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.