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The 55th African Development Bank Group Annual Meeting conducted from August 26-27 Virtually

The 55th African Development Bank Group Annual Meeting conducted from August 26-27 Virtually

 

For the first time in the history of the African Development Bank, its Annual Meetings has been held virtually to comply with the COVID-19 pandemic-related social-distancing guidelines. His Excellency Ato Ahmed Shide, Minister of Finance and Her Excellency W/t Yasmin Wohabrebbi, State Minister of Economic Cooperation of the Ministry of Finance participated representing the Federal Democratic Republic of Ethiopia.

This year’s annual meeting was held as the world continues to grapple with a public health crisis resulting from the COVID-19 pandemic. The African Development Bank has estimated that the continent could lose at least $173.1 billion in GDP in 2020 and $236.7 billion in 2021 as a result of the economic fallout of the pandemic, which has forced several industries to shut down and has led to millions of job losses. The Bank responded to support its regional member countries and the private sector establishing a COVID-19 Response Facility of up to $10 billion and confirmed its continued support.

 

The Governors of the Bank that are constituted from 54 African regional and 27 non-regional member countries ,where Ethiopia is founding member, have elected Dr. Akinwumi A. Adesina  as the President of the African Development Bank Group to serve for his second term. The Government of Ethiopia congratulates Dr. Adesina and wish him a successful delivery over the coming four years.

 


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