For the first time, the African Development Bank will celebrate Africa Day - the annual commemoration of the foundation of the Organisation of African Unity (now the African Union), on May 25, 1963 - at the Bank's Annual Meetings in Busan, Korea.

"One unique aspect of the Annual Meetings this year is the celebration of Africa Day, a diplomatic event that African Ambassadors based in Korea will highlight" during the closing ceremony of the meetings, the Bank Group's Secretary General, Vincent Nmhielle, said.

The Secretary-General made the remarks while sharing key information on the 2018 Annual Meetings with journalists and media practitioners from Africa and abroad.

The theme of the Annual Meetings is "Accelerating Africa's Industrialization". During the Meetings, the Boards of Governors, the highest decision-making and oversight organ of the Bank, will review the Bank's Annual Report on the finances, operations and other activities of the institution during the preceding year, he said.

The Governors, usually Finance Ministers or Central Bank Governors representing the 80 member countries of the Bank Group, will also adopt resolutions on key decisions and conclusions of their deliberations. They will discuss the Bank's enabling role in the attainment of the Sustainable Development Goals and related operations funding programs.

Korea Set to Host 2018 African Development Bank Annual Meetings

"Aside from the 2017 Winter Olympics, the Annual Meetings of the African Development Bank this May in Korea, is the most important event on our calendar," says Deputy Prime Minister and Minister of Strategy and Finance, KIM Dong-yeon. The Republic of Korea will host the 53rd Annual Meetings of the African Development Bank Group in the port city of Busan on May 21-25, 2018. Korea has a long history of supporting African development. It joined the Bank in 1982, and has significant status as a recipient-turned-donor country.

There will also be a series of knowledge events to generate new ideas for financing Africa's industrialization.

After the formal opening ceremony on Wednesday, May 23, the Governors will hold their first, second and third statutory meetings (May 23-25), followed by the release of the official communiqué and records of the deliberations ahead of the closing ceremony.

Alassane Haidara, a Manager in the Bank's Private Sector, Infrastructure and Industrialization Complex, said the Bank's Industrialization Strategy is hinged on six flagship programs: direct investment in power and infrastructure; capital market development for small and medium enterprises (SMEs); support to entrepreneurship; partnerships; and industrial clusters.

For more information on the 2018 Annual Meetings, visit www.afdb.org/am

Official hashtag: #AfDBAM2018

Download the Bank's Industrialize Africa brochure: https://bit.ly/2hXQPTy