{"id":188223,"date":"2022-09-13T11:35:17","date_gmt":"2022-09-13T15:35:17","guid":{"rendered":"https:\/\/africaglobalnews.com\/?p=188223"},"modified":"2024-10-09T02:04:02","modified_gmt":"2024-10-09T02:04:02","slug":"egypt-african-development-bank-group-sign-memorandum-of-understanding-on-the-hosting-of-the-2023-annual-meetings-in-sharm-el-sheikh","status":"publish","type":"post","link":"https:\/\/africaglobalnews.com\/website_b1ce9d46\/egypt-african-development-bank-group-sign-memorandum-of-understanding-on-the-hosting-of-the-2023-annual-meetings-in-sharm-el-sheikh\/","title":{"rendered":"Egypt, African Development Bank Group sign memorandum of understanding on the hosting of the 2023 Annual Meetings in Sharm El Sheikh"},"content":{"rendered":"\n

The Annual Meetings are the Group\u2019s topmost statutory event<\/strong><\/p>\n\n\n\n

The Government of the Arab Republic of Egypt and the African Development Bank Group (www.AfDB.org<\/a>) on Monday signed a memorandum of understanding on the hosting of the Bank Group\u2019s 2023 Annual Meetings in May next year.<\/p>\n\n\n\n

The meetings, which comprise the 58th <\/sup>annual assembly of the African Development Bank and the 49th<\/sup> meeting of the African Development Fund\u2014the African Development Bank Group\u2019s concessional window for low-income countries\u2014will hold from the 22nd<\/sup> to 26th<\/sup> of May 2023 in the Egyptian resort city of Sharm El Sheikh.<\/p>\n\n\n\n

The Annual Meetings are the Group\u2019s topmost statutory event. They provide the stage for its boards of governors and management to review the organization\u2019s activities over the previous year. The 2023 meetings will also provide an opportunity for leaders to take stock of Africa\u2019s response to the growing threat posed by climate change and the impact of the situation in Ukraine on Africa\u2019s food security and its untapped natural resources.<\/p>\n\n\n\n

The Acting Governor of Egypt\u2019s Central Bank, Hassan Abdalla\u2014who is the current chair of the Bank Group\u2019s Boards of Governors\u2014signed 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\u2019s Executive Director for Egypt and Djibouti, Ahmed Zayed, who is also Dean of the Board of Directors.<\/p>\n\n\n\n

Egypt’s hosting of the African Development Bank Group\u2019s Annual Meetings falls within Egypt\u2019s strategic efforts to promote African integration<\/p><\/blockquote>\n\n\n\n

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\u2019s cumulative investments in Egypt amount to close to $7 billion, with an active portfolio of $1.4 billion.<\/p>\n\n\n\n

Egypt was selected to host the 2023 event following the country\u2019s expression of interest in hosting the meeting for the 2022 to 2027 cycle. \u201cThis 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,\u201d Secretary-General Nmehielle said.<\/p>\n\n\n\n

Abdalla underscored the African Development Bank Group\u2019s lead role as a catalyst for Africa\u2019s economic development. He said Egypt considered hosting the meetings an essential contribution to the continent\u2019s development course.<\/p>\n\n\n\n

\u201cEgypt’s hosting of the African Development Bank Group\u2019s Annual Meetings falls within Egypt\u2019s strategic efforts to promote African integration, and to provide the needed accessible funds to support African economies, particularly with the current global challenges,\u201d Abdalla said.<\/p>\n\n\n\n

Nmehielle said the signing of the memorandum\u2014which defines the host country\u2019s responsibilities and outlines other requirements for hosting the meetings\u2014marked the commencement of planning for the 2023 event.<\/p>\n\n\n\n

Nmehielle said: \u201cThe 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\u2014also known as the City of Peace.\u201d<\/p>\n\n\n\n

He added: \u201cOn 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,\u201d  He conveyed the bank\u2019s gratitude to the Egyptian government for its \u201cwonderful hospitality\u201d.<\/p>\n\n\n\n

Distributed by APO Group on behalf of African Development Bank Group (AfDB).<\/strong><\/em><\/p>\n\n\n\n

About the African Development Bank Group:<\/strong>
The African Development Bank Group is Africa\u2019s 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:\u00a0www.AfDB.org<\/a><\/p>\n\n\n\n

Africa Global News Publication <\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Annual Meetings are the Group\u2019s topmost statutory event The Government of the Arab Republic of Egypt and the African Development Bank Group (www.AfDB.org) on Monday signed a memorandum of understanding on the hosting of the Bank Group\u2019s 2023 Annual Meetings in May next year. 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