A large part of poverty strategies is implementing some kind of spur in economic growth. This kick-start can be a gateway to social and economic reform in some of the poorest countries in the world, eventually leading to self-sustainability. The African Development Bank Group has made it their mission to place poverty reduction back into the hands of Africans and to create a stimulus that can enable the extremely poor in reducing their poverty scores.
The African Development Bank Group was born out of three different economic groups in Africa. It has set a plan that began in 2013, targeted to reach major benchmarks by 2022. The group has recognized that Africa has begun a transformative journey and progressed greatly over the last decade, yet this progress remains markedly uneven in some areas of the continent. This particular organization relies on a few major objectives to help lift regional member countries out of poverty, while staying congruent with ideals and values. The group first aids by mobilizing and allocating a country’s resources, then provides advice and guidance on technical aspects for development efforts. The African Development Bank Group has also laid out 17 sustainable development goals in order to achieve its mission. These goals include food security measures, sanitation, healthcare, sustainable energy use and procurement, social equality across gender and age gaps, economic growth and stability and ecological preservation plans.
The holistic approach to poverty reduction through economic growth and sustainability is what sets apart the African Development Bank Group. While taking advantage of models such as the World Bank and Multilateral Development Banks, The African Development Bank Group is able to remain primarily domestically-reliant and position itself in such a way as to gain more traction as the 2022 goal nears. Balance sheet optimizations have been a key focus in doing so, as projects continue to be carried out in both the private and public sectors through multilateral funds involving developed countries. The group’s procurement procedures – unlike other bank methods – involve strict standards. These include investments in member countries whose approval processes ensure that procurements are in line with the values and mission of The African Development Bank Group.
– Casey Hess