AfDB mobilise $31b investment for Africa

The African Investment Forum (AIF) and six other partners have launched $31 billion in fresh investment interest for projects across the Africa.

The AIF, a joint special investment vehicle of the African Development Bank (AfDB), mobilised the amount to support various projects within the continent.

Achieving the feat within 72 hours, the just-concluded AIF Market Days 2022 was the program where the money was raised. The meeting took place in Abidjan, Côte D’Ivoire.

So far, a total of 63.8 billion has been mobilised this year alone. Earlier in March, the platform committed a total of $32.8 billion for bankable projects in the continent.

Among benefiting projects in the meeting back in March was the Lagos-Lome-Accra-Abidjan Highway. The project is expected to transform the economy of West Africa.

Meanwhile, at the closing ceremony, the President of AfDB, Dr. Akinwumi Adesina, said the interest cut across startup, technology, agribusinesses and women-led businesses and will all be aided by the AIF.

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He said he was “impressed by the quality and diversity” of the projects and the engagement of the project owners. The meeting, he said, were attended by about 1,800 delegates across the globe.

The interest in the region, he said, showed that Africa is bankable. With AIF, he insisted, there is no project too big to fund, including the AfDB’s.

Focus of the AIF

Interestingly, Akinwunmi, an ex-Agriculture minister in Nigeria before being appointed AfDB boss, also spoke about the strategic development focus of AIF in the coming years. He said the focus is anchored on three areas. The areas are special agro-industrial processing zones across the continent, renewable energy and future of electric cars.

According to him, the agro-processing zones will turn Africa’s rural areas from misery to wealth centres. He added that the zones will boost the region’s food sufficiency.

The Prime Minister of Côted I’voire Patrick Achi, commended the efforts of the teams. He acknowledged the quality of negotiations at the boardrooms, which he said demonstrated the rising of Africa.