Shangai, China, May 22, 2006 – The 2007 annual general meeting of the African Development Bank is to be hosted by the Peoples Republic of China.

The president of the African Development Bank (ADB), Dr Donald Kaberuka, said at the end of the meeting in Oaugadougou at the weekend that the boards of governors of the bank had approved the invitation of the Peoples Republic of China to hold the 2007 annual meetings in Shangai.

Kaberuka said that the annual meetings would hold from May 16 to May 17, 2007.

According to the resolutions of the board of governors, released after the meetings, the governors approved the annual report of the bank and the audited special purpose financial statements for the financial year which ended in December 31, 2005.

They approved a 12-month extension, beginning from June 3, 2006, of the relocation of the headquarters of the bank from Abidjan to Tunis in line with the consolidated report of the assessment of the situation in Cote D'Ivoire.

The governors also resolved to waive, with respect to the year 2007 Annual meeting, the requirement that the annual meeting be held at the bank's headquarters, or in another state, in the event that the general election of executive directors will be conducted in the course of the meeting.

The bank governors also approved UA15 000 000 for the benefit of the special relief fund for emergency and humanitarian assistance and UA10 600 000 for the benefit of the Heavily Indebted Poor Countries (HIPCs) Initiatives and UA67 300 000 for special account dedicated to the debt service of part of the consolidated loans of the Democratic Republic of Congo.

The governors also confirmed the election of Dr Hassan Khedr as the executive director with effect from the date of assumption of office till June 30, 2007. Khedr will represent Egypt and Djibouti.

Source: News Agency of Nigeria (NAN), May 22, 200

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