President Paul Kagame is expected to attend the African Development Bank (AfDB) Annual Meeting, slated for May 27 to 31, that focuses on structural reforms to drive socioeconomic transformation on the continent.
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Themed ‘Africa’s Transformation, African Development Bank Group, and Reform of the Global Financial Architecture’, the meeting will comprise the 59th Annual Assembly of the African Development Bank and the 50th meeting of the African Development Fund taking place in Nairobi, Kenya.
The conference brings together key officials of bilateral and multilateral development agencies, leading academics and representatives of non-governmental organizations, civil society, and the private sector.
The Head of State is expected to speak in a presidential dialogue on the theme, on May 29.
Other African Presidents expected to attend include President Felix Tshisekedi of DR Congo, President Emmerson Mnangagwa of Zimbabwe, and President Nana Addo Akufo-Addo.
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Other dignitaries include finance ministers from different countries, Admassu Tadesse, President and Group Managing Director of the Trade and Development Bank (TDB), Muhammad Al Jasser, President of Islamic Development Bank, Patrick Verkooijen, CEO of Global Center on Adaptation, Sidi Ould Tah, Director General of Arab Bank for Economic Development in Africa (BADEA), Alexia Latortue, Assistant Secretary for International Markets and Development, U.S. Treasury, among others.
The discussions will revolve around the importance of a reconfigured global financial architecture as an engine for structural transformation, and the Bank Group’s contribution towards Africa’s socio-economic transformation in its 60 years of existence.
While 10 of the world’s fastest-growing economies are in Africa and the continent’s real GDP increased annually by 4.3 percent over the past two decades compared to the world’s average of 2.9 percent, available data indicate that it is off track on almost all SDG targets by 2030.
Experts note that the cost of achieving the SDGs by 2030 in Africa is estimated at about US$1.3 trillion a year, equivalent to 42 percent of Africa's US$3.1 trillion GDP in 2023.
The conference, hence, seeks to identify ways of accelerating Africa’s economic transformation and redefining current global financial architecture to avail the needed resources.
Additionally, the AfDB will launch its flagship African Economic Outlook 2024 which focuses on driving Africa’s transformation and the reform of the global financial architecture.
The continental bank partners with African governments in many projects in infrastructure, healthcare, and other sectors.
As of 2023, the bank’s portfolio in Rwanda consists of 26 projects with a total investment of $1.5 billion.