The African Development Bank Group (AfDB) is a multilateral development finance institution established to contribute to the economic development and social progress of African countries.
It was established in 1964.
Components: The AfDB comprises three entities:
Headquarter: Abidjan, Cote d'Ivoire
India and African development bank linkage
India joined the African Development Fund in 1982, and became a member of the Bank in 1983. India is a non-regional member of the Bank.
About the recent 52nd annual meeting:
The 52nd Annual Meetings of the African Development bank are being held in Gandhinagar, Gujarat from 22 to 26 May 2017.
a)This is the first time that the Annual Meetings of AfDB are being held in India.
b)This is the fourth time that the Annual Meetings of AfDB are being held outside Africa. The first such meeting took place in Valencia, Spain in 2001, the second in Shanghai, China in 2007, and the third in Lisbon, Portugal in 2011. The next meeting of AfDB is scheduled to be held in Busan, South Korea in 2018.
The Indian and Japanese governments have unveiled a vision document for the Asia Africa Growth Corridor.
Agriculture: The 2017 Annual Meetings is being held on the theme: "Transforming Agriculture for Wealth Creation in Africa.” There is a great scope for a greater synergy between India and Africa in order to achieve our shared goal of rural and agricultural transformation.
Industry: GOI organized an India-Africa Dialogue in partnership with Confederation of Indian Industries (CII) to sensitize Indian industry about the Bank’s High 5s Agenda, so as to help in building a roadmap of how can Indian industry contribute to ‘Industrialize Africa’.
Renewable energy: India also organized an event on the International Solar Alliance.