2023 Annual Meetings of the African Development Bank Group
The 58th Annual Meetings of the African Development Bank and the 49th Meeting of the African Development Fund – the Group’s concessional window – will be held from May 22 to 26, 2023, in the Egyptian resort of Sharm el-Sheikh.
The Annual Meetings, the Bank Group’s most important statutory event, provide an opportunity for its Boards of Governors and Management to review the institution’s activities over the past year. The 2023 Meetings will also be an opportunity to take stock of Africa’s response to the growing threat of climate change and the impact of the situation in Ukraine on Africa’s food security and its under-exploited natural resources.
The Acting Governor of the Central Bank of Egypt, Hassan Abdalla, who is also the current Chairman of the Bank Group’s Boards of Governors, signed the MoU on behalf of his country. The African Development Bank Group’s Secretary General Vincent Nmehielle signed on behalf of the institution, in the presence of the Bank Group’s Executive Director for Egypt and Djibouti – and Dean of the Board of Directors – Ahmed Zayed.
Egypt is a founding member of the African Development Bank Group since 1964 and one of the largest shareholders among the regional member countries. The Bank Group’s cumulative investments in the country amount to nearly $7 billion, with an active portfolio of $1.4 billion.
Egypt has been selected to host the 2023 edition of the Annual Meetings, after expressing interest in hosting them from 2022 to 2027. “This was made possible, among other things, because of the high standards that Egypt possesses to meet the requirements of hosting the Bank Group’s Annual Meetings,” said Secretary General Nmehielle.
Mr. Abdalla underscored the Bank Group’s leading role as a catalyst for Africa’s economic development, adding that Egypt considers hosting the Meetings as a key contribution to the continent’s development trajectory.
“Egypt’s hosting of the Annual Meetings of the African Development Bank Group is in line with Egypt’s strategic direction to promote African integration and mobilize the necessary funds available to support African economies, especially in the face of current global challenges,” he said.
Secretary General Nmehielle said the signing of the Memorandum of Understanding, which defines the responsibilities of the host country and identifies other requirements for hosting the Assemblies, marks the beginning of the organization of the 2023 edition.
“The Bank is pleased that preparations for the 2023 Annual Meetings have begun. The Memorandum of Understanding we have just signed reflects our common understanding of the 2023 Annual Meetings. It also reflects our commitment as parties to this agreement to move forward to successfully organize the 2023 Annual Meetings in Sharm El-Sheikh, also known as the ‘City of Peace’,” Mr. Nmehielle said.