In 60 years of existence, the African development bank has significantly contributed to the growth of African economies. In particular, the Bank’s “High5” strategy has officially improved the living conditions of around 400 millions of people across the continent over the past seven years. The multilateral institution has invested over 50 billion dollars in infrastructure projects in Africa in 9 years. On May 29, 2024, AfDB unveiled its new ten-year strategy aimed at addressing Africa’s pressing challenges and putting the continent back on the path of sustainable economic growth.
Over the past 60 years, the African Development Bank (AfDB) has played a leading role in Africa’s development. As the continent’s leading development finance institution, the AfDB works to ensure the sustainable growth of African economies, particularly in the areas of infrastructure, agribusiness, energy, climate, debt management and health. Through its ‘High 5’ strategy, the multilateral bank mobilises resources to finance the economic and social progress of its member states, which has helped to improve the living conditions of some 400 million Africans over the past seven years.
“In 2023, our financing totaled USD 10 billion across all of our high 5 priorities. Since we launched these high 5s in 2016, our financing has impacted the lives of over 400 million people. Last year, our work had significant impacts across the continent with 11 million farmers provided with access to improved agricultural technologies, 8 million people provided with access to new sanitation services, 3.5 million people with access to improved transport, 2.8 million people provided with better health services, 1 million people provided with access to clean water, and over 443 000 enterprises provided with access to finance.”
Akinwumi Adesina, President of the African Development Bank – Nigeria
ver the past nine years, the AfDB has invested more than USD 50 billion in infrastructure projects in Africa. More than USD 13.5 billion has been devoted to regional corridors, helping to reduce transport costs, connect landlocked and coastal countries and improve trade and competitiveness on the continent. Through the African Development Fund, the Bank has provided more than 50 million people with access to transport and 42 million people with access to electricity, drinking water and improved sanitation over the past seven years.
“To date, it has financed 5 432 projects across our land. The African Development Bank group’s performance has been nothing short of stunning.”
William Ruto, President of the Republic – Kenya
In its development strategy for Africa, the AfDB places women, young people and the most vulnerable at the heart of its priorities. The Bank is working to guarantee them green jobs, in particular by investing in the continent’s natural resources. To support job creation, it mobilises financing for entrepreneurs and start-ups across the continent. On May 29, 2024, at its 59th Annual Meetings in Kenya, the Bank unveiled its new ten-year strategy 2024-2033 aimed at tackling Africa’s pressing challenges and putting the continent back on the path to sustainable economic growth. The strategic plan is based on four main pillars: women and youth, climate adaptation, building State resilience and promoting good governance.
“We share common dreams for Africa. A continent free of poverty where no one is left behind, a continent of hope and prosperity driven by innovational entrepreneurship, a continent providing meaningful employment opportunities for its youth.”
Muhammed Al-Jasser, President of the Islamic Development Bank – Saudi Arabia
According to the AfDB, Africa needs to close a financing gap of around USD 402.2 billion a year to accelerate its structural transformation by 2030. With the continent’s economic growth expected to accelerate to 3.7% in 2024, up from 3.1% in 2023, the multilateral institution is aiming to increase infrastructure financing in order to boost the resilience of countries.
