Morocco on Thursday in Dakar expressed its support for the capital increase of the African Development Bank (AfDB).
"It seems wise to make a substantial increase of the AfDB capital which takes into account the financial capacities of African countries," said Moroccan Economy minister Salaeddine Mezouar on the sidelines of the 44th annual meetings of the Bank taking place in the Senegalese capital.
This increase, he added, should also take into account AfDB resource needs to enable the Bank accomplish its mission of financing development.
According to the minister, his country would support the opening of negotiations for an early recovery of the resources of the African Development Fund (ADF), the funding lever of the Bank.
Convinced that the AfDB will maintain its competitiveness and attractiveness, Mezouar called, among others, for a "speedy recovery of fixed margin loans, simplify procedures and develop quality expertise."
He also renewed his country’s call for “necessary contribution of more integrated African regional spaces in order to alleviate the negative effects of the current crunch," by strengthening trade and launching joint investment projects.
Mezouar also praised AfDB’s reactivity to the financial turmoil by taking, in March 2009, a number of steps deal with the crisis such as "an emergency liquidity facility, a trade financing initiative and plan of action."
The 44th annual meetings of the African Development Bank opened Sunday and will end Thursday with the likely adoption of a plan of action to curb the severe financial crisis in which the "second shockwave” hits hardest the economies of the 53 member countries holding of 60% shares of the Group.