Ireland becomes 81st member of the African Development Bank

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Ireland becomes 81st member of the African
Development Bank

• Ireland's Africa 2025 Strategy includes
  commitment to collaborate with the continent's
  essential financial institution

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• ABIDJAN, Côte d'Ivoire, May 5, 2020 / - Ireland
  has become the 81st shareholder of the African
  Development Bank Group ( www.AfDB.org ), the
  announcement was made by the president of the
  institution, Akinwumi Adesina, April 24, 2020.
  Ireland's application for membership of the
  African Development Bank Group was approved at
  the Annual Meetings of the Group's Board of
  Governors held in Malabo, Equatorial Guinea, in
  June 2019.

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• Ireland's membership of the African Development
  Bank is a mark of great confidence. I am
  delighted to welcome Ireland as the 81st member
  of the African Development Bank. Irelands
  membership and shareholder support will further
  strengthen the mission of the African Development
  Bank, which is to accelerate Africas economic
  development, said President Adesina.

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• In February 2020, during a visit by its
  delegation to the Bank's headquarters, Ireland
  deposited the instrument of ratification of the
  Agreement establishing the African Development
  Fund with the Secretary General of the Bank
  Group, thereby crossing an additional step
  towards the conclusion of the accession process.

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• Commenting on the membership, Irish Finance
  Minister Paschal Donohoe, also responsible for
  public spending and reform, said "The African
  Development Bank and the African Development Fund
  play an important role in promoting growth and
  sustainable and inclusive socio-economic
  prosperity, helping Africa to realize its
  potential and being a continent of opportunities,
  promising. 

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• I view our membership in the Bank and the Fund as
  an investment in this potential. Ireland's
  partnership with these important regional
  multilateral institutions will advance our common
  development priorities and open up new
  opportunities for Irish businesses in the
  region. "Ireland's Africa 2025 Strategy includes
  a commitment to collaborate with the continent's
  core financial institution, as well as to explore
  new partnerships to support policy and program
  implementation and deepen engagement in blended
  finance mechanisms for job creation.

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• Simon Coveney, Minister for Foreign Affairs and
  Trade, noted a strong alignment between the
  priorities of Ireland's International Development
  Policy, titled A Better World, and the High
  Development Strategy of the African Development
  Bank. "Our membership comes at a critical time,
  as the Bank plays its role in supporting African
  countries to respond to the COVID-19 pandemic,"
  said Coveney.

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• "Ireland's accession to the African Development
  Bank is also a strong expression of our
  commitment and investment in the multilateral
  system, as well as our contribution to peace,
  security and sustainable development in Africa
  . This partnership will help us reach the most
  vulnerable first, added Coveney.

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• Bank Group membership is obtained after the
  signing of the agreements establishing the Fund
  and the Bank, the deposit of the instruments of
  acceptance / approval of the agreements relating
  to the two entities, as well as the payment of
  the initial subscriptions to the Fund and share
  capital of the Bank.

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• Ireland has fulfilled these conditions because it
  has paid its initial subscriptions and has also
  deposited its instrument of ratification of the
  Bank Agreement with the United Nations, the
  statutory depositary. It also initially deposited
  with the Secretary General of the Bank Group, the
  instrument of acceptance of the Fund Agreement.
  The African Development Bank was created in 1964.
  Its authorized capital is subscribed by 81 member
  countries, including 54 African countries
  (regional members) and 27 non-African countries
  (non-regional members).

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• For more update, visit us

https//www.afriquessor.com/
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