MIKE OCHONMA
In a move which seeks to attract investment and public-private partnership (PPP) aimed at transforming and developing the continent, the African Development Bank (AfDB) has launched what it calls the Africa Investment Forum (AIF).
Speaking at the formal launch of the forum in Johannesburg, South Africa recently, Akinwumi Adesina, president of AfDB, said the institution was championing the AIF as a platform to actively engage the private sector and to facilitate projects that have the capacity to transform the continent.
He added that the AIF, which would take place in November, would provide the much-needed global platform that would help catalyze private-sector investments in Africa, by bringing in developers, strategic investors, venture capital funds, pension funds, global sovereign wealth funds and insurance companies.
Adesina added that the forum was a unique path for investment and that it would be a “genuine African market place” for closing deals and accelerating development of the continent.
“Africa is growing economically resilient. We are swimming with a fast-moving current of global finance, trade and economic growth…but we must go faster. We have much ground to cover,” he added.
Adesina highlighted that the forum would focus on five key aspects, including pipeline development, project preparation, policy environment, project bankability and investment promotion.
“This is not a talk-shop. There will be no political speeches. The AIF will provide an open platform to organise efforts among multilateral institutions, governments and the private sector to improve a pipeline of projects capable of transforming the continent,” he added.
He noted that the AIF would also harmonise processes among the bank and its partners, reduce intermediation costs, improve quality of project information and documentation, and increase action-oriented engagements between African governments and the private sector.
Some stakeholders who spoke during the gathering noted that the meeting was the biggest investment platform on the African continent.
