Africa Investment Forum 2019 - "No Country On the Continent Left Behind," Says Akinwumi Adesina

Photo: AfDB
The European Investment Bank (EIB), the lending arm of the European Union, announced a $1.1 billion lending programme to help women entrepreneurs on the continent. EIB Vice President, Ambroise Fayolle, dubbed "SheInvest" and it is expected to be a gender-lending initiative to allow women to play a more active role in economies as well as gender investment related to climate change.The announcement was made at the Africa Investment Forum (AIF) held in Johannesburg from November 11-13.
11 November 2019
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African Development Bank (Abidjan)

The President of the African Development Bank Group, Akinwumi Adesina, has given the assurance that no country would be left behind as the institution accelerates its development agenda.

"No country is left behind and there will be no country," Adesina told journalists on Monday at the Africa Investment Forum, held from 11 to 13 November in Johannesburg, South Africa. "We are ensuring that many investments are directed to fragile or low-income countries. We are not afraid to invest in Africa and in so-called 'at-risk' countries."

Adesina expects more investments during this second edition of the Africa Investment Forum.

Most of these investments will support the construction of transnational highways, basic infrastructure and rail networks. "But we have not forgotten social investment," Adesina added. "In the current discussions, we are aiming to obtain $488 million for the health sector."

Moreover, with climate funding set to increase from $12 billion to $25 billion by 2025, Dr Adesina emphasized that the continent planned to play a leading role in renewable energy. Thus, some $500 million will be spent on energy transition. An additional $25 billion will be invested over the next ten years in the development of agricultural infrastructure in rural areas.

European Investment Bank (EIB) Vice-President Ambroise Fayolle commented: "I was impressed last year by the level of commitment to the AIF and I am even more impressed this year, seeing that so many of us are here and with greater interest in developing a number of actions."

The EIB, which has a stand at the Africa Investment Forum 2019, plans to continue its support for the private sector, to which it devotes 50% of its investments on the continent. "We are going to sign three agreements, on telecommunications and trade in Central Africa and on agriculture in Malawi. Our presence at last year's AIF facilitated the progress of these agreements, which represent $1.2 billion in investment. We also want to encourage women entrepreneurs," Fayolle said.

The Africa Investment Forum inaugural edition was launched in 2018 in partnership with Africa50, Afrexim Bank, the Trade Development Bank, the Development Bank of South Africa, the Islamic Development Bank, the Africa Finance Corporation, the European Investment Bank.

The 2019 Forum runs from 11 to 13 November in Johannesburg, South Africa.

Contact:

Alexis Adélé, Communication and External Relations Department: a.adele@afdb.org

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