AIF secures $41bn investment deals

Wednesday, November 13, 2019

The African Development Bank (AFDB) has revealed that the Africa Investment Forum (AIF) has in the past three days netted 52 projects worth $41 billion in investment.

The figure was a slight increase from that of last year’s inaugural forum.

A beaming Akinwumi Adesina, the AFDB President, said the development is a clear indication that Africa is fertile ground for investment.

“We’ve had an incredible event. We had 2 221 participants coming from 109 countries, 48 of those from the continent and 61 from outside Africa. Thanks for coming. You came and you discovered, you came and you were fulfilled. You came and you voted for investment in Africa. You came and voted for a continent brimming with investment. You voted for bankable projects and there were several of them,” said Adesina.

He heaped praise on the South African government for successfully hosting the event, saying the country was not only a great place to visit, but also a great destination for business.

He revealed that 56 projects worth $67.6 billion went to the boardrooms, which was a 44% increase from last year’s forum. 

“The boardrooms were packed, they were busy. They were energised, they were engaging. And [as is] the culture at the Africa Investment Forum, they were transactional,” Adesina said. 

This year’s instalment saw major deals concluded. These included the $600 million cocoa field deals in Ghana, a $58 million Alecia Equity Fund for Women and the $2.6 billion Accra Skytrain investment.

“We also had the NBA session for sport infrastructure and the message was clear: Africa must win, and I can assure you that Africa is winning. And the Africa Investment Forum is helping Africa win. 

“We are winning because you are here. We are winning because you are investing. We are winning because you are seizing the opportunities offered. And we are winning because you are closing transactions,” said Adesina.

Out of the 56 transactions, 52 secured investment interest, totalling $41 billion, an increase from last year’s $38 billion.

The investments cover projects in 25 African countries. 

“So, we walk together, we invest together, we win together. Now the hard work begins to fast-track these deals to financial closure. As we close, let me celebrate your participation, your engagements and your interest. Thank you for making the Africa Investment Forum such a huge success,” said Adesina. 

He urged delegates, as they return home, to remember that the continent is brimming with untapped potential waiting to be explored. –