The African Development Bank (AfDB) is launching on 12 October, 2013 in Washington DC, on the sidelines of the World Bank/IMF annual general meeting, a series of broad consultations on its new Governance Strategy for 2014-2018.

AfDB's key stakeholders will discuss how to further improve this strategy in terms of its strategic orientation and relevance in addressing Africa's key governance challenges. The meeting will also be an opportunity for development partners to discuss how best to work together in addressing governance challenges on the African continent.

Participants will include African Central Bank governors and ministers of Finance, private sector players, civil society and other relevant regional and international development institutions. The gathering will be the first of a series of consultations that will include regional workshops as well as online consultations. Through the consultations, the AfDB wants to ensure that the voice of all key stakeholders is taking into account in the final formulation of its new Governance Strategy.

AfDB's new governance strategy builds on the achievements of its first "Governance Strategic Direction and Action Plan (GAP I)" for 2008-2012. In countries where the AfDB has provided support, governance indicators have shown steady improvements. According to the "Development Effectiveness Review on Governance", published in 2012, across the 14 countries where the African Development Bank has invested in revenue systems, tax revenue has risen from 10.5% to 14.7% of GDP, while tax rates for business have declined, from 94% of commercial profits to 54%.

The Governance Strategic Direction and Action Plan II is anchored on the AfDB's Strategy for 2013-2022, whose overarching objective is to support Africa's transformation agenda. The new Governance Strategy intends to build on the achievements of GAP I by deepening interventions notably in the areas of Public Financial Management, Business enabling environment and, sector governance. "Our vision is that of an Africa governed by transparent, accountable and responsive governments with strong institutions that are capable of driving inclusive and sustainable growth," says Isaac Lobe Ndoumbe, Director of AfDB Governance and Financial and Economic Reforms Department.