AfDB Announces New Ten-Year Strategy

(AFRICAN EXAMINER) – The African Development Bank Group has launched preparations for a new Ten-Year Strategy (TYS 2023-2032), which will supersede its current TYS (2013-2022).

Founded in 1964, the Bank Group is comprised of the African Development Bank (AfDB), the African Development Fund (ADF), and the Nigeria Trust Fund (NTF). Its overall mission is to contribute to the economic development and social progress of its member nations.

It also seeks to help reduce poverty, improve living conditions for Africans and mobilize resources for the continent’s economic and social development. With this objective in mind, the institution aims at assisting African countries – individually and collectively – in their efforts to achieve sustainable economic development and social progress.

Combating poverty is at the heart of the continent’s efforts to attain sustainable economic growth. To this end, the Bank seeks to stimulate and mobilize internal and external resources to promote investments as well as provide its regional member countries with technical and financial assistance.

The institution’s greatest assets are its human resources which come from a wide geographic area. In accordance with its policy of decentralization aimed at taking its operations closer to its beneficiaries, the Bank has, over the past few years, established about 23 field and country offices across the continent.

Notably, the bank works towards these objectives by lending or investing money for a wide range of public and private projects and programmes.

The next TYS is expected to provide a vision for how the Bank plans to build on its significant achievements over the last decade to accelerate Africa’s inclusive, green and resilient growth and development.

As part of the formulation of its new Ten-Year Strategy, the Bank is conducting external consultations to ensure that the specific needs and expectations of its clients are well understood and captured.

In addition, the consultations will also provide an opportunity for stakeholders to offer a variety of perspectives to shape the Bank’s strategy to transform Africa. It will equally offer opportunities to deepen existing partnerships and establish new ones, as the continent faces an unprecedented set of challenges in the coming decade.

To that effect, an online survey has been designed to elicit valuable insights from a wide range of stakeholders, which will inform the strategic orientations and critical paths to be taken over the next decade. The targeted respondents are multilateral development banks, the private sector, civil society organizations, and academic and applied research institutions.