The African Development Bank has approved the application of the Republic of Ireland to become a member of the regional multinational institution. Also, Ireland will become a state participant in the African Development Fund.
This decision was contained in a communiqué issued at the end of the 54th annual meetings of the Board of Governors of the AfDB and the 45th annual meeting of the Board of Governors of the AfDF in Malabo.
The regional multinational development bank is engaged in promoting the economic development and social progress of its member states. It also authorized a Special Capital Increase for the Ireland membership approval.
The Boards of the AfDB and AfDF, are referred to as the “Bank Group”.
According to the News Agency of Nigeria, the bank now has 27 non-regional member countries – with the admission of Ireland – apart from its 54 regional member countries.
The Bank Group is under the Presidency of Dr. Akinwumi Adesina, a Nigerian. Also, it is under the chairmanship of the Equatorial Guinea Minister of Finance, Mr. Cesar Abogo.
The bank group noted that regional integration would remain its major focus.
However, the Governors representing member-countries and State participants at the meetings urged the bank group to continue with its initiatives of investments in quality infrastructure and projects with regional footprints and advised the group to continue to prioritize projects and programs that would integrate peace and security in the region.
In addition, the Governors thanked Canada for providing temporary callable capital of up to $1.1 billion to help protect the rating of the Bank.
This year’s meeting was themed, “Regional Integration for Africa’s Prosperity”.
The next Annual Meetings of the African development bank and African development fund will hold in Côte d’Ivoire from May 25 to 29 next year.