The rush to meet the Sustainable Development Goals (SDGs) before the 2030 deadline can seem overwhelming. Africa has a long way to go to make these goals a reality. However, they can be met if the continent collaborates and unlocks its inner strengths. With the right investments to fill financing gaps, Africa’s significant youth population can be empowered to strengthen the economy, minimize societal, infrastructural, and economic inequalities, and move Africa toward a technological revolution.1 Multinational Development Banks (MDBs) are in a unique position to make this goal a reality.

The African Development Bank (AfDB) has solidified its vision of transforming Africa’s potential into tangible opportunities through its High 5 strategic priorities: “Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa.”2 Over the past decade, these priorities have positively impacted more than 400 million people, providing access to food, electricity, water, health care, and education.3

While our work has made a positive contribution toward achieving the SDGs on the continent, there is still much work to be done if we are to reach these goals by 2030, such as filling existing financing gaps. The Bank’s finances have tripled over the decade, with authorized capital rising from $94 billion in 2014 to $318 billion by 2024.4 Similarly, the African Development Fund, our concessional financing arm supporting 37 low-income countries, achieved a record $8.9 billion during its 16th replenishment.5

The Bank’s growth has allowed it to provide financing to development projects across sectors throughout the continent. Despite these record investments, development funding requires a threefold increase to provide enough capital to meet the SDGs.6 It is imperative that every dollar invested is maximized to make the greatest impact. Financing projects that address the social and institutional determinants of inequality is a way to do just that.7

A few key areas in which the Bank is focusing on structural transformation for the SDGs— including health, agriculture, and energy access—are highlighted below.

  1. Health access for all. The COVID-19 pandemic underscored Africa’s vulnerability in global health supply chains, and unequal health infrastructure left many Africans without access to medications or health care services.8 In response, we established the $3 billion African Pharmaceutical Technology Foundation to enhance local manufacturing of essential medicines and vaccines, complemented by an additional $3 billion investment through our quality health infrastructure strategy. These efforts helped to combat the challenges which arose from the pandemic as well as contributing to sustainable solutions to entrenched health care issues on the continent.

Read the full article about filling financing gaps in Africa by Akinwumi A. Adesina at Brookings.