International financial institutions discussed Africa’s development agenda in Abidjan

A meeting recently took place among the world's leading financial institutions in Abidjan, Côte d'Ivoire at the headquarters of the African Development Bank. The 20^th annual meeting attracted the corporate secretaries of international financial institutions (IFIs) for 3 days.

Africa's development agenda was emphasized at the gathering. The host institution, the African Development Bank (AfDB), is in the process of lobbying for a general capital increase from shareholders to accelerate growth in the continent.

The secretary-general of the AfDB Group, Vincent Nmehielle commenced the proceedings by setting the agenda that he said was informed by the troika of the World Bank, the AfDB and the Asian Infrastructure Investment Bank.

The deliberations sought to consolidate the outcomes of the group's meeting in Indonesia's Bali that took place in 2018 when topics included economic efficiency, the involvement of local communities and business and security.

"These interactions are very important as they afford us an opportunity to…share experiences regarding challenges, responsibilities and how these challenges can be addressed," Vincent Nmehielle opined.

"Here at the AfDB, this is a pivotal year, a year in which very, very important decisions are being made about what kind of bank we want to have for the next 20 years," AfDB's Senior Vice President, Charles Boamah said around the general capital increase. "Of course, this involves heavy lifting…when these are taking place, coupled with all the developments in the rest of the world, it is challenging sometimes…" Charles Boamah added.

The recent meeting addressed the effectiveness of the IFIs' governing board, broadening the role of board committees, supporting board committees and enhancing relationships between the board and management. Around 50 participants from 19 international financial institutions such as the World Bank, the Asian Development Bank, the Asian Investment and Infrastructure Bank, the International Monetary Fund and the European Investment Bank attended the meeting.