The Africa Development Bank (AfDB) has on Friday selected Kenya as the next chair of the board of governors for one year starting May 2023.
The seat was handed over to Kenya at the closing ceremony of the AfDB’s Annual Meetings taking place in the Egyptian resort of Sharm El-Sheikh on May 22-26.
The theme of the 2023 Annual Meetings was Mobilising Private Sector Financing for Climate and Green Growth in Africa. It has provided a framework for the AfDB’s governors to share their experiences with galvanising private financing domestically and internationally and harnessing natural capital to bridge the climate financing gap and promote the transition to green growth in Africa.
The meetings discussed Africa’s challenges in attracting private sector financing in low-carbon investments and practical policies that governments can deploy to address these bottlenecks.
The AfDB was founded in 1964 by the Organisation of African Unity, which is the predecessor of the African Union (AU). It comprises three entities; the African Development Bank, the African Development Fund, and the Nigeria Trust Fund.
Egypt is one of the founding members of the AfDB and is the bank’s second largest regional and non-regional shareholder, with 6 percent of its shares as of December 2022.
