The African Development Bank’s Africa Investment Forum (AIF), which is a world-class initiative positioned to transform the continent’s economy and infrastructure development landscape, kicks off this morning.
The forum, which is taking place at the Sandton Convention Centre until Friday, is being held under the theme ‘All set for Africa’s first investment marketplace’.
The forum will be attended by a number of Heads of State and Government from across the African continent, including Angola’s Joao Lourenco, Benin’s Patrice Talon, Cameroon’s Paul Biya, Kenya’s Uhuru Kenyatta, Nigeria’s Muhammadu Buhari and Rwanda’s Paul Kagame.
It provides an open platform to multilateral institutions, governments and the private sector to improve the pipeline of projects that can transform the continent.
For South Africa, the forum complements the government’s various initiatives to support economic recovery, increase domestic and international investment, and create and protect jobs.
About 28 boardroom sessions will deliberate on 61 bankable projects worth $40 billion across the continent. Working with several global partners and stakeholders, the bank hopes to make the forum the springboard for African economic transformation.
The forum will be 100% transaction-based, according to the African Development Bank.
The focus is on structuring deals, screening and enhancing projects, attracting co-investors, and facilitating transactions to unlock Africa’s multi-billion dollar investment opportunities.
Although brimming with investment opportunities, the African Development Bank says there is an urgent need to bridge the gap between Africa’s available capital and bankable projects.
Financing Africa’s development needs will require an estimated US $600-700 billion per annum.
Of this, about US $130-170 billion a year is needed for infrastructure, according to the African Development Bank’s African Economic Outlook 2018.
Meanwhile, President Cyril Ramaphosa is set to deliver the keynote address at the welcome dinner, which will be held at the Sandton Convention Centre at 19h00. - SAnews.gov.za
