Nairobi has once again demonstrated its potential as a high level and multinational conference host by hosting the weeklong Africa Development Bank’s Group’s 2024 Annual Meetings from 27th to 31st May 2024. 

Over 6000 delegates including African heads of state, ministers, central bank governors, members of the development community, the private sector, and other stakeholders, gathered at the Kenyatta International Conference Center in Nairobi to discuss the theme “Africa’s Transformation, the African Development Bank Group, and the Reform of the Global Financial Architecture”.

Since its founding in 1964, the African Development Bank Group has invested $200 billion in development projects around the continent, positioning it as a solutions bank that is driving change in the region's development landscape.

Six African presidents joined Kenya’s President Dr. William Ruto and the AfDB Group President Dr. Akinwumi Adesina in calling for measures to change the global financial architecture to release additional funds to accelerate Africa's economic transformation at the institution's 2024 Annual Meetings in Nairobi.

Several heads of state participated in the presidential discussions that followed the Annual Meetings' opening ceremony on Wednesday. Among them were the presidents Denis Sassou Nguesso of the Republic of the Congo, Paul Kagame of Rwanda, Emmerson Dambudzo Mnangagwa of Zimbabwe, Mohamed Younis al-Menfi, the head of the Presidency Council of the Government of National Unity of the State of Libya, Hassan Sheikh Mohamoud of Somalia, and Moussa Faki Mahamat, the chairperson of the African Union Commission.

Speaking during his keynote speech, President Dr. William Ruto stated that transforming the international financial architecture is imperative to give Africa a fair chance to turn its immense potential into opportunities to overcome multiple challenges and develop inclusively and sustainably, underscoring the need for change.

In a significant show of support for the African Development Bank's efforts, President Dr.  William Ruto announced that Kenya will allocate $100 million over the next three years to increase its shareholding in the African Development Bank, Afreximbank, and the Trade Development Bank. Additionally, he pledged a commitment of $20 million to the African Development Fund, the Bank Group’s concessional window, describing the contribution as a demonstration of Kenya's confidence in the Fund.

President Dr. Ruto lauded the Bank Group's dedication to infrastructure development in Kenya. "Kenya is among the beneficiaries, in a very big way, of the African Development Bank’s financial might, and its innovative financing of projects," he stated.

He highlighted four major projects financed by the Bank Group as evidence of this commitment: the construction of the Nairobi–Thika Superhighway, the construction of the Thwake Multipurpose Dam—Kenya's largest, the completion of water and sanitation projects in 28 Kenyan cities, and a last-mile connectivity project that has provided electricity to more than 10 million households.

President Ruto also expressed Kenya’s support for the channelling of IMF Special Drawing Rights (SDRs) through multilateral development banks. This initiative, championed by the African Development Bank in collaboration with the Inter-American Development Bank, has already seen success.

The Kenya Export Promotion and Branding Agency leveraged on the AfDB Conference to showcase authentic Kenyan products through its Made In Kenya Initiative. The Agency partnered with several adoptees from various sectors to help them ink business deals, exhibit their products and create market linkages across Africa with the aim of exploring the opportunities provided by the African Continental Free Frade Area (AfCFTA).

The Made In Kenya adoptees at the exhibition stand were: The Shaba, Nimz Collections, Jada Kenya, Crafts with meaning, Akinyi Adongo Kenya, Fashion Agenda Africa and Green Pencils.

The selected Made in Kenya adoptees thanked the Agency for helping them and mentoring them as they expand their business operations and for giving them a platform to showcase their products to the world.