Africa Investment Forum yields $32b projects at close of boardroom sessions
Dr Akinwumi, Adesina, President of the African Development Bank Group (AfDB), has said 45 deals were successfully discussed and closed in the boardroom sessions valued at $32 billion to bring a closure to the three-day Africa Investment Forum (AIF) at the Sandton Convention Centre in Johannesburg.
He said the transaction closures were in the area of energy, infrastructure, transport and utilities, industry, agriculture, ICT, health, water and sanitation, housing and aviation projects, tourism and hospitality and financial services.
He said a total of 61 deals, estimated at more than $40 billion were featured in Boardroom Sessions, while another $28 billion were showcased to investors at a marketplace gallery walk.
The forum, however, curated from a total pipeline of 230 projects worth over $208 billion.
The visibly elated Dr Adesina, the Chief Convener of the Forum, said $32 billion worth of projects out of an estimate of $40 billion in an examination situation would have yielded an ‘A’ plus as a score.
He said the expected outcomes have been overwhelming and humbling.
Dr Adesina singled out for praise President Nana Addo Dankwa Akufo-Addo’s participation in the first AIF and physically present in the boardroom sessions that yielded some $2.6 billion worth of deals for his country, which included signing of a memorandum of understanding between Ghana and South Africa, for the elevated Accra Ai SkyTrain project and a Cocobod deal still in the pipeline.
He said the role of leadership at all levels was crucial in attaining the investments potential that the continent yearns for, while appealing for participation by all especially private sector constituents.
Other key projects of the Forum were the landmark bridge project linking Kinshasa and Brazzaville worth $800 million signed between the AfDB, Africa50, and the Governments of Democratic Republic of Congo and the Republic of Congo. The project seeks to develop and finance the first road-rail bridge linking the two capitals.
The rest include the $400 million Cooperation Agreement between Africa50 and the Government of Rwanda to develop and finance the Kigali Innovation City, the $800 million Deal Agreement.
Another is the creation of a new partnership in a critical sector of Africa’s economy between Thelo SA – a rolling stock company in South Africa and Deutsche Bahn – a global leader in the Railway industry worth $62 billion.
Some 350 investors from 53 countries across the globe attended the Forum. A total of 30 Africans and 23 foreign countries were represented.
The AIF is totally a transactional platform dedicated to advancing projects to bankable stages, raising capital and accelerating the financial closure of deals.
A digital platform would be created to monitor all the deals that were closed and those that were still in the pipeline and closely evaluated.
The Africa Investment Forum is seeking to help de-risk transaction, reduce intermediation costs, improve the quality of project information and documentation, and increase active and productive engagements between African governments and the private sector across board.
Source: GNA