BUSINESS REPORTER
The African Development Bank (AfDB) has secured US$32.8bn in investment commitments for projects in Africa, signalling that the continent is bankable, the bank’s president Akinwumi Adesina has said.
The announcement made Thursday came after three days of virtual boardroom sessions of the Africa Investment Forum, a multi-stakeholder, multi-disciplinary platform that advances private and public-private partnership projects to bankability.
“That is incredible for Africa. Africa is bankable,” Adesina.
The largest commitment of US$15.6bn for the Lagos-Abidjan highway which will support 75% of trade in West Africa and impact on the lives of 500m people.
The highway links five West African countries—Nigeria, Benin, Togo, Ghana and Côte d’Ivoire.
Afreximbank’s executive vice president Denys Denya said the bank’s team participated in nine sessions. He said the bank could pursue projects worth US$9.6bn.
Trade and Development Bank president emeritus and CEO Admassu Tadesse said the investment commitments showed that the “momentum has come back”.
Ambroise Fayolle, vice president European Investment Bank, said the investment commitments was testament of the availability of bankable projects on the continent.
“I am impressed but this is not a surprise because there are reasons for optimism and bankable projects in Africa,” Fayolle said.
Mohan Vivekanandan, Development Bank of Southern Africa group executive (Client Coverage) said a lot of capital Africa needs is in “our continent and looking at projects where it can be deployed”
Launched in 2018, the Africa Investment Forum is a multi-stakeholder, multi-disciplinary platform that advances private and public-private partnership projects to bankability.
The Africa Investment Forum is an initiative of the AfDB with Africa 50, the Africa Finance Corporation, the African Export-Import Bank, the Development Bank of Southern Africa, the Trade and Development Bank, the European Investment Bank and the Islamic Development Bank as founding partners.
It raises capital and accelerates deals to financial closure.
