African Development Bank Group’s (AfDB) Board of Executive Directors have agreed that its new Human Capital Strategy (HCS) for Africa is paving way for Bank investments in areas such as education, skills development, health, science, technology, innovation, social protection, safety nets and youth employment.
The bank is looking to build skills and make the best out of technologies to improve competitiveness as well as create jobs; through its newly improved ten-year strategy. The HCS will serve as backbone to support the Bank’s investments in all sectors of development.
“One billion people, one billion opportunities: Building Human Capital in Africa” is the result of a broad based consultation within and outside the Bank involving governments, private sector, NGOs, academia, and civil society.
“This strategy signals the African Development Bank’s commitment to invest in Africa’s greatest asset – its people. 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”, said Dr. Agnes Soucat, AfDB’s Director for Human Development.
As part of the HCS, the Bank proposes a New Education Model in Africa (NEMA) which presents a radical shift from the brick and mortar approach to education to a model that supports critical thinking, the application of cutting-edge education technologies, and public-private partnerships (PPPs).
“The HCS operationally consolidates and scales up the Bank’s interventions in building human capital in Africa. The success of the strategy rests in its implementation”, said Mr. Emmanuel-Ebot Mbi, AfDB’s first Vice President & Chief Operating Officer who chaired the Board of Executive Directors.
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