AfDB unveils ambitious 10-year strategy to propel Africa’s growth
By Ibidunni Banjoko
The African Development Bank Group has launched a new Ten-Year Strategy for 2024–2033, designed to address Africa’s pressing challenges and foster sustained economic growth. The strategy was unveiled during the Bank Group’s Annual Meetings in Nairobi, Kenya, where President Akinwumi Adesina highlighted the institution’s commitment to transforming the continent over the next decade.
“As Africa’s premier development finance institution, we are acutely aware that the next decade will be decisive in transforming the continent,” Adesina said. “As we celebrate 60 years of making a difference, we remain resolute in accelerating support to African countries.”
The strategy comes in the aftermath of the Covid-19 pandemic, which has exacerbated food insecurity, debt crises, climate change impacts, and political instability across Africa. Compounding these issues is a youthful demographic outpacing job creation, leading to significant migration of Africa’s future workforce.
Approved by the Board earlier this year, the strategy sets out decisive actions to navigate these global and regional challenges, leveraging Africa’s unique assets to achieve the African Union’s Agenda 2063 and the United Nations’ Sustainable Development Goals.
The plan centers on Africa’s vast potential for societal and economic transformation. By capitalizing on its youthful workforce, growing urban markets, natural resources, and clean energy potential, Africa stands poised to drive sustainable growth.
The strategy envisions a prosperous, inclusive, resilient, and integrated Africa, underpinned by two main objectives: accelerating inclusive green growth and fostering prosperous and resilient economies. Emphasizing sustainability, the Bank aims to balance environmental concerns with economic advancement, building on the success of its High 5 operational priorities, which are:
Light up and power Africa: Promote universal access to modern and affordable energy.
Feed Africa: Ensure food security through agricultural transformation.
Industrialise Africa: Catalyse manufacturing as a critical driver of job creation.
Integrate Africa: Foster regional integration and value chains for a cohesive economy.
Improve the quality of life: Enhance living standards, particularly for women and youth.
Cross-cutting priorities include promoting gender equality, investing in young people, addressing climate change, supporting fragile states, and promoting good governance and economic stability.
Recognizing the pivotal role of the private sector, the Bank plans to strengthen collaboration with private enterprises, focusing on investments in firms, value chains, and small and medium-sized enterprises, particularly those led by women and youth.
To achieve the strategy’s ambitious goals, the Bank pledges to mobilize resources from diverse sources, including domestic revenues and private finance, aiming to triple private-sector finance by 2033. Innovative financing mechanisms, such as Sustainable Hybrid Capital and Risk Transfers, will be explored to boost the Bank’s financing capacity.
The strategy underscores the need for Multilateral Development Banks (MDBs) to scale up efforts to address African countries’ priorities and tackle global and regional challenges. MDBs are crucial for providing low-cost finance, technical knowledge, and policy advice to emerging and developing countries.
Key highlights of the strategy include: Investing in women and young people: Empowering women and youth to contribute meaningfully to sustainable economic growth. Climate change adaptation: Promoting low-carbon development pathways while safeguarding biodiversity.
Supporting fragile states and building resilience: Assisting fragile countries and addressing cross-border challenges. Promoting good governance: Emphasizing economic governance, transparent financial management, and sustainable debt practices.
The African Development Bank Group’s Ten-Year Strategy 2024–2033 aims to address Africa’s challenges and unlock its vast potential, fostering lasting growth and prosperity across the continent.
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