AfDB outlines ‘transformational’ ten-year Africa growth strategy
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.
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