The African Development Bank is decentralizing its structure and repackaging how it tackles key issues in development, as part of implementing it’s new 10-year strategy, bank representatives said this week at their Business Opportunities Seminar in Nairobi, Kenya.
Bank President Akinwumi Adesina, formerly Nigeria’s Minister of Agriculture and Rural Development, is pushing to bulk up local offices, reframe the continent’s agriculture sector around commercialization, and target unemployment through vocational and technical training.
The new strategy, which runs from 2016 to 2025, is called the “High 5” Agenda. The key priorities in the strategy include electrifying, integrating, and industrializing the continent, ensuring food security, and improving the quality of life for Africans.
The bank is moving forward on its projects amidst a backdrop of decreased funding, Valerie Dabady Liverani, division manager of AfDB’s Resource Mobilization and Partnerships Department, told Devex. Luckily, it recently signed a framework agreement with the European Union, currently valued at about $512 million.
“This, for us, is a landmark, because it allows us to get access, in very tough economic times, to grant financing for projects,” said Dabady Liverani.
Read on for a rundown of some of the immediate practical changes to bank priorities. Read more