South Korea’s Ministry of Strategy and Finance announced it will host the 2018 African Development Bank (AfDB) annual meeting.
 
Vice Finance Minister Song Eon-seog has been working to acquire hosting rights for the event at its 51st annual conference, which kicked off on Tuesday at Lusaka, Zambia. 
 
Song succeeded in attaining the unanimous support of the 80 nations in attendance.
 
As the host nation, South Korea will serve as the chair of the annual meeting from the day after the end of the 2017 meeting until the end of the 2018 general meeting.
 
The AfDB is a developmental finance institution aimed at improving the African economy and supporting regional development projects. 54 African nations and 26 non-African nations are member states.
 
South Korea’s host nation status means it will have served as the chair of meetings of the world’s six international finance institutions.
 
South Korea hosted the 1985 meeting of the IMF and the World Bank. South Korea also hosted meetings of the Asian Development Bank in 1970 and 2004 and the 2011 meeting of the European Bank for Reconstruction and Development. South Korea also hosted a meeting of the Islamic Development Bank last year.