By Judith Ugwumadu | 30 May 2014

A new four-year African Development Bank strategy has been approved for the continent focusing on developing skills for employment and developing accountability and financial systems to ensure inclusion and social cohesion.

Approved in the Tunisian capital Tunis yesterday by the AfDB board, the bank’s first ever Human Capital Strategy covers the period 2014-2018.

The bank said a strategy to develop the people of Africa was required because education, nutrition, health and safety nets are inextricably linked with economic growth and poverty reduction.

Echoing the International Monetary Fund chief Christine Lagarde on May 29, the AfDB said while Africa was on the rise, the continent faced challenges of poverty, inequality and disadvantage for young people and women.

The bank said the new HCS strategy would pave the way for investments in skills development, technology and safety nets to protect against economic and social shocks. 

As the operational framework for the bank’s newly approved ten-year strategy (2013-2022) – designed to improve the quality of Africa’s growth – the HCS will serve as backbone to support the bank’s investments in all sectors, Agnes Soucat, AfDB’s director for human development.

‘This strategy signals the African Development Bank’s commitment to invest in Africa’s greatest asset – its people,’ she said.

‘Without quick and decisive action to invest in human capital, African countries risk depriving a generation from opportunities to develop their potential, escape poverty and support the continent on a path of inclusive growth and economic transformation.’

Emmanuel-Ebot Mbi, AfDB’s first vice president & chief operating officer added the strategy would consolidate and scale up the bank’s interventions, but the success of the strategy rested in its implementation.