18 June 2019

Africa: AfDB Earmarks $38bn for Investment in Africa

The African Development Bank (AfDB) has approved $38 billion as investment commitments to projects in Africa.

The multilateral Development Finance Institution (DFI) has also emphasised the need for Africa to prioritise investments in quality infrastructure; enhanced dialogue and support towards harmonising policy and regulatory frameworks; while also making investments in projects with regional footprints to make the continent the most favourable destination for Foreign Direct Investments (FDI).

According to a communique posted on its website at the end of its 54th annual meeting of the board of Governors of the Bank, the Governors, representing member-countries of the Bank and state participants, commended the launch of the Africa Investment Forum.

According to them, its emergence was a unique transaction-based marketplace to attract institutional investments and global financing towards Africa.

"We encourage the Bank Group to pursue efforts towards operationalising the forum's online platform as well as improving its efficiency and financial sustainability, which can help the Forum leverage significant new investment commitments for projects in Africa," the governors said.

The governors urged the Bank to continue to work with the African Union and the Regional Economic Communities (RECs) to fast-track Africa's integration and economic and social transformation, particularly in view of the entry into force of the agreement establishing the African Continental Free Trade Area, which they said has the potential to increase growth, enhance competitiveness, improve the business climate, as well as ensure greater investment and development of regional and continental global value chains.

They also called on the Bank to focus on its areas of comparative advantage within the global development landscape, while exploring areas of synergies and coordination with other development partners for accelerating the implementation of its High 5 priorities and the Sustainable Development Goals in Africa as well as the objectives of the African Union Agenda 2063.

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