It will also host the 50^th meeting of the African Development Fund, the Group’s concessional arm for low-income countries.

Slated for May 27–31, 2024, AfDB’s board of governors and management will review the organization’s activities over the previous year and adopt resolutions on key decisions to advance Africa’s development agenda.

The 2024 meetings will also provide an opportunity for leaders to discuss progress issues in Africa’s socioeconomic development.

Treasury and National Planning Cabinet Secretary Njuguna Ndung’u, the current chair of the Bank Group’s Board of Governors, signed the memorandum on behalf of Kenya.

Similarly, AfDB’s Secretary General, Vincent O. Nmehielle, signed on behalf of the institution.

About 4,000 participants representing the Bank Group’s Governors, Executive Directors, development partners, academic institutions, civil society, public and private sectors, and management and staff of the Bank are expected to attend the Meetings.

“The Government of Kenya is fully committed and dedicated in supporting the African Development Bank’s vision and strategy, and specifically in the preparation of the 2024 Annual Meetings,” said Njuguna.

Nmehielle said the signing of the memorandum sets the stage for planning for the event.

“We are very happy with the status of preparations for the Annual Meetings and wish to echo our appreciation to the Government of Kenya for the hospitality extended to the Bank team during this first preparatory mission.”

He noted that the value of the Bank’s portfolio in Kenya has increased from $2.88 billion in 2018 to $3.95 billion by September 2023, representing a 37.2 percent growth over the last five years.

Kenya, a founding member of the Bank Group, has benefited from the Bank’s investments since 1964.

As of September 30, 2023, Bank’s ongoing portfolio in the country stood around $3.98 billion.

It comprises 51 operations: 37 sovereign and 14 non-sovereign, spread across transport, water and sanitation, energy, finance, agriculture, social, and multisector/governance.