THE African Development Bank (AfDB) has postponed to 2021 this year's Africa Investment Forum that was slated for Johannesburg, South Africa this month.
The forum has been rescheduled due to the ongoing Covid-19 pandemic. In a statement, AfDB said the decision follows a careful evaluation of the impact and evolution of the deadly viral infection.
"The board of directors of the AfDB group and the Africa Investment Forum (AIF) founding partners have approved the postponement of the 2020 AIF to 2021, due to the ongoing Covid-19 pandemic," said the bank.
"The decision follows a careful evaluation of the impact and evolution of the Covid-19 pandemic, the attendant risk of a possible second wave, and its associated effects on global travel, investments, as well as social distancing rules."
AfDB said the three-day event will continue to curate new deals, track investments and advance the financial closure of transactions and existing deals through innovative digital platforms. At the 2019 AIF, a total of 57 deals valued at US$67,7 billion were tabled for discussions while 52 deals worth $40,1 billion secured investment interest.
In July this year, the AIF founding partners pledged to strengthen strategic partnership engagement and commitments for the forum's market days 2021, to help "reboot investments in Africa."
The founding partners underscored the need to boost local manufacturing while leveraging the continent's vast resources to unlock investment. In order to achieve its objectives, the AIF is premised on connecting, engaging, closing, and tracking investments.
The AIF founding partners comprises the AfDB, African Export-Import Bank (AfreximBank), Africa Finance Corporation, Africa50, the Islamic Development Bank, the Development Bank of Southern Africa and the Trade and Development Bank. Through the investment forum, Africa finds itself in a powerful position as the New World Order begins to solidify.
The continent has been identified as having all the ingredients needed to make the big leap into sustainable prosperity.
Zimbabwe, through the AIF is one such country expected to tap into the positive gains derived from the forum as the Second Republic is on an offensive to lure investors under the "Zimbabwe is open for business"mantra.