AfDB approves new 10-year strategy focusing on transforming Africa’s economy

The African Development Bank Group on April 30, 2013 approved what it calls a landmark strategy that will drive the Bank’s operations in Africa for the next ten years.

Approved by the Executive Directors of the Bank, the strategy spans from 2013 to 2022 and it says “the economic transformation of the African continent is the cornerstone of the strategy.”

The Directors’ approval followed a wide and deep consultation process, within and outside the Bank, it says.

According to the AfDB, the new strategy identifies the five main channels through which the Bank will deliver its work and improve the quality of growth in Africa.

It mentioned the five as Infrastructure development, Regional economic integration, Private sector development, Governance and accountability, Skills and technology.

The new strategy will also seek new and creative ways of mobilizing resources to support Africa’s transformation, especially by leveraging its own resources, AfDB added.

Donald Kaberuka, President of the AfDB believes that the new strategy is achievable.

“This document reflects Africa’s vision for itself – a vision of transformation that is achievable”, said Donald Kaberuka in a statement.

By Ekow Quandzie