Friday, 16 January 2009
African Investment Bank
The new African Investment Bank is expected to be operational as soon as November with an initial capital of US$4 billion, increasing to US$25 billion. South Africa, the largest investor, will be allocated at least US$4.4 billion shares. Nigeria will receive the second highest number of shares worth US$2.7 billion. The other major shareholders are Egypt, with US$2.1 billion, Algeria, Africa's third largest economy, S$2 billion and host country Libya, US$998 million.