The African Development Bank is focusing on five priorities for accelerating economic transformation and calls them the “High 5s”. They are contained in the bank’s Annual Development Effectiveness Review 2016, published in June 2016.
Akinwumi Adesina, President of the African Development Bank Group, said: “To prosper, Africa needs a massive, concerted, ambitious effort to transform our economies,”, said. “We need growth that benefits everyone. The High 5 priorities will get us there more quickly.”
The bank, headquartered in Abijdan, Côte d’Ivoire, is reorganising itself and has adopted a new business model with three new vice- presidencies working on: power, energy and green growth; agriculture, human and social development; and the private sector, infrastructure and industrialisation. It is establishing five regional integration and business delivery offices and aims to become more agile and responsive to the continent’s needs.
The High 5s are closely linked to the bank’s ten-year strategy. Public-private partnerships with developers, financiers and other stakeholders are crucial to achieving these objectives.