Shanghai, China's business hub, is agog with activities as it is
playing host to the annual board meetings of the Africa n
Development Bank (ADB) Group on May 16-17, 2007, while the Africa n
side is seeking more cooperation with the Asian countries,
especially with China.
It is the first time the annual board meetings of the AfDB are
held in Asia, and the second time outside Africa.
Themed "Africa n and Asia: Partners in Development", the two-day
meetings will focus on infrastructure development in Africa,
regional integrity and poverty relief.
At the annual board meetings, questions, such as what lessons
can Africa learn from Asia's development experience? Can relations
between both regions, built on a win-win formula, enable Africa
claim a more significant share of world trade? And, can Africa -
Asian commercial and financial ties facilitate the development of
the Africa n private sectors, will engage the attention of
attendees.
China's trade volume with Africa currently stands at over US$29
billion and the Shanghai meetings will enable the participants to
seek ways of consolidating on the gains from the trade relationship
between Africa n and Asian countries, and China.
According to the Africa n Development Bank's Africa n Economic
Outlook 2007, "Africa has experienced the highest economic growth
in the last two decades, with the rate of Gross Domestic Product
(GDP) growth averaging about 5 percent annually in the past six
years and is expected to reach over 6 percent in 2007. Growth has
been more broad-based, with non-oil exporters growing as fast as
oil exporters."
Shanghai will afford the President of the ADB Dr. Donald
Kaberuka and his team to assess whether the growth projections for
Africa, specifically, have been met or not and seek ways to narrow
the developmental gaps as well as strengthen gains achieved.
Shanghai will also offer Africa n leaders an opportunity to
assess the level of integration, by the AfDB, of their economies
with the global economy as well as review regional efforts at
poverty eradication, unemployment reduction and bridging the
digital divide.
Founded in 1964, the AfDB is a regional multilateral development
finance institution to mobilize resources for the funding of
economic development and social projects and programs in its
regional member countries.
Currently, membership of the bank has increased to 77 countries,
consisting of 53 Africa n members and 24 non-Africa n members from
Americas, Europe and Asia. China became a member in 1985. Today
AfDB's share capital stands at US$32.5 billion and the bank started
its lending activities in 1967 with a modest US$250 and 33
subscribed regional members.
The opening of the bank's capital to non-regional members took
place in 1982 and this move has enabled the bank to become a truly
multilateral development finance organization as well as paved the
way for the over five successive years' capital increases the
institution has experienced since then.
Since it was founded, the AfDB has granted 2,988 loans worth
over 60 billion dollars, of which 15.3 billion dollars has been
repaid.
With its motto of "building today, a better Africa tomorrow",
the AfDB has now aimed to broaden its channel to absorb more
experiences on economic growth and investment from all over the
world, especially Asia, so as to facilitate the development of
Africa, to seek cooperation with the Asian countries including
China, and to integrate its operation into globalization trend.
(Xinhua News Agency May 17, 2007)
