The African Development Bank (AfDB) has curetted 42 project deals with a combined value of $58 billion for social impact investors in Africa.
Speaking at the opening ceremony of the Africa Investment Forum (AIF) Virtual Boardroom Session 2022, the AfDB President, Akinwumi Adesina, said the investment opportunities included $15.6 billion transport corridor that will link Lagos to Cotonu-Lome-Accra and Ivory Coast, and the $140 million film academy in Nigeria.
Foreign direct investment inflows to Africa declined by 28 percent in the first quarter of 2020 due to the Covid-19 pandemic, and by the end of the third quarter of the year investments in greenfield projects had declined by 66 percent, according to the UNCTAD Investment Trend Monitor.
‘Africa is resilient. African economies are recovering well from the effect of the pandemic. The investment opportunities in Africa have not changed, he said.
‘Africa remains the place to invest for investors looking to reap high returns and social impacts. That is why I am delighted that we have 300 investors from around the world.
‘Your participation shows that you see that opportunities in Africa cannot be ignored’.
The key priority sectors highlighted for these opportunities include agriculture and agro-processing, education, energy and climate, health care, minerals and mining, information and communications technology, telecommunications, and industrialisation and trade.
The bankable deals, according to Adesina, includes a $247 million special agro-industrial processing zone in Ivory Coast, and a $3.3 billion East Africa railway corridor that will connect Tanzania to Burundi and the Democratic Republic of Congo (DRC).
Also, there is a deal for a five-billion dollars for women-led businesses, and a $545 million mine project in the DRC that will be crucial for the global electric car industry.
For health care, there is a project to develop a state-of-the-art Medical city in Accra, Ghana, and also a fund to support universal health care for low-income patients.
On the risks involved, Adesina guaranteed minimal risk despite the potential for high returns, asserting that the AIF will ensure the best possible outcome for investments.
Photo source: World Bank
