The Board of Governors of the African Development Bank (AfDB) has adopted a 10-year strategic plan to help revive African economies from the adverse impact of the COVID-19 pandemic and the Russian-Ukraine war.
At the just-ended 57th Annual Meetings in Accra, the strategic plan adopted aims to drive investment into critical areas of the African economy and make the continent prosperous.
It would be implemented from 2022 to 2032 with a focus on agriculture mechanization, value addition and exportation, just and realistic energy transition and private sector investment.
Other pillars of the plan include security, debt management, financial stability mechanism, and leveraging the $ 25 billion equity of the African Development Fund (AfDB) on international capital markets.
It is expected that the plan will build “a prosperous Africa, based on inclusive growth and sustainable development, “with special attention to economic growth and recovery, climate change, and energy.
Other priority areas of the plan include selectivity, fragility and security, Gender, women and youth, economic governance, and long term financial sustainability of the Bank.
“This adoption received a very strong support from the Board and Directors of the Bank, making it a pivotal document for our growth,” Dr Akinwumi Adesina, President of the AfDB Group, said.
We will expand growth and lift many Africans out of poverty as well as develop a strong financial institution that will support private growth on the continent, ” he added.
Dr Adesina encouraged delegates to contribute to transforming Africa and tell its story of hope, noting that they were all “partners in hope who shared a passion for the continent and who should celebrate Africa’s successes.
