PMFORUM Breaking News

Reported by Ahmet Taspinar in Istanbul

The Board of Directors of the African Development Bank (AfDB) Group has approved the Republic of Turkey’s application to join the Bank Group. The Board also approved the authorization of a special Bank capital increase required to actualize Turkey’s membership. The approval will 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 to subscribe to the Bank’s share capital and to become the 25th non-regional and 78th overall member of the Bank Group. 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.

During discussions on the issues at the Board meeting on Wednesday, 26 March 2008 in Tunis, Bank Group President, Donald Kaberuka, cited Turkey’s strategic location between the West and the 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.

Turkey stretches across the Anatolian peninsula in western Asia in the Balkan region of southeastern Europe. Due to its strategic location astride two continents, Turkey has a unique blend of Eastern and Western tradition. A powerful regional presence in the Eurasian landmass with strong historic, cultural and economic influence in the area between the European Union in the west and Central Asia in the east, Russia in the north and the Middle East in the south, Turkey acquired increasing strategic significance. Turkey 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. The AfDB plans to be the continent’s premier development finance institution and the preferred channel for development financing to the continent.

Source: AfDB press release, March 29, 2008

Ahmet N. Taspinar International Correspondent - Turkey Ahmet N. Taspinar, MBA, PMP, REP is an International Correspondent for PMForum and PM World Today in Turkey. Mr. Taspinar holds an MS degree in Civil Engineering from Harvard University and a MBA degree from Northeastern University in the United States.  Ahmet has 40 years of experience in petrochemical and energy projects, and in management information systems development.  A member of the Project Management Institute (PMI ®) since 1977, Ahmet is a former President of the Northern California PMI Chapter and a founding member of the PMI Istanbul Chapter.  Additional information about Ahmet can be found at (http://www.pmforum.org/pm%20forum%20team/index.htm#5).  He can be contacted at mbpnet@hotmail.com.