Kenya and the African Development Bank Group (AfDB) have formalised an agreement for Nairobi to host the lender’s 59th Annual Meeting next year.

The  Annual Meeting of the AfDB and the 50th meeting of the African Development Fund—the Bank’s concessional arm for low-income countries—will be held on May 27-31, 2024.

These Annual Meetings are pivotal events for the AfDB Group, providing a platform for the organisation’s Boards of Governors and management to review the previous year’s activities and make crucial decisions to further Africa’s development agenda.

Additionally, the 2024 meetings will facilitate discussions on the progress of Africa’s socio-economic development.

The memorandum of understanding was signed by Kenya’s Treasury Secretary, Njuguna Ndung’u, who also serves as the current Chair of the Bank Group’s Board of Governors, and Vincent O. Nmehielle, the bank’s Group Secretary General, representing the institution.

Anticipated to draw around 4,000 participants, the meetings will bring together the Bank Group’s Governors, Executive Directors, development partners, academic institutions, civil society organizations, public and private sector leaders, and the Bank’s management and staff.

Professor Ndung’u emphasised Kenya’s unwavering commitment to supporting the African Development Bank’s vision and strategy, particularly in preparing for the 2024 Annual Meetings.

In response, Prof Nmehielle expressed satisfaction with the progress of preparations for the Annual Meetings and conveyed appreciation to the Government of Kenya for its warm hospitality during the preparatory mission.

He also noted the significant increase in the Bank’s portfolio in Kenya, which has grown from $2.88 billion in 2018 to $3.95 billion by September 2023, marking a substantial 37.2 percent growth.

Kenya, a founding member of the Bank Group since 1964, has reaped the benefits of the Bank’s investments in various sectors, encompassing transport, water and sanitation, energy, finance, agriculture, social initiatives, and multisectoral governance.

This upcoming event not only signifies Kenya’s pivotal role in hosting the AfDB’s premier annual gathering but also showcases the nation’s dedication to fostering economic development and collaboration throughout the African continent.

The Annual Meetings will serve as an invaluable platform for networking, knowledge sharing, and strategic discussions aimed at advancing Africa’s socio-economic development goals.