The latest edition of the Annual Development Effectiveness Review (ADER), released on Thursday, highlights the African Development Bank Group's critical contributions to the continent's development priorities in 2023.

Amidst economic turbulence, geopolitical challenges, and climate shocks, Africa has shown remarkable resilience, steadily charting a course back to economic growth. The ADER 2024 report, titled 'Investing in Africa's resilience and inclusive growth,' reflects on the impact of recent global crises on the Bank's member countries and its own operations, and examines the Bank's contributions to Africa's development in 2023.

Despite a challenging operating environment that contributed to implementation delays, the Bank's project portfolio regained its growth momentum, reaching a value of nearly $60 billion. Lending approvals reached $9.7 billion, the second-highest level in the Bank's history.

The report assesses the African Development Bank's support to the sustainable development of African countries specifically under the Bank's High 5 strategic priority areas for driving Africa's transformation: Light Up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa.

Armand Nzeyimana, Director of the Development Impact and Results Department, noted: "The Bank delivered strong results in 2023 and remains committed to ensuring high-quality project design and implementation to enhance and accelerate its impact on Africa's development trajectory."

Leveraging its resources, technical expertise, and catalytic role, the Bank delivered tangible results across the High 5s together with its partners. These achievements include:

• Providing electricity connections to nearly 2.4 million people. In Kenya, the Last Mile Connectivity Project II, has improved access to electricity for low-income communities and contributed to the empowerment of women and youth.
• Bolstering agricultural value chains by supporting nearly 34,000 agri-businesses: In 2023, Bank operations provided over 4000 tons of improved agricultural inputs and enriched nearly 53000 hectares of land through improved water management.
• In 2023, the Bank's work on gender equality focused on enhancing women's skills development and empowerment. The Rural Enterprises Project III in Ghana for example, helped establish 43,000 women-owned micro, small, and medium enterprises, and created 51,000 new jobs for women.

Looking ahead, the Bank's new and ambitious Ten-Year Strategy 2024-2033 outlines the vision of an Africa that is prosperous, inclusive, resilient and integrated. The strategy sets out the Bank's response to the complex threats facing the continent today and outlines bold plans for accelerating progress on the High 5s through transformational investments.

In the foreword to the report, Dr Akinwumi Adesina, President of the African Development Bank, underscored the need to deliver at greater speed and scale to help Africa make up lost ground and regain momentum.

"This is not a moment for half-measures. As the leading development finance institution on the continent, the Bank steadfastly commits to unlocking Africa's potential for transformative change, accelerating sustainable development, and building Africa's resilience, guided by our new Ten-Year Strategy."

Click here for the full report.