Abidjan: The 60th Annual Meetings of the African Development Bank (AfDB) have commenced in Cote d'Ivoire's economic capital, Abidjan, attracting over 5,000 participants, including heads of state and government, finance ministers, central bank governors, business leaders, scholars, and think tank representatives from across the African continent. "Since its establishment in 1964, the African Development Bank has profoundly transformed Africa's economic and social landscape," stated Ivorian President Alassane Ouattara during the opening ceremony.

According to Namibia Press Agency, President Ouattara underscored the AfDB's pivotal role in fostering development throughout Africa, emphasizing that collaborative projects between the Bank and Cote d'Ivoire have more than doubled in size over the past ten years. He asserted that the institution remains a crucial partner in the execution of Cote d'Ivoire's national development strategies.

This year's theme, "Making Africa's Capital Work Better for Africa's Development," sets the stage for discussions on reforms and policies designed to enhance the effectiveness of human, financial, and business capital, thereby driving Africa's structural transformation. Ouattara pointed out Africa's vast potential, including a youthful and skilled population, promising investment opportunities, and a favorable economic outlook, and called for strategic capital deployment to expedite the continent's transition toward a more inclusive, sustainable, and resilient economic framework.

Ouattara also praised AfDB President Akinwumi Adesina for his efforts in advancing Africa's development through the Bank's High 5s initiative: Light Up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa.

The meetings are scheduled to conclude on Friday, with a significant event being the election of a new AfDB president on Thursday. The candidates vying for the position include Amadou Hott from Senegal, Samuel Munzele Maimbo from Zambia, Sidi Ould Tah from Mauritania, Abbas Mahamat Tolli from Chad, and Bajabulile Swazi Tshabalala from South Africa.

Founded in 1964 and headquartered in Abidjan, the African Development Bank's primary mission is to promote sustainable economic development and social progress within its regional member countries. China joined the institution as a member in 1985.