The President of the African Development Bank (AfDB), Donald Kaberuka, and the Governor of the People's Bank of China (PBC), Zhou Xiaochuan, have agreed to expand cooperation between the two banks.

They reached the agreement at a meeting in Washington last week.

President Kaberuka and Governor Zhou also called for the rapid conclusion of the discussions related to the China Africa Growth Fund.

President Kaberuka informed Governor Zhou that senior AfDB staff, led by Finance Vice-President, Charles Boamah, and Vice-President and Secretary-General, Cecilia Akintomide, will hold meetings with their PBC counterparts this week in Beijing to finalize the agreement.

It was also agreed that President Kaberuka will visit Governor Zhou in Beijing in June-July. For his part, Governor Zhou will consider attending the AfDB's 50th anniversary events in 2014, which will be organized in collaboration with the Republic of Côte d'Ivoire. In that respect, top dignitaries such as Governor Zhou may be invited to the event by the Presidency of Côte d'Ivoire.

A senior PBC official will represent Governor Zhou at the AfDB's Annual Meetings in Marrakech, Morocco in May.

During their discussions on macro-economic development perspectives in China and Africa, Zhou said he anticipates a GDP growth of 7.5 per cent of the Chinese economy in 2013, a level he considers as acceptable in view of PBC's vigilance to the challenges of price stability.

On Africa, Kaberuka indicated that the continent recorded a GDP growth of 6.6 per cent, a performance which Governor Zhou saw as encouraging.

Governor Zhou was accompanied to the meeting by He Jianxiong, PBC Director-General and head of the International Department.

The AfDB team included the Executive Director for Canada, China, South Korea and Kuwait, Hau Sing Tse; Vice-President for Country and Regional Programmes and Policies, Zondo Sakala; Strategy Director Kapil Kapoor; Advisor to the President, Hakim Ben Hammouda; and the Infrastructure Initiative Coordinator, Robert Masumbuko.

China joined the Bank Group in 1986. The AfDB signed a memorandum of understanding with the Import-Export Bank of China and PBC that serve as the basis of their collaboration to optimize each other's comparative advantages and financial instruments to foster Africa's development, especially in the areas of infrastructure and the private sector.