The African Development Bank (AfDB) is stepping up the pace by focusing on five priorities, the ‘High 5’, which are crucial for accelerating Africa’s economic transformation: Light up and power Africa, feed Africa, industrialise Africa, integrate Africa and improve the quality of life for the people of Africa
The High 5s and the bank’s recent progress were highlighted in AfDB’s ‘Annual Development Effectiveness Review 2016’ released recently. “To prosper, Africa needs a massive, concerted, ambitious effort to transform our economies,” AfDB president Akinwumi Adesina said, “We need growth that benefits everyone. The High 5 priorities will get us there more quickly.”
For the ‘Light up and power Africa’ priority, AfDB is working to unify efforts to achieve universal access to energy through its ‘New Deal on Energy for Africa’. The bank is also framing its agricultural operations within a business-oriented approach, based on a deeper understanding of the obstacles, potential and investment opportunities to address the ‘Feed Africa’ priority.
For ‘Industrialise Africa’ the Bank will invest US$3.5bn per year through direct financing and leveraging to implement six flagship industrialisation programmes over the next 10 years.
Through its ‘Regional Integration Policy and Strategy’, the bank is focusing its integration efforts not just on movement of goods and services but also on mobility of people and investment and thereby aims to address the ‘Integrate Africa’ priority.
Under the ‘Improve the quality of life for the people of Africa’ priority, AfDB is committed to building up the availability of technical skills so that African economies can realise their full potential in high-technology sectors.
