AfDB Stresses Structural Transformation, Adopts Ten-Year Strategy

AfDB31 May 2013: The 48th Annual Meeting of the African Development Bank (AfDB) concluded with the adoption of the Bank's Ten Year Strategy 2013-2022 and 2012 Annual Report, as well as a resolution to return the Bank's headquarters to Abidjan, Côte d'Ivoire. Other key deliberations at the meeting focused on financing infrastructure, sustaining economic growth, and replenishing the African Development Fund (ADF).

The Ten-year Strategy identifies five main areas of action, namely: infrastructure and skills and technology; regional economic integration; private sector development; and governance and accountability. The Strategy also contains three cross-cutting themes: fragile States; gender; and agriculture and food security. It indicates that the Bank will support green growth by finding paths to development that ease pressure on natural assets, while better managing environmental, social and economic risks. Priorities in reaching green growth include: building resilience to climate shocks; providing sustainable infrastructure; creating ecosystem services; and making efficient and sustainable use of natural resources, particularly water as it is most affected by climate change.

At the meeting, AfDB President Donald Kaberuka underscored that continued economic growth in Africa, which doubled its GDP over the past decade, will depend on closing the continent's infrastructure and skills gap.

During the meeting, AfDB and the Government of the Republic of Korea signed a general cooperation agreement, which will enable Korea to make special and multi-donor fund contributions. Furthermore, AfDB signed a US$400 million Risk Participation Agreement with the Standard Chartered Bank. The agreement will provide trade and finance support for imports and exports to agriculture and other key sectors to corporate and financial institutions in Africa.

At the conclusion of the meeting, the AfDB Board of Directors issued a statement expressing satisfaction the Bank's financial and operational performance, and urging additional support for the ADF, which will receive its 13th replenishment in June 2013.

The meeting was held in Marrakesh, Morocco, from 27-31 May 2013. [2013 Annual Meetings Website] [AfDB Press Release on General Cooperation Agreement with Korea] [AfDB Press Release on Risk Participation Facility Agreement] [AfDB Strategy for 2013-2022]