The bustling city of Nairobi, Kenya, has been chosen as the distinguished host for the African Development Bank's (AfDB) 59th Annual Meeting and the 50th gathering of the African Development Fund (ADF) in 2024.

This significant event, scheduled for May 27–31, 2024, will bring together key stakeholders to deliberate on the bank's activities, review its portfolio, and chart the course for advancing Africa's development agenda.

The meetings will witness the participation of approximately 4,000 delegates representing a wide spectrum of interests, including the Bank Group's Governors, Executive Directors, development partners, academic institutions, civil society, public and private sectors, and the dedicated management and staff of the Bank.

Treasury and National Planning Cabinet Secretary Njuguna Ndung’u, who presently chairs the Bank Group’s Board of Governors, signed the Memorandum of Understanding (MOU) on behalf of Kenya.

In a statement affirming Kenya's commitment, Ndung’u emphasized, "The Government of Kenya is fully committed and dedicated to supporting the African Development Bank’s vision and strategy, and specifically in the preparation of the 2024 Annual Meetings."

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AfDB’s Secretary General, Vincent O. Nmehielle, echoed these sentiments and highlighted the significance of the memorandum.

"We are very happy with the status of preparations for the Annual Meetings and wish to echo our appreciation to the Government of Kenya for the hospitality extended to the Bank team during this first preparatory mission," Nmehielle stated.

The selection of Nairobi as the host city reflects not only Kenya's enduring commitment to the Bank but also the Bank's deep-rooted history of investments in Kenya.

Over the past five years, the Bank's portfolio in Kenya has seen remarkable growth, increasing from $2.88 billion in 2018 to $3.95 billion by September 2023, marking a remarkable 37.2 per cent upsurge.

As of September 30, 2023, the Bank's ongoing portfolio in Kenya stood at approximately $3.98 billion, spanning a diverse range of sectors including transport, water and sanitation, energy, finance, agriculture, social, and multisector/governance.

These projects underscore Kenya's vital role as a founding member of the Bank Group and its continued partnership with the institution since its inception in 1964.

The upcoming 2024 Annual Meetings in Nairobi will not only serve as a platform for critical discussions on the Bank's operations and strategies but also as a testament to the enduring partnership between Kenya and the African Development Bank.

With the stage set for this momentous event, Nairobi is poised to take centre stage in advancing the development agenda for Africa.