The African Development Bank has identified five areas of focus that will help it accelerate Africa’s economic transformation.
Dubbed the ‘High 5’, these points will guide the bank’s work following a business review.
The High 5 are: light up and power Africa; feed Africa; industrialise Africa; integrate Africa; and, improve the quality of life for people in Africa.
“To prosper, Africa needs a massive, concerted, ambitious effort to transform our economies,” said Akinwumi Adesina, president of the African Development Bank Group.
“We need growth that benefits everyone. The High 5 priorities will get us there more quickly.”
The bank has also undergone a reorganisation to help it become more agile and responsive. Three new vice presidencies have been established in the areas of: power, energy and green growth; agriculture and human development; and on infrastructure, industrialisation and the private sector.
It also established five regional integration and business delivery offices in order to be closer to clients and improve efficiency.
The High 5 and the AfDB’s recent progress are set out in its Annual Development Effectiveness Review 2016.
By Vivienne Russell, this report was first published by Public Finance International