The 52nd annual meeting of African Development bank has begun in Gandhinagar , Gujarat

TNPSC Current Affairs May 2017

1.The 52nd annual meeting of African Development bank has begun in Gandhinagar , Gujarat

The 52nd annual meeting of African Development bank has begun in Gandhinagar , Gujarat with the theme of "Transforming Agriculture for Wealth Creation in Africa.” This is the first time, the annual meeting of African Development bank held in India. Prime Minister Narendra Modi has inaugurated the annual Meeting

About AFDB

• The African Development Bank was founded in 1964, which comprises The African Development Bank, the African Development Fund and the Nigeria Trust Fund.
• The main objective is to reduce the poverty, through sustainable economic growth and social progress among regional member countries.
• AFDB has its headquarters is in Tunis, Tunisia., with the moto of "Building today, a better Africa tomorrow"

India’s Stand.

• In 1982 India had joined the African Development Fund and became a member of the African Development Bank in 1983.
• This Meet is very much important to India,hence it boycott's China’s Belt and Road forum and need to take its own connectivity, infrastructure and developmental projects, particularly in geographies where it competes with China, because despite having goodwill, India lagged behind China in project execution.
• This meet also a follow-up to the India-Africa Forum Summit held  in New Delhi in 2015 which is attended by 40 African Government heads and representatives of all 54 countries from the continent.
• India has offered $10 bilion for development projects  during the  Summit held in 2015.
• India -Africa trades is almost doubled in last few years with worth of $72 B,
• So this summit is so much important as per India’s point of view.