African Development Bank Unveils Strategy for 2024-2033
The African Development Bank (AfDB) presented its strategy for the decade 2024-2033, founded on an optimistic vision of Africa's capacity to transform its societies and economies.
A Prosperous, Inclusive, Resilient, and Integrated Africa
Over the next ten years, the AfDB envisions a prosperous, inclusive, resilient, and integrated Africa. The strategy focuses on two main objectives: accelerating green and inclusive growth, and promoting prosperous and resilient economies. By balancing environmental, social, and economic concerns, the Bank aims to ensure long-term sustainability.
A Demographic Dividend
By 2030, the AfDB predicts that the continent will have 477 million young people aged 15-35, a potential workforce that can transform not only Africa but also the world.
Key Priorities
The AfDB's strategy includes several essential priorities:
Energy Access
- The goal is to ensure that all African households and businesses have access to affordable, reliable, and sustainable energy by 2033.
- This will involve reforms of public service enterprises, public-private partnerships, and a transition to clean energy, contributing to net-zero carbon emissions globally.
Agricultural Transformation
- The AfDB aims to support farmers, particularly smallholders, to feed the continent and supply dynamic agro-industries.
- This will reduce dependence on food imports and pave the way for self-sufficiency.
Industrialization
- By 2033, Africa is expected to undergo a structural economic transformation, with a workforce shifting towards modern industries.
- The promotion of investments, infrastructure development, and industrial policies will support this transition.
- The African Continental Free Trade Area (AfCFTA) will enable businesses to specialize and achieve economies of scale.
Free Movement of Goods, Services, and People
- The AfDB aims to promote the free movement of goods, services, and people across the continent.
- The implementation of AfCFTA will facilitate cross-border trade and integrate regional value chains.
- Transboundary infrastructure will be improved to support this integration.
Improving Quality of Life
- The strategy places particular emphasis on improving the quality of life for Africans, particularly women and youth.
- The AfDB will support access to quality healthcare, clean water, and sanitation, as well as promote equality and empowerment.
- It will also support technical and vocational education to prepare young people for future jobs.