The ADB has staved off crisis by yielding more power to non-African governments
Having pushed through a 35 per cent capital increase and new voting rules favouring Western shareholders, the African Development Bank’s Moroccan President, Omar Kabbaj, now talks of redefining the Bank and giving it a new ‘vision’ (AC Vol 39 No 6). It’s a measure of Western confidence in him that he was able to persuade the major non-regional shareholders (Canada, France, Germany, Japan, the United Kingdom and United States) to take a bigger stake as part of the fifth General Capital Increase (GCI-5). He also managed to persuade the majority African (regional) shareholders to accept this.
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