ensure that \u201cno less than 50% of bilateral development assistance is dedicated to sub-Saharan Africa by 2021-2022.\u201d<\/span><\/p>\n

Commenting on the announcement, the Bank\u2019s President, Dr Akinwumi A. Adesina said \u201cCanada\u2019s commitment and support is a huge boost to the African Development Bank. It will allow the Bank to strengthen its Triple A rating and increase lending to member countries while discussions are ongoing among all shareholders for a general capital Increase.\u201d<\/span><\/p>\n

\u201cYour announcement is a clear indication that Canada has strong confidence in the African Development Bank,<\/span>\u201d Adesina added, while extending the Bank\u2019s appreciation to Prime Minister Justin Trudeau for Canada\u2019s\u00a0<\/span>unwavering support.<\/span><\/p>\n

Minister Monsef urged other AAA-rated member countries to join Canada in providing temporary callable capital to the Bank. \u201cI sincerely hope that this announcement will facilitate the general capital Increase negotiations and help support your efforts. Canada stands with you.\u201d<\/span><\/p>\n

In a follow-up bilateral meeting, Minister Monsef and President Adesina discussed values and interests in common on gender and increasing access to finance for women, as well as on climate and renewable energy issues.<\/span><\/p>\n

Canada has been a member of the African Development Bank since January 1983 and has\u00a0<\/span>participated in all general capital increases of the Bank. It provided temporary callable capital in 2010 while the GCI VI negotiations were ongoing.\u00a0 That decision enabled the Bank to continue to provide its support to regional member countries in the aftermath of the international financial crisis.<\/span><\/p>\n

As at 30 June 2018, Canada\u2019s total capital subscribed amounted to $3.5 billion of which $252 million has been paid in and $3.22 billion stands as callable capital, making\u00a0<\/span>Canada the 4th largest shareholder among the Bank\u2019s non-regional member countries.<\/span><\/p>\n

<\/div>","protected":false},"excerpt":{"rendered":"

On the sidelines of the World Bank-IMF Spring meetings, Canada announced a $1.1 billion commitment in temporary callable capital to support the African Development Bank. Canada\u2019s announcement, to be approved by the Bank\u2019s governors, was made by Maryam Monsef, the Canadian\u00a0Minister of International Development and for Women and Gender Equality. \u201cI am happy to say<\/p>\n","protected":false},"author":527683,"featured_media":461285,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":{"pmpro_default_level":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"translated_post_url_fr":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[12046,12065],"tags":[13039,552],"class_list":{"0":"post-465655","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-leaders-en","8":"category-press-releases","9":"tag-african-development-bank","10":"tag-canada","11":"post_format-post-format-aside","12":"pmpro-has-access"},"yoast_head":"\nAfrican Development Bank Hails Canada\u2019s US$1.1 billion pledge in callable capital support - Financial Afrik<\/title>\n<meta name=\"description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. 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