Abuja, 17 July-(ANA)-The global financial crisis is taking its toll on the African Development Bank (AfDB), affecting its ability to meet an increase in requests for loans, the bank said in Abuja, the Nigerian capital.
"The increase in the volume and speed of lending has impacted on the bank's financial position," the bank said in a document circulated at a meeting of 10 African finance ministers, central and regional bank governors.
The one-day meeting focused on the prevailing global economic and financial crisis, its impact on African economies, and mitigation strategies.
The AfDB said it needed to boost its capital base to cope with the requests of its crisis-hit members.
The bank said that its borrowing and risk-bearing capacity would be constrained in 2012 while capital injection earlier expected for 2013 appeared needed as early as 2010.(ANA)
UK/Houthis