Economy
THE Government of Egypt and the African Development Bank (AfDB) Group have signed a Memorandum of Understanding (MoU) to host the AfDB annual meetings in May 2023.
This is contained in a statement issued by the Communication and External Relations Department of AfDB, which was made available tto newsmen on Tuesday in Abuja.
The statement said the Acting Governor of Egypt’s Central Bank, Hassan Abdalla signed on behalf of his country, while the AfDB Group Secretary-General, Vincent Nmehielle signed on behalf of the institution.
Abdalla is also the current chair of the bank group’s Boards of Governors.
Nmehielle said Egypt was selected to host the 2023 event following the country’s expression of interest for the 2022 to 2027 cycle.
He said it was made possible by the high-quality standards that Egypt possessed in meeting the requirements for hosting the annual meetings of the bank group.
He said the signing of the MoU, which defined the host country’s responsibilities and outlines other requirements for hosting the meetings, marked the commencement of planning for the 2023 event.
“The African Development Bank is pleased that preparations for the 2023 Annual Meetings have commenced.
“This MoU we have just signed reflects our alignment on the 2023 Annual Meetings.
“It also signals that as parties to this agreement, we are ready to move forward with the successful organisation of the 2023 Annual Meetings in Sharm El Sheikh—also known as the City of Peace.
“On behalf of Dr Akinwumi Adesina, President of the AfDB Group, I wish to extend our sincere appreciation to Mr Abdel Fattah Al Sisi, President of the Arab Republic of Egypt, for his staunch support and commitment to the bank,” he said.
He further conveyed the bank’s gratitude to the Egyptian government for its “wonderful hospitality”.
Also speaking, Abdalla underscored the AfDB’s lead role as a catalyst for Africa’s economic development.
He said Egypt considered hosting the meetings an essential contribution to the continent’s development course.
“Egypt’s hosting of the African Development Bank Group’s Annual Meetings falls within Egypt’s strategic efforts to promote African integration.
“And to provide the needed accessible funds to support African economies, particularly with the current global challenges.” he said.
The meetings, which comprise the 58th annual assembly of the AfDB and the 49th meeting of the African Development Fund (ADF), will hold between May 22 and May 26, 2023 in city of Sharm El Sheikh, Egypt.
The annual meetings are the AfDB’s topmost statutory event as they provide the stage for its boards of governors and management to review the organisation’s activities over the previous year.
The 2023 meetings will also provide an opportunity for leaders to take stock of Africa’s response to the growing threat posed by climate change.
The meetings will also discuss the impact of the situation in Ukraine on Africa’s food security and its untapped natural resources.
Egypt has been a founding member of the AfDB group since 1964 and is one of the largest regional member country shareholders. (NAN)
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Tags: AfDB Akinwumi Adesina Hassan Abdalla Vincent Nmehielle
