African Development Bank

  • The African Development Bank (AfDB) was established in 1964 with a view to promote the Economic Development and social progress of its regional members.
  • India became member of the African Development Bank (AfDB) in 1983.
  • The Union Finance Minister and Secretary, Department of Economic Affairs (DEA), Ministry of Finance are the Governor and Alternate Governor of the Bank respectively.
  • Why in news?
    • India is hosting the  Annual Meetings of the African Development Bank (AfDB) Group in Gandhinagar in May 2017
    • This is the first time that India is hosting the annual meetings of the AfDB and its sister institutions.

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