Egypt will host the Africa Development Bank Group's (AfDB) upcoming annual meetings in May 2023, following the signing of a memorandum of understanding between AfDB and the Central Bank of Egypt (CBE) on Monday. The 58th Annual Meetings of the AfDB and the 49th Annual Meeting of the African Development Fund will take place in the Egyptian Red Sea city of Sharm El-Sheikh on 22-26 May 2022. The memorandum was signed by Egyptian Central Bank Governor Hassan Abdalla and AfDB Secretary-General Vincent Nmehielle in the presence of Ahmed Zayed, Egypt and Djibouti's representative in the AfDB's Board of Directors and Dean of the AfDB Group Board. Egypt is Africa's second biggest shareholder in the AfDB's Capital, and the third on the level of all 81 member states. It is also one of only three African countries that contributes to the African Development fund, which aims at the development of Low-Income African countries. The aggregate size of the cooperation portfolio between Egypt and AfDB – since the inception of developmental cooperation between the two partners in 1974 – has reached circa $7 billion, and has supported funding a number of major developmental projects in Egypt, in addition to continental connectivity projects. Egyptian Central Bank Governor Hassan Abdalla and AfDB Secretary-General Vincent Nmehielle with Ahmed Zayed, Egypt and Djibouti's representative in the AfDB's Board of Directors and Dean of the AfDB Group Board (AfDB)
