AfDB Mobilizes $31b Investment Fund For Development Across Africa

The African Development Bank (AfDB) has drawn 31 billion dollars in investment interest from African and global investors.

In a statement issued by the Communication and External Relations unit of the AfDB, President of the bank, Dr Akinwumi Adesina said this at the 2022 Africa Investment Forum (AIF) Market Days, which ended on Friday.

Adesina commended the forum’s outcomes and the partners’ commitment.

“Despite the challenges, we are not afraid, and neither have we despaired nor lost hope.

“We are excited and committed to a collective goal; accelerating the closure of deals to transform Africa and its investment landscape.”

He said the AIF’s focus was to attract more foreign direct investment to Africa, and ensure the private sector remained the driving force of that transformation.

“The private sector is Africa’s growth accelerator. We must mitigate real and perceived risks and persuade the private sector that investing in Africa is safe,” Adesina said.

Combined with 32.8 billion dollars from the rescheduled 2021 Africa Investment Forum Market Days, the forum has mobilised a total of 63.8 billion dollars of investment interest in 2022.

Islamic Development Bank (IsDB) President, Dr Mohammed Al-Jasser, said the organisation was hopeful that its commitment to the AIF would translate into tangible and measurable outcomes for the benefit of Africa.

Al-Jasser said the IsDB Group was commitment to support transformative African projects, especially those promoting resilience, financial, economic, and social sustainability.