AfDB Set To Boost Its Financing Capacity By More Than $70 Billion As It Launches 10-Year Strategy

President of the AfDB Group, Akinwumi Adesina (2nd left) and Kenyan President, WilliamRuto (2nd right) as well as the AU Commission Chairperson (left) launching the 10-Year Strategy in Nairobi, Kenya on Wednesday, May 29, 2024

Source: Africa Publicity


The African Development Bank (AfDB) has launched a 10-Year Strategy which is considered a blueprint for Africa’s development and transformation over the next decade, revealing its intention to boost its financing capacity by over $70 billion.


The 2024 – 2033 Strategy, which is a blueprint to tackle Africa’s pressing challenges and to help put the continent firmly back on track towards sustained economic growth, was launched in Nairobi, Kenya, on Wednesday, May 29, 2024.


President of the AfDB Group, Akinwumi Adesina, who launched the Strategy during Bank’s annual meetings in Nairobi, stated that “As Africa’s premier development finance institution, and Africa’s solutions Bank, we are acutely aware that the next decade will be decisive in transforming the continent.”


He added: “Therefore, as we celebrate 60 years of making a difference in the countries and lives of the people of Africa, we remain resolute in our determination to accelerate the support we provide to African countries.”


The Strategy which was approved by the AfDB Governing Board earlier in 2024, sets out decisive and urgent actions the Bank will take to support African countries navigate the unprecedented global and regional challenges. The actions are expected to build on Africa’s multiple unique assets and reignite momentum towards achieving the African Union’s Agenda 2063 and the U.N’s Sustainable Development Goals.


According to Mr. Adesina, “The Ten-Year Strategy outlines how the Bank will invest in Africa’s best assest: its vibrant young people. Africa’s population, which is the fastest growing in the world, presents the continent with an unparalleled demographic window of opportunity.”

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