The Africa Investment Forum boardrooms have drawn $32.8 billion in investment interest in bankable projects.
The President of African Development Bank Group, Dr. Akinwumi A. Adesina
unveiling the results of the Forum’s virtual boardroom sessions.
Adesina told the 500 project sponsors, investors, deal brokers and government representatives from around the world who took part in them: “In 72 hours, you all connected, you struck deals and you created success.”
The three-day virtual boardroom meetings showcased 40 projects across several sectors. Adesina said Africa was clearly back for investments as the Covid-19 pandemic gradually receded.
Expectations had been high following the postponement of the Africa Investment Forum’s Market Days – Africa’s premier investment platform and event – last December.
The event was pushed back to March because of the emergence of the Covid-19 Omicron variant. Covid also caused the cancellation of the 2020 Africa Investment Forum Market Days.
The Africa Investment Forum is a multi-stakeholder investment platform. It is an initiative of the African Development Bank Group and seven other partners, all of which sourced potential transactions from their pipelines for boardroom sessions.
Describing the mood in the boardroom sessions, Alain Ebobissé, CEO of Africa50, said: “There were real and exciting deals that were transacted during this forum.
We’re seeing a lot of interest from the private sector in various sectors, including power – particularly renewables, the ICT and telecom sector, and healthcare. We need to make sure we speed up the implementation of that so that success will generate more success.”
The outstanding results from the virtual boardrooms confirmed robust interest in a range of economic sectors that offer a high return on investment as well as high social impact for Africans.
Key sectors included transport, gas and energy, healthcare, agriculture, information and communication technology. Specific boardroom sessions focused on Africa’s creative industries and women led businesses.
The largest investment opportunity in the boardroom sessions was the Lagos Abidjan highway corridor project valued at $15.6 billion and led by the Economic Community of West African States (ECOWAS) Commission.
Once completed, this public private partnership project will link Abidjan to Lagos via Accra, Lomé and Cotonou along the West African coast.
The highway will reduce travel times by 50%. It will give landlocked countries access to ports and “make a meaningful impact on the lives of over 500 million people in West Africa,” Adesina said.
“The African Development Bank Group has provided more than $40 million for feasibility studies to prepare the project for investment.”
The $50 million Makbel Dairy Farm drew interest from more than 20 prospective investors.
The agriculture project in Angola has the potential to create over 2,000 direct and indirect jobs and transform Angola into a net exporter of milk products. Two prospective equity partners expressed interest in taking a combined 45% shareholding in the project.
Adesina stressed the importance of growing women businesses and affirmed the African Development Bank Group’s commitment to supporting women entrepreneurs.
He said that the African Development Bank had established a $1 million women’s advisory facility, the Affirmative Finance Action for Women in Africa (AFAWA) program.
AFAWA is supporting women-led businesses with advisory services. “Women-led businesses must grow and dominate across Africa,” Adesina said.
