12th July, 2019
Mr Akinwumi Adesina, the President, African Development Bank (AfDB), has appealed to investors to attend the bank’s 2019 Africa Investment Forum (AIF).
A statement issued by the bank on Friday quoted Akinwumi as making the call at the Africa50’s General Shareholders meeting held in Kigali, Rwanda.
Adesina said that Africa was ready for massive investments and offered an attractive investment destination.
AIF, scheduled for Nov. 11 and Nov. 13 in South Africa, aims to change the face of investment in Africa by bringing together members with vested interest in Africa’s growth and development.
“If you are an investor, do not miss Africa Investment Forum 2019, Africa is ready for massive investments and the environment is getting more attractive for investors.
“One such investment is the construction of the bridge that will connect the Democratic Republic of Congo and the Republic of Congo, a 550 million dollar transaction being led by Africa50 in partnership with AfDB,” he said.
Adesina emphasised that the recently launched African Continental Free Trade Area (AfCFTA) had opened possibilities for an integrated single market for Africa.
He, however, pointed out that the continent needed to be connected through roads, rail, ports, airports, ICT backbones and energy corridors in order to enjoy the full benefits of the agreement.
“This will be crucial for spurring future economic growth in Africa,” Adesina said.
The AfDB President urged more African countries to join Africa50, an institution which he described as “the continent’s main investment vehicle.”
Africa50 is an innovative fund for developing and financing infrastructure in Africa, funded by Af DB, African governments, private and institutional investors.
“Africa 50 is on track to launch a private sector third party fund to leverage one billion dollar from private sector institutional investors.
“I encourage countries that have not yet joined Africa50 to do so.
“Join us as we move towards a future of great promise for Africa. Join us as we lay the foundation for a more prosperous Africa,” Adesina said.
Earlier, the Chief Executive Officer of Africa 50, Alain Ebobissé, said that the organisation had made significant progress over the years, and built an effective partnership with several African countries.
According to him, Africa50’s current membership now stands at 28 African countries.
“The firm will launch a private sector third party fund that will be used to leverage one billion dollar into infrastructure from private sector institutional investors.
“A game changer in the infrastructure space in Africa will occur when enough decision makers acknowledge that the opportunity cost of delayed projects implementation is very high.
“Doing nothing or slowing down projects costs money and deprives citizens of services and economic opportunities,” Ebobissé said.
On his part, the Prime Minister of Rwanda, Edouard Ngirente, called on African countries to explore innovative technologies to drive transformation.
“Let’s explore these digital opportunities to move our continent forward.”