Kenya to host the 2024 Annual Meetings for African Development Bank Group (AFDB)
The African Development Bank Group selected Kenya as the suitable venue for hosting the 2024 Annual Meetings scheduled to take place in the Capital City of Nairobi from 27th to 31st May, 2024.
In a well-organized and meticulous ceremony that took place at the Kenyatta International Convention Centre (KICC), the Government of Kenya and the African Development Bank Group on Friday 6th October, 2023 signed a Memorandum of Understanding on hosting the Bank Group’s Annual Meetings in the East African Country next year.
During the signing ceremonials, the Kenya’s Cabinet Secretary for the National Treasury and Economic Planning, Prof. Njuguna Ndung’u, who is also serving as the current chair of the Bank Group’s Board of Governors, signed the memorandum on behalf of the Kenya Government as the Host Country. On the other side, the African Development Bank Group Secretary General Prof. Vincent O. Nmehielle signed on behalf of the Institution.
The Annual Meetings, the Group’s topmost statutory event, provide the stage for its boards of governors 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 Nairobi meeting is expected to host about 4,000 participants representing the Bank Group’s Governors, Executive Directors, development partners, academic institutions, civil society, public and private sectors, top management and staff of the Bank.
This being the 59th Annual Meeting of the African Development Bank and the 50th Meeting of the African Development Fund; – the African Development Bank Group’s concessional arm for low-income countries, the timing for this forum will provide an opportunity for leaders to discuss progress issues on Africa’s socio- economic development geared towards changing the Continent’s economic status and improving living standards.
In his remarks at the signing, Prof. Njuguna said that; “The Government of Kenya is fully committed and dedicated in supporting the African Development Bank’s vision and strategy, and specifically in the preparation of the 2024 Annual Meetings.”
He added that the leadership of Kenya as the predestined host Country appreciates the African Development Bank Group for their unwavering and historical cordial relations and the continuous support they continue rendering to the development agenda of the country.
On his part, Prof. Nmehielle said the signing of the memorandum sets the stage for planning for the event. “We are very happy with the status of preparations for the Annual Meetings and wish to echo our appreciation to the Government of Kenya for the hospitality extended to the Bank team during this first preparatory mission.”
He thanked the Kenyan President, H.E Dr. William Samoei Ruto, for his staunch support to the African Development Bank in its efforts to foster sustainable economic development and social progress of its Regional Member Countries.
Prof. Nmehielle also noted that the value of the Bank’s portfolio in Kenya has increased from $2.88 billion in 2018 to $3.95 billion by September 2023, representing a 37.2 percent growth over the last five years.
Kenya, a founding member of the Bank Group, has benefitted from the Bank’s investments since 1964. As of 30 September 2023, the Bank’s ongoing portfolio in the country stood around $3.98 billion. It comprises 51 operations; 37 sovereign and 14 non-sovereigns, spread across transport, water and sanitation, energy, finance, agriculture, social, and multisector/governance.
This is a testament to the strong ties between Kenya and the Bank, as further evidenced by Kenya’s expression of interest to host the 2024 Annual Meetings of the African Development Bank and the African Development Fund.
He recalled President Ruto’s support to Adesina’s efforts in calling for the rechanneling of the International Monetary Fund Special Drawing Rights to developing countries through Multilateral Development Banks.
“This innovative financing mechanism will strengthen the Bank’s ability to mobilize additional resources to help address Africa’s development challenges due to infrastructure deficits, food insecurity, rising youth unemployment, and the global challenge posed by climate change,” Secretary-General Nmehielle said.
He added: “This would have positive ramifications for our RMCs, including Kenya, in attaining the United Nations Sustainable Development Goals and the Africa Union’s Agenda 2063 aimed at creating the ‘Africa we want’.
He reiterated the Bank’s commitment to working with the Kenyan government towards the success of the 2024 annual meetings, saying, “I have no doubt that the 2024 Annual Meetings would be a success.”
Also present during the signing ceremony were, the National Treasury Principal Secretary, Dr. Chris Kiptoo and his counterpart in the State Department for Economic Planning, Mr. James Muhati who was the lead negotiator for Kenya among others.
