African Development Bank 2020 Annual Meetings: Governors’ Dialogue: a key moment of the meetings
On the first day of the African Development Bank’s 2020 Annual Meetings, President Akinwumi Adesina on Wednesday 26 August 2020, outlined the Bank’s successes and challenges.
During a virtual dialogue with the Governors of the Bank’s 81 member countries, Adesina highlighted the Bank’s efforts to ensure that African countries were cushioned against the worst of the COVID-19 pandemic. In April, the Bank’s Board of Directors approved a COVID-19 Response Facility of up to $10 billion.
“The key for us is looking at economic resilience, not just economic growth,” he said.
Adesina also recalled the progress made since the historic $115 billion General Capital Increase, approved by the Bank’s shareholders at the end of October last year.
His address was part of a three-hour dialogue, closed-door discussion around the General Capital Increase commitments and three key areas: maximizing operational impact, strengthening institutional capacity and securing long-term financial sustainability.
The dialogue was moderated by Zeinab Badawi, a Sudanese-British television and radio journalist, who is a regular presenter of BBC programmes such as Global Questions and Hard Talk. Former Bank Senior Vice President Charles Boamah, who retired in March this year, made a guest appearance to provide a sum up of the discussion.
For the first time in its history, the Bank’s Annual Meetings are being held virtually to comply with COVID-19 social distancing guidelines.
One of the key items on the agenda will be the election of the Bank President. Adesina is standing unopposed for re-election after his first five-year term.
The Annual Meetings started on Tuesday and end on Thursday.