Former US Representative to AfDB Writes Treasury Secretary Mnuchin, Seeks Support for Adesina via thisdaylive
The first United States Representative to African Development Bank , Ambassador Harold Doley, has described the President of the Bank, Mr. Akinwumi Adesina as a global player of impeccable character who has helped mobilise billions of dollars for Africa and helped accelerate the continent’s development.
In his letter, Doley Jr. insisted that Adesina’s re-election was vital for Africa’s continued economic growth, infrastructure and investment, adding that it is traditional at multilateral development institutions that sole candidates be re-elected by acclamation. As you recall, the African Development Bank was created by several African countries in 1964, with the U.S. becoming a shareholder in 1983. Previously, we became members of the African Development Fund in 1974, as a result of legislation introduced by the then Congressman Andrew J. Young, Jr.
In 2019, with U.S. support, the African Development Bank’s shareholders approved a General Capital Increase of $115 billion, the largest in the Bank’s 56-year history. The increase more than doubled capital from $93 billion to $208 billion. Also, in 2019, the Bank’s concessional window, the African Development Fund , received a 35% replenishment with donor contributions. U.S. shares of $499,695,200 represent 7.
The Bank’s 2019 innovative Desert to Power initiative will develop 10,000 Megawatts of solar power across 11 countries in the Sahel Region and provide electricity for 250 million people. When completed, the $20 billion investment will be the world’s largest solar zone.
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