The Government of Kenya and the African Development Bank Group on Friday signed a Memorandum of Understanding on hosting 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 meeting of the African Development Fund—the African Development Bank Group’s concessional arm for low-income countries—will take place in the Kenyan capital, Nairobi, from the 27th to 31st May 2024. The Annual Meetings, the Group’s foremost statutory event, provide the stage for its boards of governors and management to review the organisation’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 on Africa’s socio-economic development. Kenya’s Cabinet Secretary for Treasury and National Planning, Prof Njuguna Ndung’u, the current chair of the Bank Group’s Board of Governors, signed the memorandum on behalf of his country. African Development Bank Group Secretary General Prof Vincent O. Nmehielle signed on behalf of the institution. About 4,000 participants representing the Bank Group’s Governors, Executive Directors, development partners, academic institutions, civil society, public and private sectors, and management and staff of the Bank are expected to attend the meetings. In his remarks at the signing, Prof Ndung’u said(link is external), “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.”

 

 

Prof Nmehielle said the signing of the memorandum sets the stage for planning of the event.(link is external)

 

 

“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 noted that the value of the Bank’s portfolio in Kenya has increased from $2.88 billion in 2018 to $3.95 billion in September 2023, representing a 37.2 percent growth. Kenya, a founding member of the Bank Group, has benefitted from the Bank’s investments since 1964. The portfolio comprises 51 operations—37 sovereign and 14 non-sovereign—spreading 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,” Nhemielle said.

On behalf of African Development Bank Group Chief Dr Akinwumi Adesina, Nmehielle thanked the Kenyan President, Dr William Ruto, for “his unwavering support to the African Development Bank in its efforts to foster sustainable economic development and social progress of its Regional Member Countries.”

He recalled President Ruto’s support to Adesina’s efforts in calling for the rechannelling 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 mobilise 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.

Nhemielle expressed confidence about planning for the event. “I have no doubt that the 2024 Annual Meetings would be a success,” he said.