On May 16-17, the governors of African Development Bank Group (combining the African Development Bank and the African Development Fund) will convene for their annual meetings at the Shanghai International Convention Center. This year's ministerial round table, on May 15, will operate under the theme "Africa and Asia: Partners in Development."
The multi-lateral ADB counts 77 countries as its shareholders, with 53 African states on board along with counterparts from the Americas, Asia and Europe. First founded in 1964 and opening officially in 1967 with China joining in 1985, the bank is headquartered in the Cote d'Ivoire capital, Abidjan.
As Africa's foremost financial development institution, its mission statement is to alleviate poverty and to improve conditions for people across the continent. It also seeks to mobilize resources to ensure the smooth economic and social progress of its member countries in Africa. To do this, it seeks to redistribute wealth by providing loans, equity investments, and technical assistance.
(China.org.cn April 29, 2007)
