Egypt hosts annual meetings of African Development Bank boards

CAIRO – The 58th Annual Meetings of the Board of Governors of the African Development Bank and the 49th Meetings of the Board of Governors of the African Development Fund will take place in Sharm El Sheikh, Egypt, from May 22 to 26.

The theme of the 2023 Annual Meetings is “Mobilizing Private Sector Financing for Climate and Green Growth in Africa.” It provides a framework for Bank Group Governors to share their experiences with galvanizing private financing domestically and internationally and harnessing natural capital to bridge the climate financing gap and promote the transition to green growth in Africa.

In a global context marked by multiple global crises since the emergence of Covid-19 in 2020, Africa has shown resilience. Amid headwinds, the continent continues to show positive economic growth.

According to the African Development Bank’s Africa’s Macroeconomic Performance and Outlook, the continent’s real gross domestic product (GDP) could expand by an average of 4% in 2023-2024. This is above the global averages of 2.7% and 3.2%.

The report showed that 53 of the Bank’s 54 African member countries increased their GDP in 2022, which could continue in the next two years.

The additional wealth created is expected to exceed 5% in several countries, including the Democratic Republic of the Congo (6.8%), The Gambia (6.4%), Togo (6.3%), Libya (12.9%), Mozambique (6.5%), Niger (9.6%) and Senegal (9.4%).

Even so, apart from climate risk, many challenges remain, such as poverty and inequality, which, albeit declining, remain a concern.

The annual meetings of the African Development Bank Group comprise statutory meetings of its Governors (finance ministers or central bank governors representing the 81 member countries – and knowledge events.

Attendees will include representatives of bilateral and multilateral development agencies, leading academics and non-governmental organizations, civil society, and the private sector.

The meetings are the Bank Group’s most important event annually, attracting around 3,000 participants. They allow the organization to take stock of progress with its shareholders.