Gujarat Current Affairs

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Fact Box: 52nd Annual General Meeting of African Development Bank (AfDB)

The 52nd Annual General Meeting of African Development Bank (AfDB) is being held at Gandhinagar in Gujarat from May 22-26, 2017. This is for the first time that this meeting is being held in India. This meeting is expected to be attended by some 4500 delegates including the finance ministers and central bank governors of AfDBs members and non-member countries.

About African Development Bank (AfDB)

African Development Bank Group (AfDB) also known as Banque Africaine de Developpment (BAD) was founded in 1964 with a mission to fight poverty and improve living conditions of the people of African continent by promoting investment in government and private capital in development projects. The bank is made of three entities viz. African Development Bank, African Development Fund, and Nigeria Trust Fund. Its headquarters are at Abidjan, Côte d’Ivoire (Ivory Coast). The motto of the bank is “Building today, a better Africa tomorrow” and currently, it has total 78 members including India. India had joined this bank in 1983. Its unit currency (for accounting purpose) is XUA under the ISO 4217 standard currency code.

India and other Non-African Members

India is a non-African member country for this bank. Some other non-African member countries include US, Japan, Germany, Canada, France, China etc. Nigeria is the largest country in terms of voting powers at the African Development Bank, followed by United States.

Significance of the meet

So far, the annual conferences of the bank have held within African continent only. For the first time in 2017, the bank is holding its first annual conference outside Africa at Gandhinagar. This event is to be inaugurated by Prime Minister Narendra Modi.  This meet is seen as a logical follow up to the India Africa Forum summit which was held in 2015 in Delhi.

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Belgium opens honorary consulate in GIFT City

Belgium has become the first country to open an honorary consulate office in Gujarat International Finance Tec-City (GIFT City), Gandhinagar, Gujarat. Belgium already has two Consulates-General in Mumbai and Chennai, and an honorary consulate in Kolkata. The consulate was inaugurated by Belgian Secretary of State for Foreign Trade, Pieter De Crem.

Hari Sankaran, Vice-Chairman and MD, Infrastructure Leasing & Financial Services (IL&FS), has been nominated as Honorary Consul of the Kingdom of Belgium to the state of Gujarat. Gujarat and Belgium have strong historic ties surrounding the diamond industry.

GIFT City

GIFT is a central business district (CBD) located between Ahmedabad and Gandhinagar in the state of Gujarat. GIFT will be built on 886 acres of land to provide high-quality physical infrastructure with facilities like electricity, water, gas, district cooling, roads, telecoms and broadband services to woo finance and tech firms to relocate their operations from Mumbai, Bangalore, Gurgaon etc. GIFT will include a special economic zone (SEZ), international education zone, integrated townships, an entertainment zone, hotels, a convention center, an international techno park, Software Technology Parks of India (STPI) units, shopping malls, stock exchanges and other service units. The likely cost of the GIFT City project is Rs 70,000 crore.

Gujarat International Finance Tec-City Company Limited (GIFTCL) is responsible for developing and implementing the project. GIFTCL is a joint venture of Gujarat Urban Development Company Limited (GUDCOL) and Infrastructure Leasing & Financial Services (IL&FS).

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GNFC wins Golden Globe Tigers award

Gujarat Narmada Valley Fertilisers and Chemicals Ltd (GNFC) has won the prestigious Golden Globe Tigers Award for Excellence and Leadership in CSR for the year 2017 in the category of ‘E-Payment Leadership’. GNFC has been awarded for the implementation of digital transactions in its township at Bharuch (Gujarat). Award was given to GNFC at Golden Globe Tigers Night 2017 held at Kuala Lumpur, Malaysia. The event saw the participation of global CSR leaders from over 43 countries. This is the second award for GNFC in this category. It has already won the Golden Peacock Award for its cashless innovation.

GNFC

Gujarat Narmada Valley Fertilisers & Chemicals Limited is a state-owned manufacturer of fertilizers and Chemicals. It was founded in 1976. It emerged as the first fertiliser company in the country to adopt a cashless economy successfully. GNFC’s township in Bharuch, Gujarat, became the first 100% cashless township of India. Recently, Prime Minister had launched GNFC’s replicated cashless township model in 81 integrated townships across 12 states.

Golden Globe Tigers Award for Excellence and Leadership

Golden Globe Tigers Award for Excellence and Leadership recognises leaders in marketing, branding CSR and social innovation, education and academic across leadership levels in an individual and organisation. It is considered as one of the highest award individuals and organizations can aspire to achieve.

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