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US$31B of Investment Interests Mobilised At Africa Investment Forum

3 Min Read
President of the African Development Bank Group Akinwumi Adesina

Africa’s largest transactional investment marketplace managed to mobilise over US$31 billion of investment interests in projects.

The mobilisation was conducted last week (2 to 4 November) during the Africa Investment Forum (AIF) 2022 convened in Abidjan, Côte d’Ivoire.

President of the African Development Bank Group Akinwumi Adesina said, “I was impressed to see heads of state and ministers acting as CEOs of their countries to attract investments.”

Adesina stressed that what makes AIF different, is that it is about excellent projects.

Despite the geopolitical developments around the world, AIF managed to mobilize $63 billion of investment interest this year alone in this edition and the previous one which was in March, he continued.

“Next year we will work on agri-industrial zones across Africa. Our lower bar is that Africa feeds itself, the high bar is that Africa feeds the world.”

He revealed that AfDB will launch a US$20 billion programme to create the largest solar zone in the world, across 11 countries providing electricity for 250 million people.

“To do so we need to manufacture poly-silicon here on the continent, which is used to build solar panels and we will support that.”

The bank will also work to develop value chains for lithium batteries which are used in electric vehicles.

The Africa Investment Forum 2022 is Africa’s largest transactional investment marketplace, bringing together deal sponsors, deal brokers, and dealmakers from around the world.

This year’s edition witnessed the participation of several African heads of state, namely presidents of Ghana, Zimbabwe, and Ethiopia. Also, vice presidents of Liberia, Tanzania, and Côte d’Ivoire attended the forum.

The leaders vowed to continue working to strengthen the economic resilience of their countries against external shocks.

Since its inception in 2018, the Africa Investment Forum platform has mobilized investment interests of over US$100billion, which now will hit the US$131billion mark.

AIF is an initiative of the African Development Bank; Africa 50; the Africa Finance Corporation; the African Export-Import Bank; the Development Bank of Southern Africa; the Trade and Development Bank; the European Investment Bank; and the Islamic Development Bank.