By Aliu Akoshile, in Baku & George George Idowu
African Development Bank Group (AfDB) has presented an ambitious Ten-Year strategic blueprint aimed at driving inclusive growth among youth and women in Africa and tackling critical challenges facing the continent.
Dr. Akinwumi Adesina, AfDB President, said the 90-page strategy document, which covers 2024 -2033, was rigorously packaged for envisioning a “prosperous, inclusive, resilient, and integrated Africa”.
He was represented by the Bank’s Senior Director of Strategy & Operational Policies Department, Caroline Kende-Robb, at the presentation event held at the sidelines of the COP29 UN climate summit in Baku, Azerbaijan, on Thursday.
The President said the ten-year strategy has been designed to address critical issues like climate change, rising debt, food insecurity, youth unemployment, and health crises.
Dr. Adesina said at the heart of the ten-year strategy are the bank’s “High 5” priorities which he listed as “Light Up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa”.
According to him, these continental priorities align with the development goals of African countries, the United Nations Sustainable Development Goals, and the African Union’s Agenda 2063.
He said the Bank will focus on initiatives such as boosting regional integration through transformative infrastructure, harnessing clean energy potential with projects like the 10,000 MW Desert-to-Power initiative, and addressing climate change through enhanced adaptation and mitigation efforts.
Dr. Adesina said Africa’s youth population, the youngest and fastest-growing globally, is positioned as a key driver of the continent’s future, while the bank will also accelerate gender equality, as it recognises women to be pivotal to Africa’s economic and social transformation.
Still on youth-focused initiatives, he said the bank plans to invest in skills development, entrepreneurship support, and job creation, viewing young Africans as a transformative asset for productivity and growth.
The renowned climate change advocate also disclosed that private sector development will play a central role in the bank’s operations by 2033, complementing public sector efforts.
Explaining that the bank’s mandate was to deliver development impact that tangibly improves the lives of hundreds of millions of Africans, Dr. Adesina said: “AfDB will mobilize resources through innovative financing mechanisms, such as Sustainable Hybrid Capital and rechanneling International Monetary Fund Special Drawing Rights, to address financial constraints and support transformative projects”.
He said the Ten-Year Strategy underscores the Bank’s dedication to overcoming Africa’s challenges and fostering sustainable growth, setting the stage for a decade of transformative progress toward achieving “The Africa We Want.”
Caroline Kende-Robb also moderated a panel discussion on the theme: Africa’s Green Growth and Inclusive Future: Climate and Biodiversity Solutions in the African Development Bank’s Ten-Year Strategy.
The panel includes Robin Mearns, Global Director, Social Sustainability & Inclussion, World Bank Group; Durrel Nzene Halleson, Manager, Policy & Partnerships, Africa/WWF-AfDB Relations as well as AfDB’s Senior Managers, Climate Change and Green Growth Department, Gareth Bryton Phillips and Doursouma Al-Hammudou.
Drawing from their varied experiences on climate finance and biodiversity issues, the panelists dissected all aspects of the issues raised by Caroline Kende-Robb in her presentation.
The panelists also carefully answered all questions posed by the audience, including those on projects evaluation, issues of accountability, and effective utilization of African natural resources.