The ambitious 2024-2033 strategic plan of the African Development Bank

On the sidelines of the annual meetings currently being held in Nairobi, the African Development Bank (AfDB) Group presented its Ten-Year Strategy 2024-2033 on Wednesday, May 30. This is a master plan.to address the continent’s urgent challenges and support it on the path to sustainable economic growth and prosperity.” The financing equation remains to be resolved, 600 billion dollars in ten years. The real sinews of war

The President of the African Development Bank Group, Akinwumi Adesina, presenting the strategy, said: “As Africa’s premier development finance institution, and a solutions bank for Africa, we are keenly aware that the next decade will be decisive for the transformation of the continent.

Focus on young Africans

The 2024-2033 strategy sets out the decisive and urgent actions the Bank will take to help African countries address unprecedented global and regional challenges. It is based on the conviction that Africa has vast potential for societal and economic transformation. By leveraging the world’s youngest and fastest growing workforce, expanding urban markets, natural resource wealth and vast clean energy potential, Africa is poised to drive sustainable growth and make a significant contribution to global solutions over the next decade.

Building on the past decade of successful implementation of the “High 5s”, the Bank prioritizes transformative projects with a considerable impact on populations. Five major operational priorities form the heart of the 2024-2033 Strategy: promoting universal access to modern and affordable energy, ensuring food security through the transformation of agriculture, catalyzing the manufacturing sector as a key driver of job creation, promote regional integration and value chains and finally, improve the standard of living, particularly that of women and young people.

Towards tripling private sector financing

Key cross-cutting priorities include promoting gender equality, investing in youth, tackling climate change and investing in climate action, supporting fragile states and promoting good governance and economic stability.

To realize its ambitious plan, the AfDB is committed to mobilizing resources from various sources, including domestic revenue and private financing. It intends to triple private sector financing by 2033 while strengthening its financing capacity through innovative mechanisms. In response to calls for multilateral development banks to maximize the potential of their balance sheets, the Bank will pursue various options to strengthen its financing capacity over the duration of the Ten-Year Strategy. These measures include sustainable hybrid capital, risk transfers and the redirection of a significant portion of the International Monetary Fund’s Special Drawing Rights through the Multilateral Development Banks. In total, we will have to mobilize 600 billion dollars in ten years.

By AJ.SEditorial Committee

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