Egypt and the African Development Bank Group (AfDB) have signed a memorandum of understanding on hosting the Bank Group’s 2023 Annual Meetings in May next year.
- Egypt has been a founding member of the African Development Bank Group since 1964 and is one of the largest regional member country shareholders.
- The AfDB will hold from May 22 to 26, 2023 in the Egyptian resort city of Sharm El-Sheikh.
- The Annual Meetings are the Group’s topmost statutory event.
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The meetings comprise the 58th annual assembly of the African Development Bank and the 49th meeting of the AfDB – the AfDB’s concessional window for low-income countries.
They provide the stage for its boards of governors and management to review the organization’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 and the impact of the situation in Ukraine on Africa’s food security and its untapped natural resources.
The Acting Governor of Egypt’s Central Bank, Hassan Abdalla—who is the current chair of the Bank Group’s Boards of Governors—signed the memorandum on behalf of his country. AfDB Group Secretary-General Vincent Nmehielle signed on behalf of the institution. Also present was the AfDB Group’s Executive Director for Egypt and Djibouti, Ahmed Zayed, who is also Dean of the Board of Directors.
The AfDB’s cumulative investments in Egypt amount to close to $7 billion, with an active portfolio of $1.4 billion. Egypt was selected to host the 2023 event following the country’s expression of interest in hosting the meeting for the 2022 to 2027 cycle.
This was made possible, amongst others, by the high-quality standards that Egypt possessed in meeting the requirements for hosting the Annual Meetings of the Bank Group.
// African Development Bank Group Secretary-General, Vincent Nmehielle
Hassan 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.
// Acting Governor of Egypt’s Central Bank, Hassan Abdalla
The AfDB Group Secretary-General said the signing of the memorandum—which defines 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 memorandum of understanding 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 organization of the 2023 Annual Meetings in Sharm El-Sheikh—also known as the City of Peace.
// African Development Bank Group Secretary-General, Vincent Nmehielle
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