The Government of the Arab Republic of Egypt and the African Development Bank Group on Monday signed a memorandum of understanding on the hosting of the Bank Group’s 2023 Annual Meetings in May next year.

The meetings, which comprise the 58^th annual assembly of the African Development Bank and the 49^th meeting of the African Development Fund the African Development Bank Group’s concessional window for low-income countries will hold from the 22^nd to 26^th of May 2023 in the Egyptian resort city of Sharm El Sheikh.

The Annual Meetings are the Group’s topmost statutory event. 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. African Development Bank Group Secretary General Vincent Nmehielle signed on behalf of the institution. Also present was the African Development Bank Group’s Executive Director for Egypt and Djibouti, Ahmed Zayed, who is also Dean of the Board of Directors.

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 African Development Bank Group’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,” Secretary-General Nmehielle said.

Abdalla underscored the African Development Bank Group’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,” Abdalla said.

Nmehielle 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.

Nmehielle said: “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.”

He added: “On behalf of Dr. Akinwumi Adesina, President of the African Development Bank Group, I wish to extend our sincere appreciation to H.E. Mr. Abdel Fattah Al Sisi, President of the Arab Republic of Egypt, for his staunch support and commitment to the African Development Bank Group,”  He conveyed the bank’s gratitude to the Egyptian government for its “wonderful hospitality”.

About the African Development Bank Group

The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.afdb.org