AfDB, financial institutions, others move to close Africa’s infrastructure gap

The African Development Bank (AfDB), 34 leading financial institutions and other Africa Investment Forum (AIF) partners yesterday reaffirmed their commitment to synergise in delivering transformative projects across the continent.

The meeting was also attended by AIF’s lead partners: African Export-Import Bank, Africa50, Trade Development Bank, Development Bank of South Africa, Africa Finance Corporation (AFC), European Investment Bank, and Islamic Development Bank.

Chief Executive Officer, Development Bank of South Africa, Patrick Dlamini, said: “The time has come for us to demonstrate leadership to the rest of the world that a lot is possible in Africa.

“The AIF provides the right platform to achieve this. To see that the inaugural Forum last year was able to raise the kind deals it did is mind-blowing.”

Ahead of the November 2019 event, it announced an open digital marketplace-The Platform, to connect funders to projects and investment opportunities across Africa-and an Investment Tracker to ensure that investment commitments made on the AIF platform are closely monitored.

The Platform is developed in partnership with the Inter-American Development Bank’s ConnectAmericas-a global digital community with 200,000 registered business users, consolidating its lead role in encouraging private sector investments in Africa.

Speaking, Africa 50 Chief Executive Officer, Alain Ebobissé, noted: “We need to make the AIF the accelerator of projects. Last year’s event was great and we want to build on that momentum.”

He, however, stressed the need to collectively commit additional financial resources for project preparation and legal support for African governments to better negotiate public private partnerships.

In his remarks, President of AfDB, Akinwumi Adesina, said the maiden edition of the Forum held in November 2018 exceeded expectations.

“The 2018 AIF ended with 49 deals that secured investors’ interest worth $38.7 billion within three days,” he stated.

Adesina thanked the core partners for their support in making the inaugural forum a success, adding: “Working together as one remains the core principle of our partnership.”

Partners unanimously affirmed their commitment to AIF and to driving investments in Africa.

Head Africa, Islamic Corporation for the Development of Private Sector – Member of the Islamic Development Bank (IsDB) Group, Mamadou Barro, said: “We must find a way to collectively attract the kind of funds the continent needs to close its infrastructure gap.”

Participants welcomed the platform, which offers investors, project sponsors and transaction facilitators a live database of public private partnership (PPP) projects and investment opportunities in Africa.

It connects providers of capital with opportunities for deals, improves quality of project information and reduces intermediation costs, among other networking opportunities.