The government of Kenya and the African Development Bank Group on Friday signed a memorandum of understanding on the organization of the Bank Group’s annual meetings in the East African country next year.
The 59th Annual Meeting of the African Development Bank and the 50th The meeting of the African Development Fund – the concessional arm of the African Development Bank Group for low-income countries – will take place in the Kenyan capital, Nairobi, from 27th at 31st May 2024.
Annual meetings, the Group’s most important statutory event, provide an opportunity for its boards and management to review the organization’s activities over the previous year and adopt resolutions on key decisions to advance Africa’s development agenda.
The 2024 meetings will also provide an opportunity for leaders to discuss progress made in Africa’s socio-economic development.
Kenya’s Cabinet Secretary for Treasury and National Planning, Professor Njuguna Ndung’u, current Chairman of the Board of Governors of the Bank Group, signed the memorandum on behalf of his country. The Secretary General of the African Development Bank Group, Professor Vincent O. Nmehielle, signed on behalf of the institution.
Around 4,000 participants representing Bank Group Governors, Executive Directors, development partners, academic institutions, civil society, public and private sectors, as well as Bank management and staff, are expected at the meetings. .
In his remarks at the signing, Professor Ndung’u said: “The Government of Kenya is fully committed and dedicated to supporting the vision and strategy of the African Development Bank, and particularly in the preparation of the Annual Meetings of 2024.”
Professor Nmehielle said the signing of the memorandum paves the way for planning for the event.
“We are very pleased with the progress of preparations for the Annual Meetings and would like to express our gratitude to the Government of Kenya for the hospitality extended to the Bank team during this first preparatory mission. »
He noted that the value of the Bank’s portfolio in Kenya increased from $2.88 billion in 2018 to $3.95 billion in September 2023, a growth of 37.2%. Kenya, a founding member of the Bank Group, has benefited from Bank investments since 1964. The portfolio comprises 51 operations – 37 sovereign and 14 non-sovereign – spread across transport, water and sanitation, energy, finance, agriculture, social and education. multi-sectoral/governance.
“This is a testament to the close ties between Kenya and the Bank, as also evidenced by Kenya’s expression of interest in hosting the 2024 Annual Meetings of the African Development Bank and the African Development Fund,” Nhemielle said.
On behalf of the Head of the African Development Bank Group, Dr. Akinwumi Adesina, Nmehielle thanked Kenyan President, Dr. William Ruto, for “his unwavering support to the African Development Bank in its efforts to foster economic development sustainable development and social progress of its regional member countries.
He recalled President Ruto’s support for Adesina’s efforts to call for the redirection of Special Drawing Rights from the International Monetary Fund to developing countries through multilateral development banks.
“This innovative financing mechanism will strengthen the Bank’s capacity to mobilize additional resources to help address Africa’s development challenges due to infrastructure deficits, food insecurity, rising youth unemployment and to the global challenge posed by climate change,” said Secretary-General Nmehielle.
Nhemielle said she was confident about planning the event. “I am confident that the 2024 Annual Meetings will be a success,” he said.