In what may be considered a quantum leap for the economic prospects of the continent, the African Development Bank (AfDB) announced on Thursday that it has more than doubled its capital base through an additional $115bn commitment received from its shareholders.

The sum represents the largest capital increase in the bank’s 55-year history and a ringing endorsement of the institution by its shareholders, which include an alliance of African countries together with the international community, which provides the bulk of the funding.

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