Egypt will welcome in 2023 the annual meeting of the board of governors of the African Development Bank (AfDB) following approval by the Abidjan-based bank of a request by the Arab country.
The board unanimously rubber-stamped Egypt’s request Wednesday, during their 56th meeting held virtually, News Egypt daily reports. The conference is scheduled on 22-26 May 2023.
Sharm El-Sheikh will host the guests. The resort city also played venue for the AfDB’s Board of Governors Consultative Committee meetings on 18 September 2019.
During 2019 gathering, AfDB Governors successfully concluded the negotiations to increase the bank’s capital base for the seventh time by 125%, from $93 billion to $208 billion, Daily News Egypt notes.
The approval of Egypt’s request demonstrated the depth of relations between Egypt and AfDB, commented Tarek Amer, Governor of the Central Bank of Egypt (CBE) and Governor of Egypt at AfDB Group.
Egypt was one of the bank’s founding States in the1960s and second biggest shareholder in AfDB’s capital, and the third on the level of all 81 member States.
The bank has funded dozens of development projects in Egypt to an average value of $6.4bn.