A blueprint to confront Africa’s pressing challenges and to help put the continent firmly back on track toward sustained economic growth and prosperity has been unveiled by the African Development Bank (AfDB) in its new Ten-Year Strategy 2024–2033.
The plan was unveiled during the Bank Group’s Annual Meetings in Nairobi, Kenya, by the African Development Bank Group President Akinwumi Adesina.
Speaking during the unveiling, he said, “As Africa’s premier development finance institution, and Africa’s solutions bank, we are acutely aware that the next decade will be decisive in transforming the continent. Therefore, as we celebrate 60 years of making a difference in the countries and lives of the people of Africa, we remain resolute in our determination to accelerate the support we provide to African countries.”
The 10-Year Strategy outlines how the Bank will invest in Africa’s best asset: its vibrant young men and women. Africa’s population, which is fast growing in the world, presents the continent with an unparalleled demographic window of opportunity.
Five priorities in the plan 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 more cohesive economy.
- Improve the quality of life: Enhance living standards, particularly for women and youth.
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.