AFDB plans $67bn investments across Africa
London, Nov. 12, 2019 (AltAfrica)-The African Development Bank, AFDB will discuss 59 projects valued at $67 billion it plans to execute across Africa with deal makers at its flagship investment conference, underway in South Africa
The deals, which span 29 countries, range from regional infrastructure development to investments in energy, financial services, urban housing and small business support, AfDB President Akinwumi Adesina said in an interview in Johannesburg.
“The focus is really on the projects that are going to significantly transform the lives of Africans,” Adesina said. He spoke before the start of the Africa Investment Forum in Johannesburg on Monday.
The forum is part of the Abidjan-based lender’s efforts to narrow Africa’s infrastructure gap of as much as $170 billion a year.
Already, a $2.3 billion concession agreement for the construction of the first sky train in Ghana-The Accra Sky Train Project was signed on the first day of the Investment Forum on Monday.
Inadequate power, railways, ports and roads in Africa curb productivity by as much as 40% and reduce per capita economic growth by about 2.2 percentage points, according to World Bank data.
While the global economy is showing signs of weakness, investors are increasingly paying attention to Africa as it has some of the world’s fastest-growing economies in Ghana, Rwanda and Ethiopia, Adesina said.
More than 100 countries are represented at the conference, with 1,600 delegates from outside of Africa seeking opportunities on the continent
A $500 million equity deal presented by the Africa Infrastructure Investment Fund last year, to speed up investments in agriculture, and a $175 million equity transaction from the Africa Guarantee Fund for investors to support Small and Medium Size Enterprises, are among the transactions that found financial close over the past year.
The first investment forum, held last year, secured investments deal valued at almost $40 billion.