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Kenya’s Finance Minister Takes Lead At African Development Bank

Prof Njuguna Ndung’u says development institutions crucial in mobilising funds

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Kenya’s Cabinet Secretary for finance, Prof Njuguna Ndung’u, has been elected the chairman of the Board of Governors for African Development Bank Group, taking over from Mr Hassan Abdalla, the governor of the Central Bank of Egypt.

The inauguration took place during the closing ceremony of the 58th Annual Meetings of the Board of Governors of the African Development Bank (AfDB) and the 49th Meeting of the Board of Governors of African Development Fund that kicked off on Monday 22nd May 2023 at Sharm El Sheikh International Congress Centre in Egypt.

In his acceptance speech, Prof Ndung’u, a former Central Bank of Kenya governor, said Kenya is ready to host the next AfDB Annual Meeting for Board of Governors to be held in May 2024.

The week-long event’s theme was “Mobilising Private Sector Financing for Climate and Green Growth in Africa”. This provided an opportunity for Central Bank governors to discuss Africa’s challenges in attracting private sector financing and practical policies that governments can use to alleviate them.

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Prof Njuguna Ndung’u said development institutions are crucial in pooling and mobilising resources for mitigating the adverse effects of geopolitical tensions, Covid-19 and climate change. “The African Development Bank has a wide range of instruments that we can capitalise on to achieve the strategic African integration,” he said.

Prof Njuguna Ndung'u
Kenya’s Treasury minister Prof Njuguna Ndung’u (left) has taken over from Mr Hassan Abdalla, the governor of the Central Bank of Egypt.

The bank’s initiatives, programmes, policies, strategies and operations are expected to further mobilise affordable development financing that is key for resilience in the upcoming period. AfDB also enables nations to pursue efforts as well as pave the road to achieve 2063 Agenda goals.

“I would like to thank Dr Akinwumi Adesina, President of the African Development Bank Group, and his team for their continuous efforts to support the development of our continent,” Prof. Ndung’u said. “These efforts have placed the Bank at the forefront of the Global Development Community and the Bank’s role has been pinned as a leading development partner through its endeavours across all African Nations.”

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KALU MENGOhttp://www.businesstoday.co.ke
Kalu Mengo is a Senior Reporter With Business Today. Email: [email protected]
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