Turkey Joins African Development Bank Group
Maputo, Mozambique, 14 May 2008 – The Republic of Turkey is expected to become the 25th Non-Regional Member of the African Development Bank (AfDB) Group following the approval of its application by the Boards of Governors of the Bank Group at the 2008 Annual Meetings of the premier regional development finance institution which opened on Wednesday, 14 May 2008, in Maputo, Mozambique.
The Boards of Directors of the AfDB Group had considered the application as well as a special Bank capital increase required to actualize Turkey’s membership in March 2008. This final approval by the governors enables Turkey subscribe to the Bank’s share capital and become the 25th non-regional and 78th overall member of the Bank Group.
During discussions on the issues at the Board meeting on Wednesday, 26 March 2008 in Tunis, Bank Group President, Donald Kaberuka, cited Turkey’s strategic location between the West and the East as well as the country’s growing interest to do business with Africa as compelling attractions for its admission to the group. Board members also referred to Turkey’s increasing presence in Africa’s economic, educational and cultural domains as an indication of the country’s readiness to support the continent’s development efforts.
Turkey is a Eurasian country that stretches across the Anatolian peninsula in western Asia in the Balkan region of southeastern Europe. Due to its strategic location astride two continents, Turkey's culture has a unique blend of Eastern and Western tradition. A powerful regional presence in the Eurasian landmass with strong historic, cultural and economic influence in the area between the European Union in the west and Central Asia in the east, Russia in the north and the Middle East in the south, Turkey has come to acquire increasing strategic significance. With a population of 70.5 million (2007) and GDP growth rate of 7.4% from 2002-2007.
Currently, the AfDB Group comprises 53 African (Regional Members) and 25 Non-Regional members -- Argentina, Austria, Belgium, Brazil, Canada, China, Denmark, Finland, France, Germany, India, Italy, Japan, Korea, Kuwait, Netherlands, Norway, Portugal, Saudi Arabia, Spain, Sweden, Switzerland, Turkey, United Kingdom and United States of America.
At least three other countries have indicated their decision to join the Bank Group, a clear indication of the institution’s increasing importance and its emerging status as the preferred channel for development financing to the continent.