Nairobi to Host AfDB’s 59th Annual Meeting in 2024

The 59th Annual Meeting of the African Development Bank (AfDB) will take place in Nairobi, Kenya, in 2024.

The African Development Fund, the Group’s concessional arm for low-income nations, will hold its 50th gathering there as well.

The board of governors and management of the AfDB will assess the organization’s operations over the past year and make resolutions on important choices to advance Africa’s development agenda during their meeting, which is scheduled for May 27–31, 2024.

Leaders will get a chance to discuss socioeconomic development challenges in Africa during the sessions in 2024.

Njuguna Ndung’u, the current head of the Bank Group’s Board of Governors, signed the memorandum on behalf of Kenya as the country’s cabinet secretary for treasury and national planning.

Vincent O. Nmehielle, Secretary General of the African Development Bank, also signed on the organization’s behalf.

The Meetings are anticipated to draw some 4,000 participants from the Bank Group’s Governors, Executive Directors, development partners, academic institutions, civil society, the public and private sectors, as well as management and personnel from the Bank.

“The Government of Kenya is fully committed and dedicated to supporting the African Development Bank’s vision and strategy, and specifically in the preparation of the 2024 Annual Meetings,” said Njuguna.

The signature of the pact, according to Nmehielle, sets the ground for event planning.

“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.”

In his remarks, he pointed out that the Bank’s portfolio in Kenya expanded in value from $2.88 billion in 2018 to $3.95 billion by September 2023, a 37.2 percent gain in just five years.

Since 1964, investments made by the Bank have benefited Kenya, a founding member of the Bank Group.

The Bank’s active portfolio in the nation was about $3.98 billion as of September 30, 2023.

It consists of 51 activities, including 37 sovereign and 14 non-sovereign ones in the areas of transportation, energy, water and sanitization, agricultural, finance, social, and multisector/governance.