THE African Development Bank has approved a 10-year strategy which is expected to anchor the continent's economy during that period. The new 2013-2022 strategy has already been approved by the executive directors of the bank and it mainly focuses on sustainable growth.
It identifies five main channels through which the bank will deliver its work and improve the quality of growth in Africa. These are infrastructure development, regional economic integration, private sector development, governance and accountability, skills and technology.
The new strategy will also seek new and creative ways of mobilising resources to support Africa's transformation, especially by leveraging its own resources.
Wider use of public-private partnerships, co-financing arrangements and risk-mitigation instruments will draw in new investors. The approval of the strategy followed a wider and deeper consultation process, within and outside the bank.
"This document reflects Africa's vision for itself, a vision of transformation that is achievable", said Mr Donald Kaberuka, the president of the African Development Bank.
"It is a 10-year vision, which can make this continent - within another generation - the global growth pole that we know it can be and want it to be: a place fit for our aspirations and those of our children.
"The strategy reaffirms the bank's strategic choices around infrastructure, economic integration and the private sector. It charts the way towards inclusive growth that spans age, gender and geography and takes special account of Africa's fragile states which are home to 200 million people, as well as building climate resilience and the sustainable management of natural resources.
"In a decade of seismic shifts in the global economy, Africa has defied the pessimists and experienced significant growth.
"That economic growth must now translate into real economic transformation, which will bring jobs and opportunities to its citizens."