African bank unveils strategic plan to boost inclusive growth

The African Development Bank (AfDB) has launched a 10-year strategic plan that stipulates how development finance institutions will support the continent to accelerate inclusive green growth and resilient economies.

The president of the AfDB, Akinwumi Adesina, who said this in Nairobi, the capital of Kenya during the bank’s annual meetings, highlighted that the strategy also outlines how the bank will invest in Africa’s best asset, which is the youthful population presenting the region with an unparalleled demographic window of opportunity.

“The strategy also responds to the call for multilateral development banks (MDBs) to increase their focus on global and regional challenges as they affect the continent’s progress, with a focus on the priorities of African countries, individually and jointly in these turbulent times,” Adesina said.

He noted that the blueprint also recognizes that women are strategically essential to Africa’s social and economic transformation.

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He noted that the plan also focused on economic governance, including domestic resource mobilisation, strong public expenditure and financial management frameworks, transparency, accountability and anti-corruption measures, and sustainable management of debt.

According to Adesina, the plan is grounded in Africa’s vision as reflected in the African Union’s Agenda 2063, which aims to deliver transformational outcomes for Africa’s people.