The African Development Bank will “reinvent” itself over the next two months, diversifying funding sources and setting a new investment strategy for the coming decade.

A new approach is necessary given the global economic downturn and overall risk aversion on the part of investors, bank strategy director Kapil Kapoor told Reuters. He said the bank’s current holdings are — at best — a fifth of what it needs to achieve its goals.

AfDB has recently formed a partnership with the Brazilian Development Bank to source and finance clean energy and infrastructure projects in Africa. It will also look to invest in new markets such as China and India.

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About the author

  • Jennifer Brookland

    Jennifer Brookland is a former Devex global development reporter based in Washington, D.C. She has worked as a humanitarian reporter for the United Nations and as an investigative journalist for News21. Jennifer holds a bachelor's in foreign service from Georgetown University and a master's in journalism from Columbia University and in international law and diplomacy from the Fletcher School. She also served for four years as an Air Force officer.