The governors of the African Development Bank, representing shareholders from 80 countries, have approved $115bn increase in capital for the continent’s foremost financial institution.

The approval was made at an extraordinary shareholders meeting held on Friday in Abidjan.

The capital increase, which was regarded as the largest in the history of the bank since its establishment in 1964, was a remarkable show of confidence by shareholders, a statement indicated.

It added, “With the approved increase, the capital of the bank will more than double from $93bn to $208bn. This solidifies the bank’s leadership on development financing for the continent.

“The boost in capital ensures that the bank will continue to maintain a sterling AAA rating, all stable, from the top rating agencies.”

The bank was reported to have launched discussions on the request for a general capital increase two years ago, to help fast- track the delivery of its High 5 development strategies, the sustainable development goals and the Africa Union’s Agenda 2063.

Speaking at the opening ceremony, the President of Ivory Coast, Alassane Ouattara said: “the integration of the continent’s priorities into the High 5s indicates that the African Development Bank group is a strategic partner for African governments.”

On his own part, AfDB President, Akinwumi Adesina said,  “We have achieved a lot, yet there is still a long way to go. Our responsibility is to very quickly help improve the quality of life for the people of Africa. This general capital increase represents a very strong commitment of all our shareholders to see better quality projects that will significantly have an impact on the lives of the people in Africa –  in cities, in rural communities, and for millions of youth and women.”