The Board of Directors of the African Development Bank (AfDB) Group has approved Turkey’s application to join the Bank Group, a statement issued by the Bank received in Accra on Friday said.
The Board also approved the authorization of a special Bank capital increase required to actualize Turkey’s membership, it added.
The statement said the approval would be presented to the Bank Group’s Board of Governors at the institution’s Annual Meetings in Maputo, Mozambique, from 14-15 May 2008.
“This will enable Turkey subscribe to the Bank’s share capital and become the 25 th non-regional and 78th overall member of the Bank Group,” it said.
The Board of Directors had approved Turkey’s bid to join the Bank in 1991 but the approval elapsed due to delays in processing the application.
The statement said during discussions on the issues at the Board meeting on Wednesday in Tunis, Bank Group President Donald Kaberuka cited Turkey’s strategic location between the West and East as well as the country’s growing interest to do business with Africa as compelling attractions for its admission to the Group.
“Board members also referred to Turkey’s increasing presence in Africa’s economic, educational and cultural domains as an indication of the country’s readiness to support the continent’s development efforts.”
It has a population of 70.5 million (2007) and GDP growth rate of 7.4% from 2002 -2007.
Currently, the AfDB Group is composed of 53 African (Regional Members) and 24 Non-Regional members – Argentina, Austria, Belgium, Brazil, Canada, China, Denmark , Finland, France, Germany, India, Italy, Japan, Korea, Kuwait, Netherlands, Norway, Portugal, Saudi Arabia, Spain, Sweden, Switzerland, United Kingdom and United States of America. Panapress.