Statement from Assistant Secretary for International Trade and Development Alexia Latortue on the African Development Bank Annual Meetings

WASHINGTON – The United States applauds the successful Annual Meetings of the African Development Bank (AfDB) and joins all shareholders in our approval of a general callable capital increase (GCCI) of up to $117 billion. The AfDB is a key partner for the United States and our African partners in advancing prosperous, inclusive, resilient, and integrated development.The Bank has taken numerous steps to support financing for countries across Africa. The AfDB has been a leader in financial innovation, and we applaud the Bank for being the first multilateral development bank to issue hybrid capital to the private sector. In the context of multiple external shocks that have impacted the AfDB’s balance sheet, the United States was proud to support the GCCI, which will enable the AfDB to sustain its level of financing for the continent.We furthermore applaud AfDB’s completed delivery of policy commitments under the 7thGeneral Capital Increase and welcome