African Development Bank Group to Increase Financing Capacity by $70 Billion with Launch of New Ten-Year Strategy

The African Development Bank Group has unveiled its new Ten-Year Strategy 2024-2033, aimed at addressing Africa’s pressing challenges and propelling the continent towards sustained economic growth and prosperity. The strategy was revealed during the Bank Group’s Annual Meetings in Nairobi, Kenya, by African Development Bank Group President Akinwumi Adesina.

Adesina emphasized the critical role the next decade will play in transforming Africa, especially in the wake of the Covid-19 pandemic, which has exacerbated food insecurity and a growing debt crisis. Additionally, climate change impacts, conflict, and political instability are on the rise, leading to a significant exodus of Africa’s future workforce seeking opportunities abroad.

The new strategy focuses on decisive and urgent actions to support African countries in navigating global and regional challenges, leveraging Africa’s unique assets to achieve the African Union’s Agenda 2063 and the United Nations’ Sustainable Development Goals. Central to the vision is Africa’s potential for societal and economic transformation, driven by its young and rapidly growing workforce, urban markets, natural resources, and clean energy potential.

The strategy outlines two key objectives for the next decade: accelerating inclusive green growth and fostering prosperous and resilient economies. The Bank aims to balance environmental concerns, equity, and economic advancement while streamlining its operational model for increased agility and effectiveness.

Key priorities include promoting gender equality, investing in young people, responding to climate change, supporting fragile states, and promoting good governance and economic stability. The Bank also plans to triple private-sector finance by 2033 and enhance its financing capacity through innovative mechanisms.

The Strategy highlights investments in women and young people, climate change adaptation, supporting fragile states, and promoting good governance as key focus areas. By empowering women and youth, promoting low-carbon development, assisting fragile countries, and emphasizing good governance practices, the Bank aims to drive sustainable economic growth and prosperous societies in Africa.

The unveiling of the Ten-Year Strategy 2024-2033 marks a significant milestone in the African Development Bank Group’s commitment to accelerating Africa’s development and addressing the continent’s most pressing challenges. With a focus on inclusive green growth and resilient economies, the Bank aims to propel Africa towards a prosperous and integrated future over the next decade.