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Company News from Saturday, April 13, 2019
Source: BAD
2019-04-13
Canada has been a member of the African Development Bank since January 1983.
On the sidelines of the spring meetings between the World Bank and the IMF, Canada announced a $ 1.1 billion temporary capital commitment to support the African Development Bank.
Canada's announcement, to be approved by the Bank's governors, was made by Maryam Monsef, Canadian Minister for International Development and Women and Gender Equality.
"I am pleased to say that today, Canada is demonstrating its commitment to African countries and its confidence in the African Development Bank by announcing that we will subscribe up to $ 1 billion. capital dollars called temporary, if necessary. "Minister Monsef told members of the Washington-based diplomatic corps, the governors of the African Development Bank, executive directors, including executive director David Stevenson, who represents Canada, China , Korea, Turkey and Kuwait. The senior management of the Bank was also present.
The announcement came a day after the Bank's Governors' meeting in Washington, DC, to continue discussions on a seventh general capital increase.
"The African Development Bank is a key partner of Canada and we are committed to helping its African member countries. Canada and Canadians are proud of their long history of partnership and collaboration with Africa, "said Monsef before reminding the 100 participants that Canada is committed to ensuring that" not less than 50% of Canadians Bilateral development badistance is devoted to sub-Saharan Africa. 2021-2022.
Dr. Akinwumi A. Adesina, President of the Bank, commented on the announcement: "Canada's commitment and support is a tremendous boost for the African Development Bank. This will allow the Bank to strengthen its Triple A rating and increase its lending to member countries, while discussions are underway between all shareholders for a general capital increase. "
"Your announcement makes it clear that Canada has great faith in the African Development Bank," said Adesina, thanking Prime Minister Justin Trudeau for his unwavering support.
Minister Monsef urged other AAA-rated countries to join Canada in providing the Bank with called capital. "I sincerely hope that this announcement will facilitate negotiations on the increase of capital in general and will help support your efforts. Canada stands by you.
During a bilateral follow-up meeting, Minister Monsef and President Adesina discussed common values and interests regarding gender equality and improving access to funding for women's rights. women, as well as climate and renewable energy issues.
Canada has been a member of the African Development Bank since January 1983 and has participated in all of the Bank's general capital increases. It provided temporary callable capital in 2010 while GCI VI negotiations were ongoing. This decision enabled the Bank to continue to support regional member countries in the aftermath of the global financial crisis.
As at June 30, 2018, Canada's total subscribed capital amounted to $ 3.5 billion, of which $ 252 million was paid and $ 3.22 billion of callable capital, making Canada the 4th largest shareholder in the industry. non-regional member countries of the Bank.
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