The Republic of Ireland has become the African Development Bank Group’s 81st shareholder, following a declaration issued by the institution’s President, Akinwumi Adesina, on 24 April 2020.
Ireland’s application to join the African Development Bank Group was approved during the Annual meetings of the Board of Governors of the Bank Group held in Malabo, Equatorial Guinea, in June 2019.
In February 2020, the nation deposited the Instrument of Ratification of the Agreement Establishing the African Development Fund with the Secretary-General of the Bank Group during a delegation visit to the Bank’s headquarters, moving one step closer to concluding the membership process.
Ireland’s Strategy for Africa 2025 includes a commitment to collaborate with the critical financial institution on the continent, as well as to explore new partnerships to support policy development and program implementation; and deepen engagement in blended finance mechanisms for job creation.
Membership of the Bank Group is subject to the signing of the Agreements establishing the Fund and Bank, deposit of the instruments of acceptance/approval of the Fund and the Bank Agreements, and the payment of the initial subscriptions to the Fund and capital stock of the Bank.
Established in 1964, the African Development Bank Group authorized capital is subscribed by 81 member countries, made up of 54 African countries (regional members) and 27 non-African countries (non-regional members).
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