AfDB Draws Curtain on 2009 Annual Meetings - Côte d’Ivoire scheduled to host 2010 Annual Meetings

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Dakar, May 14, 2009 - The Annual Meetings of the African Development Bank (AfDB) Group ended on Thursday, May 14, 2009, in Dakar, Senegal, after two days of intensive discussions on pressing economic and development issues and the approval of the 2008 Annual Report of the Bank Group, as well as its work programme for 2009.

Governors, usually finance, economy ministers, representing 77 member-countries of the Bank Group also examined and approved a number of programmes and proposals for the implementation by the management.

Key among these is the proposal for the mobilization of resources for the Sixth General Capital Increase of the non-concessional AfDB window.

The Board of Governors authorized its Consultative Committee “to initiate with all possible expediency consultation with Member States of the Bank leading, should it be needed, to a plan for a general capital increase designed to enable the Bank to meet its ordinary capital requirements in the future”, the Board of Governors resolution said. A review of the report will be done during the next Annual Meetings.

“A very important decision”, underscored AfDB President Donald kaberuka.

In another resolution, the Board of Governors reaffirmed that the headquarters of the Bank shall remain in Abidjan, Côte d’Ivoire, but noted that the situation in the country was not conducive for an immediate return of the institution to its headquarters, and therefore extended the institution’s Temporary Relocation to Tunis for another year.

The Board also approved Côte d’Ivoire’s application to host the next Annual Meetings which will take place from May 27-28, 2010, in Abidjan.

The governors approved the application of the Grand Duchy of Luxemburg to become a member of the Bank Group and considered the progress report on the implementation of Turkey’s membership application approved by the Board of Governors last year during the 2008 Annual Meetings in Maputo, Mozambique.

In their various interventions, governors commended Bank Group management for the initiative it took to help regional members countries cope with the current crisis.

The AfDB, like other multilateral development banks, should play a greater role in global efforts to mitigate the impact of the crisis since they are better acquainted with the situation on the ground in the countries in which they operate.

AfDB President, Donald Kaberuka, highlighted some of the outcomes of the two-day sessions with regard to the Bank's operational, financial and institutional activities. He noted that there was general agreement that the Bank must scale up its activities and work intelligently with other partners to meet the growing needs of its regional member countries in this challenging context.