Somali President Makes Grand Entrance in Nairobi for AfDB Annual Summit on Economic Transformation

Scheduled from May 27-31, the gatherings will feature the 59th Annual Assembly of the African Development Bank and the 50th session of the African Development Fund. This year’s theme, “Africa’s Transformation, the African Development Bank Group, and Revamping the Global Financial Structure,” underscores the critical nature of these goals.

As Africa’s premier financial body, the African Development Bank Group is committed to combatting poverty, enhancing living standards, and mobilizing resources for the continent’s economic and social progress. The AfDB’s 2024 Annual Meetings will bring together influential figures from around the world to explore strategies for bridging the funding gap for development and expediting Africa’s structural evolution.

The agenda for the meetings encompasses a Presidential Discussion on the primary topic, the unveiling of the African Economic Outlook 2024, as well as specialized knowledge events focusing on crucial subjects like funding Africa’s transformation and assessing the continent’s natural resources.

Despite attaining an average GDP expansion rate of 4.3% between 2000 and 2022, Africa’s economic makeup has remained relatively unchanged. The agricultural, industrial, and service sectors still account for comparable portions of the GDP as in the 1990s, with manufacturing contributing less than 10% to overall employment.

Africa continues to grapple with substantial hurdles, including widespread poverty, inequality, and insufficient infrastructure. Fulfilling the Sustainable Development Goals (SDGs) by 2030 demands an estimated $1.3 trillion annually, with a sizable financing shortfall compounded by global economic disruptions.

The existing global financial frameworks fall short of addressing Africa’s development requirements, underscoring the imperative need for reform.

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