Inauguration Ceremony for re-elected AfDB President / Donald Kaberuka takes oath for new five-year term on 1 September
TUNIS, Tunisie, August 30, 2010/African Press Organization (APO)/ — The President of the African Development Bank Group (AfDB), Mr Donald Kaberuka, will be sworn in for a second five-year term on 1 September, 2010, in Tunis. The inauguration ceremony will be attended by governors, management and staff of the Bank, as well as a number of visiting African dignitaries and representatives of the African and international media.
Mr Kaberuka was formally re-elected for his second term in May this year at the Bank Group’s Annual Meetings, held in Abidjan, Côte d’Ivoire.
Mr Kaberuka’s first five-year term began on 1 September, 2005, and during that time the Bank has refocused its strategy for African development, concentrating on key sectors such as infrastructure, regional integration, the private sector, governance and education. The strategy also included a special support policy for the most fragile or post-conflict African states.
Also, the financial commitments of the Bank have increased considerably. Between 2005 and 2009, the level of Bank approvals increased from the equivalent of almost USD 3.3 billion to over USD 12.6 billion. More than USD 6 billion was approved in loans and grants for African infrastructure projects such as roads, railways, waterworks and energy during 2009.
In 2009, the AfDB overtook the World Bank as the primary lender to the continent of Africa.
During 2010, the Bank also gained a substantial increase in its capital base. The institution’s shareholders tripled its capital in May 2010, taking it to USD 100 billion.
Similarly, the African Development Fund (ADF), the Bank Group’s concessional or ‘soft loan’ arm, saw increased activity. Replenished every three years, the ADF realized a 52% increase for 2008-10, and is currently seeking a fresh replenishment for 2011-13.
Mr Kaberuka will give an Inauguration Speech on 1 September. During that speech, he will give his perspective for Africa over the coming years, for African development, and the role of the Bank in that development, particularly in the light of the substantial boost in the financial strength of the institution.
A video of the ceremony and inauguration will be available for viewing on 1 September on the AfDB website at www.afdb.org
SOURCE
African Development Bank (AfDB)
