AfDB outlines ‘transformational’ ten-year Africa growth strategy

30th April 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

Font size: - +

The African Development Bank (AfDB) Group has, following board approval and a lengthy consultation process, released a new ten-year Africa-focused development strategy for 2013 to 2022, which focuses on the economic transformation of the continent.

The strategy identified infrastructure development, regional economic integration, private sector development, governance and accountability, and skills and technology as the five primary “channels” through which the bank would aim to bolster growth in Africa.

It would further seek new ways of mobilising resources in support of the continent’s transformation, most particularly through leveraging the continent’s own resources.

The AfDB planned to attract new investors through the wider use of public–private partnerships, co-financing arrangements and risk-mitigation instruments.

The ten-year strategy would have two primary objectives, namely to improve the quality of Africa’s inclusive growth, while simultaneously impelling the transition to a green economy.

Its first and overarching objective was to achieve growth that was more inclusive, leading not only to equality of treatment and opportunity, but also to reductions in poverty and a corresponding increase in jobs.

The second objective was to ensure that this inclusive growth was sustainable, by helping Africa gradually transition to a “green growth” that would protect livelihoods; improve water, energy and food security; promote the sustainable use of natural resources; and spur innovation, job creation and economic development.

The bank planned to support green growth by finding paths to development that eased pressure on natural assets, while better managing environmental, social and economic risks.

AfDB Group president Donald Kaberuka said the strategy reaffirmed the bank’s strategic choices around infrastructure, economic integration and the private sector, which charted the way towards inclusive growth.

“This document reflects the achievable, transformational vision that Africa has for itself, which can make the continent the global growth pole that we know [it can] and [that we] want it to be,” he said, adding that any economic growth should now translate into real transformation.

Kaberuka believed that the strategy would also deal with the issue of development finance in the context of new global patterns of finance and capital flows, and the discovery of significant oil and gas resources on the continent, which made it possible for Africa to mobilise its own savings through improved management of natural resources.

“This is an area where the bank will play a catalytic, leveraging role,” he said.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION