Investments in Africa should benefit citizens

Wednesday, November 13, 2019

Investments ploughed in African economies should trickle down to its impoverished and underdeveloped communities, says African Development Bank President Akinwumi Adesina.

He made the remarks while addressing members of the media at the conclusion of the second Africa Investment Forum held in Sandton, Gauteng. 

Fifty-two projects worth $41 billion in investment were netted during the three-day forum.

The forum saw over 2 000 delegates, among them investors, businesspeople and government officials and Heads of State, gather to galvanise and secure investment.

“We continue to work hard to ensure that we put what Africa needs behind all the investments. We need to be a thriving continent at the edge of investor confidence,” Adesina said.

Investors, he said, are mindful of their collective responsibility to make sure that things work. 

“What you see here is partnership for investment in Africa. From project promoters, project developers, project sponsors to the investors - it’s all about partnership for investment in Africa.”

Platforms such as the Africa Investment Forum are not just about investment but also about making an impact on development. 

“We want to make sure that the lives of Africans are improved drastically. We want to reduce inequality in Africa, not just for a few - it has to be for everybody. It is a collective responsibility for everybody to make sure that we deliver,” Adesina said.

He urged investors to make the deals materialise.

“[People] want electricity, water and better housing… It’s great that we have sealed the deals but beyond that, we have to make sure that the projects deliver and meet the needs of those we are here to serve.”

Speaking on behalf of the South African government, Vuyelwa Vumendlini, the National Treasury Deputy Director-General: International & Regional Economic Policy, urged African States to attract investors and undertake their own roadshows. 

“Project preparation is key. We need to see more bankable projects reaching financial closure [and] monies coming in. That’s the ultimate goal of this forum,” she said. –