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Light up and power Africa, feed Africa, industrialize Africa, integrate Africa and improve the quality of life are the Bank’s High 5 operational priorities
Kampala, Uganda | THE INDEPENDENT | Africa’s multi-lateral lender, African Development Bank Group, will boost its financing capacity by over 70 billion USD as it unveils a new 10-year strategy.
The ambitious strategy for 2024–2033 is designed to address Africa’s critical challenges and to steer the continent back onto a path of sustained economic growth and prosperity.
Speaking at the Bank’s Annual Meetings in Nairobi on May 29, AfDB President Akinwumi Adesina said, “As Africa’s premier development finance institution and solutions bank, we recognize that the coming decade is crucial for transforming the continent. Celebrating 60 years of impactful service, we are more determined than ever to accelerate our support for African nations.”
The strategic plan, approved by the Board earlier this year, outlines urgent and decisive actions to help African countries navigate a landscape marked by the post-Covid-19 fallout, including heightened food insecurity, burgeoning debt crises, and escalating climate change impacts. Additionally, Africa faces increasing conflict, political instability, and a significant exodus of its youthful workforce seeking opportunities abroad.
Central to the AfDB’s 2024–2033 vision is a commitment to leveraging Africa’s unique assets—its dynamic young population, rapidly urbanizing markets, abundant natural resources, and vast clean energy potential—to drive sustainable growth and make substantial contributions to global solutions.
“The Ten-Year Strategy focuses on investing in Africa’s greatest asset: its vibrant young men and women,” Adesina said. “With the world’s fastest-growing population, Africa has a unique demographic opportunity.”
The strategy envisions a prosperous, inclusive, resilient, and integrated Africa, with two primary objectives: accelerating inclusive green growth and fostering prosperous, resilient economies. The Bank will strive to balance environmental sustainability, equity, and economic advancement.
Building on a decade of successful High 5 implementation, the AfDB plans to enhance and scale its efforts, emphasizing transformative projects with significant impacts. To optimize outcomes and manage risks, the Bank will streamline its operational model for increased agility and effectiveness.
Light up and power Africa, feed Africa, industrialize Africa, integrate Africa and improve the quality of life are the Bank’s High 5 operational priorities which are also integral to achieving the aforementioned objectives.
Key cross-cutting priorities include promoting gender equality, investing in youth, addressing climate change, supporting fragile states, and promoting good governance and economic stability.
Recognizing the critical role of the private sector, the AfDB will strengthen collaboration, prioritizing investments in firms, value chains, and MSMEs, particularly those led by women and youth. The Bank aims to mobilize greater resources than ever before, including domestic revenues and private finance, with a goal to triple private-sector finance by 2033.
To boost its financing capacity, the AfDB will explore innovative mechanisms such as Sustainable Hybrid Capital, Risk Transfers, and rechanneling significant portions of the IMF’s Special Drawing Rights through Multilateral Development Banks (MDBs).
The Strategy underscores the essential role of MDBs in addressing global and regional challenges, providing low-cost finance, technical knowledge, and policy advice to emerging and developing countries.
The AfDB pledges to scale up its efforts, responding to the significant ambitions and priorities of African nations, and tackling the challenges that affect the continent’s people.
Highlights of the Strategy
Investing in women and young people: The Ten-Year Strategy outlines how the Bank will invest in Africa’s best asset: its vibrant young men and women. Africa’s population, which is the youngest and fastest growing in the world, presents the continent with an unparalleled demographic window of opportunity. The Bank will address disparities and promote inclusivity by empowering women and youth, enabling them to contribute meaningfully to sustainable economic growth and prosperous societies.
Climate change adaptation: Recognising Africa’s vulnerability to climate change, the Bank will promote low-carbon development pathways aligned with the Paris Agreement while safeguarding biodiversity and nature.
Supporting fragile states and building resilience: Amid rising conflicts, fragility, and political instability in Africa, the Bank will intensify efforts to assist fragile countries. Special attention will be given to tackling cross-border challenges and reducing the isolation of landlocked and remote areas.
Promoting good governance: The Bank emphasises the importance of economic governance, including domestic resource mobilisation, transparent financial management, and anti-corruption measures. Sustainable debt management practices will also be prioritised to ensure long-term economic stability.
