Kenya, African Development Bank to sign MoU on hosting its AGM

Nairobi,

Friday, October 6, 2023

KNA by Joseph Ng’ang’a 

The Kenyan Government and the African Development Bank Group will on Friday sign a Memorandum of Understanding detailing arrangements for hosting the Bank Group’s Annual Meetings in 2024.

The Meetings are set to take place from May 27th – 31st 2024 in Nairobi, Kenya.

A statement to newsrooms indicates that the MoU will mark an important milestone in the preparations for the Meetings, Africa’s largest economic event. It will be signed by Prof Njuguna Ndung’u, Cabinet Secretary, the National Treasury and Economic Planning, and Prof Vincent O. Nmehielle, the Bank Group’s Secretary General.

To be signed alongside the MoU will be an Aide Memoire, outlining in greater detail, the various activities to be undertaken by the two parties towards implementing the MoU.

This will be the fourth time for Kenya to host the African Development Bank Group’s Annual Meetings, the first three being in 1968, 1993, and 1994 respectively.

The African Development Bank Group is one of Kenya’s key development partners, with a total portfolio of about $3.9 billion (as of August 2023) across various sectors including infrastructure, transport, water, sanitation, and energy.

The Annual Meetings bring together some 4,000 participants, including Ministers of Finance from the Bank Group’s 82 member countries, CEOs, civil society, academia, and development practitioners, among others.

Courtesy; KNA