Achievements of the
Each year, members of the Bank's
At the meetings, the governors and other invitees comprising development experts, academics, business people and civil society activists also discuss a range of issues related to
But the five-day
AfDB president Donald Kaberuka said at the launch of the 50th anniversary celebrations of the Bank last month that 50 years is a major milestone for an institution, and that it called for deep refection.
"Our celebration is not so much a festivity, but a solemn occasion to pause and look back at this fifty year journey. A moment to look ahead at the mountains we must still climb," he said.
Dr Kaberuka added that it was time to redesign the bank to take on new challenges of the continent and also take advantage of the opportunities that
"Fifty years later, our mandate remains as relevant as ever. Old problems have metamorphosed. New ones have arisen. And our toolbox, our responses, must accordingly evolve," Kaberuka said.
More than 3,000 people are expected in the AfDB annual meetings in
He is expected to hand over the mantle to the person who will be picked by the Governors next week - after chairing the upcoming meetings.
"It's a privilege for
Gatete said during the General Meetings the Governors will discuss AfDB's current status, take stock of its last 50 years of existence and chart the future.
He said delegates will also discuss global economic trends that affect the continent in one way or another, and how best
Under the theme, "The next 50 years: The
AfDB officials have also announced that the discussions will be inspired by the vision of the
The Agenda 2063 emphasises the need for a prosperous and peaceful continent based on inclusive and environmentally sustainable growth, an integrated continent based on Pan-Africanism, and a continent characterised by good governance, democracy, respect for human rights and the rule of law, among others.
Economists at the AfDB reckon that
"Its growth during the past decade marked the longest period of unbroken increases in per capita incomes since the 1960s," said AfDB Chief Economist and Vice-President Mthuli Ncube.
Ncube said the continent's demography has improved with higher rates of education and lower mortality rates in the last decade, while export performance, domestic demand and investments remained strong.
But experts say more adequate infrastructure and policies that promote competition, entrepreneurship and job creation, as well as a strong private sector must be enabled in the next 50 years to support shared prosperity and offer real opportunities to all citizens on the continent.
The AfDB vice-president and secretary-general,
With 54 African countries and 25 non-African countries as members, AfDB is the premier development financial institution on the continent.
The main goal of the Bank is to reduce poverty. It does this by promoting investments, authorising loans, and providing technical assistance to its member countries. By the end of 2011, the Bank had been involved in over 3,600 loans and grants amounting to
The funds are used to finance projects in sectors such as infrastructure, agriculture, health, and education. For example, the Group recently granted
The AfDB also provides its members with policy advice and support in reducing their debt.
This year, AfDB is celebrating 50 years of service in
Planning for the Group began in 1961.
During a meeting in
The organisation was officially established at a 1963 conference in
At first, only independent African countries were allowed to become members of the AfDB, but because of limited financial resources and growing investment demands, membership was opened to countries outside of
Much of the funding for the AfDB comes from countries in
The 2011 AfDB ICT study says
Over its past 50 years, it has helped create jobs, educational opportunities, infrastructure and a better life quality all throughout
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