Hundreds of people have arrived at Sharm El Sheikh, an ecotourism and resort city in Egypt, for the 2023 African Development Bank (AfDB) Group Annual Meetings.

Some 3,000 people, including 10 Presidents and Heads of States and Governments, finance ministers and development partners of the Bank are expected to attend the meetings.

Global experts from all levels of society, people from academia, Civil Society Organisations (CSOs) and about 50 journalists from media houses across the world, including the Ghana News Agency will also be in attendance. Registration started in the early hours of Sunday, May 21, and an official welcome cocktail event for journalists in the evening.
 
Dr Akinwumi Ayodeji Adesina President, AFDB Group officially opened the meetings on Tuesday.

The weeklong 58th Annual Assembly of AfDB is on the theme: "Mobilising Private Sector Financing for Climate and Green Growth in Africa," and will concurrently witness the 49th meeting of the African Development Fund (ADF)

The selection of this year's theme for the meeting demonstrates the Bank's focus in addressing climate induced shocks in Africa, including floods, storms, droughts, and wildfires, which AfDB said threatened the continent's development.

Through a multi-stakeholder approach, AfDB is seeking to mobilise private sector financing to address the issues of climate change and spur green growth in Africa

Although Africa accounts for about 17 per cent of the current global population, the continent has historically accounted for a cumulative three per cent of worldwide emissions of Carbon dioxide- the Earth's most important greenhouse gas.

Through a multi-stakeholder approach, AfDB is seeking to mobilise private sector financing to address the issues of climate change and spur green growth in Africa

Although Africa accounts for about 17 per cent of the current global population, the continent has historically accounted for a cumulative three per cent of worldwide emissions of Carbon dioxide- the Earth's most important greenhouse gas.

However, climate change and extreme weather events disproportionately affect Africa, with severe economic, social, and environmental consequences for its people, the Bank has observed.

The meetings will, therefore, feature a series of events from Monday to Friday, including a Presidential Dialogue that would bring together Heads of States and Governments and global experts to exchange ideas on the changing global financial architecture and the role of Multilateral Development Banks (MDBs).

There would also be some knowledge events that would focus on how Africa could harness the power of the private sector financing in supporting its climate agenda for a successful transition to green and inclusive growth.

Some social events at the meetings would be the commemoration of Africa Day, where some youthful Africans would dialogue among themselves and with some leaders on their perspectives for the continent's development.

A spousal event would be help for accompanying spouses, partners and relatives of Governors of AfDB to explore the culture and tourism of the city of Sharm El Sheikh..

The Bank Group would launch its flagship African Economic Outlook (AEO)which would provide Africa's economic performance and growth for 2022 and its position going forward. of public and private capital in pro rogrammes that are likely to contribute to the economy.

About AfDB

Headquartered in Abidjan, Côte d'Ivoire, the 1964 Organisation of African Unity (now, AU) established multilateral

development finance institution, AfDBcomprises of three key entities; the African Development Bank, the

African Development Fund, and the Nigeria Trust Fund.

The Bank's mission is to fight poverty and improve living conditions on the continent through promoting the investment of public and private capital in projects and programmes that are likely to contribute to the economic and social development of the region.

The Bank was borne out of a growing desire for more unity within the continent following an end of the colonial period, with Dr Akinwumi Ayodeji Adesina as the Bank Group's president.