2007 annual meetings to kick off in Shanghai

(China Daily)
Updated: 2007-05-14 07:09

The 2007 annual gathering of the Board of Governors of the African Development Bank Group (AfDB) will take place at the Shanghai International Convention Center on Wednesday and Thursday.

It is the second time the AfDB will meet outside Africa. Its first overseas session was held in Spain in 2001.

China's hosting of the meetings gives Zhou Xiaochuan, governor of the People's Bank of China, automatic chairmanship of the board this year, said Eric Chinje, spokesman of AfDB.

With the theme of "Africa and Asia: Partners in Development," the event is considered an important gathering of the bank's board of governors, its highest decision-making organ.

More than 2,000 people are expected to attend the meetings.

The participants will discuss such topics as trade, infrastructure, climate change and capital flows.

Established in 1964 and headquartered in Abidjan, Cte d'Ivoire, AfDB is a multilateral development bank whose shareholders consist of 53 African countries and 24 non-African countries from North America, Asia and Europe. China became a member of AfDB in 1985.

The premier financial development institution of Africa is dedicated to combating poverty and improving the lives of African people and engaged in the task of mobilizing resources towards the economic and social progress of its regional member countries.

The bank's mission is to promote economic and social development through loans, equity investments and technical assistance.

Since starting operations in the 1960s, AfDB has been involved in many aspects of the continent's development.

The bank has committed enormous resources to help the continent achieve sustainable development.

As the continent's premier development bank, AfDB is placing a lot of emphasis on the continent's infrastructure development, regional integration, poverty reduction, education and health.

By offering concessions to its regional member countries for them to carry out their development projects, the bank is taking the lead in the struggle against poverty and under-development on the continent.

The bank believes that if the continent has to emerge out of poverty, tackling those issues that have delayed its development is the right way to go.

In May 1999, the Board of Governors of the AfDB adopted the Vision of the African Development Bank A Re-Invigorated Bank: an Agenda for Moving Forward.

This "Vision", a product of extensive consultations with all of the bank's stakeholders on its mission stance, sets out a long-term strategic focus for the bank.

The AfDB's efforts to improve living conditions on the continent have not gone unnoticed.

Many world leaders have cooperated with the bank and found the leading African development bank a reliable and enduring partner.

Today, the bank is urging its regional member countries to do the right things as a first step towards bringing economic prosperity to the continent.

AfDB is currently discussing the continuation of economic reforms, the fight against corruption, good governance, youth training and seeking an end to armed conflict, as those things will help attract foreign investments to the continent.

China Daily-AfDB

(China Daily 05/14/2007 page15)