This has been one of the hottest issues of the African Development Bank (AfDB) in the last two years. Finally, the 80 member countries meeting for the fifth extraordinary session of the Board of Governors approved on October 31 the 125% increase in the General Capital of the AfDB, from $93 billion to $208 billion. This money will be used to finance the continent's development objectives. "We only have 10 years before the deadline of the SDGs [Sustainable Development Goals in 2030, editor's note]. We cannot accept that Africa does not achieve its goals," said Akinwumi Adesina, President of the African Development Bank (AfDB) at a press conference Thursday evening in Abidjan. It is this urgency that justifies, he stressed, the timing of the afDB's seventh capital increase operation. Meeting in extraordinary session on 31 October, the Governing Council approved a 125% increase in general capital, from $93 billion to $208 billion, or an additional $115 billion. The largest capital increase in the History of the AfDB. "This is a historic moment for a historic decision. [...] The general capital increase will be reflected throughout the world. This will help us take a big step forward for Africa," said Akinwumi Adesina, AfDB President. After two years of talks This decision is the culmination of two long years of talks between Rome (Italy), Washington (United States), Malabo (Equatorial Guinea) and Sharm el-Sheikh (Egypt). The initial objective was to double the AfDB's financial capacity so that it could further support the development of African economies. In Abidjan, the 80 member countries of the institution met to decide. It was revealed that a country like Canada contributed an additional $1.1 billion, while Sweden invested an additional $500 million. The Ivorian Head of State Alassane Ouattara, presiding over the launching ceremony of the closed-door work of the Board of Governors, insisted on the role that an institution such as the AfDB plays in the economic and social development of the Continent, in a context of "economic, security and climate challenges". "One of the keys to the success of these legitimate ambitions lies in the ability of African countries to mobilize sufficient financial resources and use them efficiently to achieve the structural transformation of our economies, and creating the conditions for sustainable and inclusive growth. Alassane Ouattara. The AfDB believes that all stakeholders in the development of the Continent - institutions, States, private sectors... - should "accelerate" their action to achieve not only the United Nations 2030 Agenda, but also the African Union's (AU) Agenda 2063. As a reminder, the AfDB's action is structured around five priorities: electrify, feed, industrialize, integrate Africa and improve the quality of people's lives. "If we can achieve these five priorities, Africa will have achieved 90% of the SDGs and 90% of Agenda 2063. Hence the importance of having the necessary means," Adesina noted. The AfDB also expects that the increase in its capital will strengthen its AAA rating, giving it "greater stability in the coming years", to easily fulfill its mission. "The Bank will have more resources than ever before. This will give us the opportunity to carry out bigger projects," Adesina stressed. Funds for transformative projects The $115 billion mobilized from AfDB shareholders will be rolled out gradually from 2020, according to Bajabulile Swazi Tshabalala, Vice President for Finance and Chief Financial Officer. The AfDB has already identified key projects that will benefit from its new equity, including the Desert to Power Initiative, which is promised to be the world's largest solar zone and will provide 250 million people in the Sahel with access to energy. All major projects, including infrastructural and agro-industrial projects that will also allow a facilitated and efficient implementation of the Continental Free Trade Area (CFTA), are a priority, Akinwumi Adesina cited the Lagos-Abidjan highway. The AfDB is also committed to "helping countries establish special agro-industrial processing zones that process and add value to agricultural products." The Bank also intends to double its investment for climate finance to $25 billion by 2025. Women's empowerment is also a priority. An additional $3 billion will be dedicated to the implementation of the Affirmative Financial Action for Women in Africa (AFAWA). Focus on the private sector Increasingly, the AfDB stresses the need to propel the private sector and foster the construction of a business environment conducive to the influx of companies and investors. Thus, the Bank intends to provide more support to African SMEs, particularly those in technology and small and medium-sized industries (SMIs). "We cannot continue to export raw materials. We need to develop value chains. Experience has shown that countries that only export raw materials are subject to price volatility and eventually become poorer. But those who move towards transformation are getting richer," Adesina noted, highlighting the "example" of Côte d'Ivoire and Ghana, which now carries this ambition for their cocoa. To further engage the private sector in the continent's development, the AfDB launched the Africa Investment Forum last year. The second edition will be held from 11 to 13 November in Johannesburg, South Africa. And the Bank is counting on this platform to further federate the private sectors in Africa and elsewhere around the continent's development objectives.