African Development Bank seeks restructuring
The African Development Bank, a multilateral banking institution led by representatives of 80 African countries, looks for a more effective way of delivering development finance to its members.
„Over the past few years, the African Development Bank has confirmed its position as Africa’s premier development finance institution, generating significant impact on the continent’s economic and social development. To keep this positive momentum going, the Bank has recently re-designed its organizational structure as well as its development and business delivery model in order to become more effective and responsive to Africa’s economic challenges“, wrote the Bank’s President Akinwumi A. Adesina in the Foresight Africa document issued by The Brookings Institution think-tank.
The new structure will expand the Bank’s business by moving it closer to its clients, improve the way it delivers services, and ensure that it can provide meaningful and effective development impact for its regional member countries.
The High 5s are backed by exceptionally strong investment programs, such as the New Deal on Energy for Africa with investments of $12 billion, the leveraging of an additional $45 billion to $50 billion into the power sector by 2020, as well as the delivery of 130 million new grid connections, 75 million off-grid connections, and secure access to clean cooking energy for 130 million households by 2025.
In agriculture and food, the Bank is investing a total of $24 billion over the next 10 years to help African countries achieve food security and make Africa a net food exporter. In terms of industrial policy, the Bank will make investments of up to $40 billion over the next 10 years under various flagship programs to raise Africa’s industrial outputs.
„The Bank is determined to raise the quality of life of all Africans and, among other programs, create at least 25 million jobs for African youth over a 10-year period, turning Africa’s demographic assets into an economic dividend, accelerating the industrialization process of the continent, and tackling economic fragmentation across African countries“, concluded Mr. Adesina.