Morocco made the first payment of its quota relating to the capital increase of the African Development Bank (AfDB). Algiers and Abidjan will also make their payment during the year 2021, like other African countries.
Morocco’s share of the first installment is worth 23.44 million units of account, or approximately $ 32 million, thus unlocking the allocation of its share of the new shares issued. To date, Morocco represents the second “regional” shareholder of the African Development Bank (AfDB), behind Nigeria which paid in July 2020, around 79 million dollars, leading to the increase of its voting rights which were 9.37% in December 2019.
As of December 31, 2020, the kingdom held a total of 5.46% of the voting rights proportional to its stake in the capital, ahead of Egypt with a total of 3.8%, South Africa 3.36 %, and Algeria 3.3%. But a year ago, Cairo, Pretoria, Algiers and Abidjan were ahead of Rabat in the capital of the institution chaired by Nigerian Akinwumi Adesina.
In addition, 11 other African countries including Benin, Burkina Faso, Kenya, Mauritius, Rwanda and Senegal have already made their payments. As for South Africa, it made a partial payment. As for other African shareholders, several countries including Egypt, Algeria, Tunisia and Togo will pay their share this year.
Apart from the payment of its participation from 2020, Morocco has also agreed to subscribe to part of the shares allocated to Botswana and Seychelles having decided to accept half. In addition, nearly 60% of the institution’s capital is intended for regional shareholders and the remainder for foreign shareholders including the United States, Japan, Germany, Canada and France, whose payments are expected in 2021.
However, according to AfDB forecasts, after this new capital increase, the “ranking” of African shareholders should regain its marks of yesterday. Thus, Nigeria is expected to drop nearly 9% of voting rights ahead of Egypt, Algeria, Ivory Coast and Morocco, but only if the payments are made on time.