AUDA-NEPAD targets middle income status for African countries by 2033

The African Development Bank (AfDB) recently concluded its Annual General Meeting with a strategic plan that aims to transform Africa into a resilient, prosperous continent with growth equality. The ambitious 10-year vision was discussed by Nardos Bekele-Thomas, the CEO of the Africa Union Development Agency- New Partnerships for Africa's Development (AUDA-NEPAD), who highlighted the need for a new plan after acknowledging the shortcomings of the previous decade. The plan, referred to as the second 10-year implementation plan, sets out seven moonshot goals, symbolizing the ambitious nature of the objectives to uplift Africa. One of the key goals is to elevate all African countries to a middle-income status by 2033, focusing on ensuring growth with equality and expanding stakeholder participation. The plan outlines priority areas that require immediate attention, including infrastructure, agriculture, energy, climate, environment, and human capital development. These interconnected programs have been costed at $8.3 trillion, with $5 trillion expected to come from the 55 participating countries. To cover the remaining $3 trillion, external funding sources are crucial, given the financial constraints faced by many African nations. The current financial landscape poses challenges, with 20 countries experiencing debt distress and decreasing concessional financing and Official Development Assistance (ODA) for Africa. Addressing these issues and restructuring the funding and financing mechanisms are essential to support Africa's development aspirations. One significant aspect of the new strategic plan is the institutional linkages between African organizations like the African Union Commission and the African Development Bank. Bekele-Thomas emphasized the importance of collaboration among these institutions to efficiently address the continent's challenges. African institutions have recognized the need to work together more effectively, demonstrated by recent coordination meetings involving financial institutions and multilateral development banks. This unity aims to ensure the coordinated financing and implementation of development programs. The collaboration extends to regional economic communities (RECs), such as the East African Community (EAC) and the Economic Community of West African States (ECOWAS), aligning their objectives with the continental plan. By integrating ongoing and planned projects, the regional and continental bodies have established a comprehensive program to drive Africa's transformation over the next decade. The emphasis is on resource mobilization, with a collective Africa team approach to maximize efficiency and flexibility in utilizing resources. Bekele-Thomas underscored the importance of working together and fostering cooperation, emphasizing that the ultimate goal is a united effort towards the continent's advancement. The commitment to a common agenda reflects a shift towards a more cohesive and coordinated approach to achieving sustainable development across Africa. As African institutions and stakeholders unite under this bold vision, the prospects for a resilient, prosperous Africa with equitable growth appear more attainable. The coordinated efforts and strategic alignment set the stage for impactful change and sustained progress across the continent.