AfDB to Boost its Financing Capacity by Over 70 Billion USD 

Addis Ababa, May 30/2024 (ENA) African Development Bank Group to boost its financing capacity by over 70 billion USD as it launches new Ten-Year Strategy.

The bank unveiled its new Ten-Year Strategy 2024–2033, a blueprint to confront Africa’s pressing challenges and to help put the continent firmly back on track towards sustained economic growth and prosperity.

Unveiling the strategy during the Bank Group’s Annual Meetings in Nairobi, African Development Bank Group President Akinwumi Adesina 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, he elaborated.

Central to the 2024–2033 strategic vision is the belief in Africa’s vast potential for societal and economic transformation.

By leveraging the youngest and fastest growing workforce in the world, rapidly growing urban markets, the wealth of natural resources and vast clean energy potential, Africa stands poised to drive sustainable growth and make significant contributions to global solutions over the next decade.

“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 fast growing in the world, presents the continent with an unparalleled demographic window of opportunity,” he added.

The new strategy articulates a vision of a prosperous, inclusive, resilient, and integrated Africa, underpinned by two key objectives over the next decade: accelerating inclusive green growth and fostering prosperous and resilient economies. 

With an emphasis on sustainability, the Bank will strive to balance environmental concerns, equity, and economic advancement.

Building upon the past decade of successful High 5 implementation, the Bank aims to accelerate and scale up its efforts, focusing on transformative projects with far-reaching impacts. To optimize results while managing risks, the Bank will streamline its operational model for increased agility and effectiveness. 

Light up and power Africa, feed Africa, industrialize Africa, integrate Africa and improve the quality of life are the Bank’s High 5 operational priorities which are also integral to achieving the aforementioned  objectives. 

Ethiopian News Agency