The Africa Investment Forum brings together investors to promote investment in Africa
On the sidelines of the African Development Bank Group’s 2022 Annual Meetings, the Africa Investment Forum brought together investors to promote the platform’s power to attract critical investment to the continent.
The May 25 investor roundtable came at a time when capital flows are in flux as a result of the Covid-19 pandemic. Such discussions are an integral part of the Africa Investment Forum, connecting project developers, investors and financiers, as well as the public and private sectors.
Against the backdrop of this year’s Annual Meetings theme: Achieving Climate Resilience and a Just Energy Transition for Africa, the interactive dialogue highlighted several flagship projects that define the unrivaled convening power of the AIF platform. The draw for the Annual Meetings added to the attraction of the event. Annual meetings of the African Development Bank Group typically attract around 3,000 heads of government, policy makers and other decision makers.
The investment roundtable, held at the Kempinski Hotel in Accra, Ghana, included AIF founding partners, development finance institutions, commercial banks, high net worth individuals, corporates family businesses, representatives of venture capital and private equity firms. The host country performed well, including the Ghana Investment and Promotion Center (GIPC), Ghana Infrastructure Investment Fund, Ghana EXIM and several leaders in the banking sector.
Ken Ofori-Atta, Minister of Finance of Ghana and outgoing Chairman of the Board of Governors of the African Development Bank Group, applauded the AIF’s efforts to close Africa’s infrastructure gap, especially as the continent absorbs Covid-19 shocks. Ofori-Atta thanked AIF Senior Director Chinelo Anohu for highlighting Ghana’s portfolio on the AIF platform and he commended President Adesina for his foresight in creating the platform in 2018.
Presentations showcased deals from AIF’s active deal pipeline that span 26 countries and nine sectors. The 2021 board deals are expected to create 3.8 million jobs, both direct and indirect, with one million targeting women and women entrepreneurs, and another million jobs for young people.
Among the transactions presented were four transport infrastructure contracts and four transactions focusing on energy and electricity. The AIF also presented two Ghanaian agreements in transport services and health.
In terms of transport infrastructure, the $15.6 billion Abidjan-Lagos highway project, spearheaded by the Economic Community of West African States (ECOWAS) Commission, has occupied the front of the stage. This is the largest investment opportunity that has been discussed – and oversubscribed – in AIF 2021 meeting halls. This project, which is part of the Program for Infrastructure Development in Africa (PIDA), is a vital public-private partnership that will connect Abidjan to Lagos, via Accra, Lomé and Cotonou along the West African coast.
The $4.5 billion, 1,500 MW Mphanda Nkuwa hydroelectric project in Mozambique was also highlighted. The African Development Bank and Gabinete de Implementação do Projecto Hidroeléctrico de Mphanda Nkuwa, an implementing entity, have signed an agreement to provide consultancy services for the development of the project on the sidelines of the Bank’s Annual Meeting .
Meetings. President Filipe Nyusi of Mozambique and the President of the African Development Bank, Dr. Akinwumi Adesina, witnessed the signing
A lively exchange followed the project presentations, with many participants emphasizing the imbalance in perception of the risk premium that investors are placing on Africa, and the need for the continent to take control of its narrative. , in the media and with rating houses. The interactive session amplified the voice of the AIF as a leader in private sector development, reinforcing the platform’s thought leadership on investment opportunities in Africa and contributing to business development.
Interest in investing in AIF Boardroom transactions continues to grow. The previous two editions of the AIF in 2018 and 2019 secured investment interests in several large transactions of nearly $78.8 billion.
The AIF2021 virtual conference halls, held in March 2022, attracted $32.8 billion in investment interest in 31 bankable projects, eight of which were women-led or women-focused, with a potential value of nearly $5 billion.
The AIF Market Days, to be held in Abidjan, Côte d’Ivoire, in November 2022, will accelerate the closing of these board deals.
Championed by the African Development Bank and its founding partners (Africa 50, Africa Finance Corporation, AfreximBank, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank and Trade and Development Bank), the AIF is the investment market of Africa to accelerate transactions to close the investment gaps in Africa.