AIF boardrooms to showcase 42 projects worth $58bn

The Africa Investment Forum's virtual boardroom sessions aim to connect investors to key bankable projects on the continent, with about 42 projects valued at $58 billion on display, as announced by the President of the Africa Development Bank, Akinwumi Adesina. The event, which brings together leaders from various partner institutions, including the Development Bank of South Africa, the Africa Export-Import Bank, the Trade and Development Bank, Africa 50, Africa Finance Corporation, the Islamic Development Bank Group, and the European Investment Bank, serves as a platform to advance projects to bankable stages, raise capital, and accelerate the closure of deals. Despite the challenges posed by the COVID-19 pandemic, which significantly impacted investments into Africa, the continent is showing resilience in its recovery. Foreign direct investment inflows to Africa declined by 28 percent in the first quarter of 2020, with Greenfield projects declining by 66 percent and project finance by 49 percent. However, African economies are rebounding well, and investment opportunities remain robust, making the continent an attractive destination for investors seeking high returns and impactful ventures. During the 2021 Africa Investment Forum's virtual boardroom sessions, over 500 participants, including 300 investors from around the world, have shown interest in investing in Africa. The continent's market size of $3.3 trillion and a wide range of opportunities across various sectors, such as infrastructure, energy, transport, mining, agriculture, healthcare, digital infrastructure, fintech, creative industries, and sports, make Africa a compelling investment hub. Over the years, the Africa Investment Forum has played a pivotal role in attracting investments to the continent, with about $80 billion in investment interest generated in 2018 and 2019. Notable deals, like the $600 million agreement for the Ghana Cocoa board and the $25 billion liquefied natural gas project in Mozambique, have had significant impacts on the respective countries, boosting cocoa production and positioning Mozambique as a key player in the natural gas market. The event showcases 42 project deals with a total value of $58 billion, covering a diverse range of sectors and initiatives. Some of the highlighted projects include a $247 million special agricultural processing zone in Northern Cote d'Ivoire, a $3.3 billion East Africa Railways corridor connecting Tanzania, Burundi, and the Democratic Republic of Congo, a $15.6 billion trade corridor highway linking Lagos, Cotonou, Lome, Accra, and Abidjan, and healthcare projects aimed at improving medical infrastructure and services in the region. Additionally, the forum features projects in renewable energy, oil and gas, a film academy in Nigeria, and initiatives supporting women-led businesses, emphasizing the importance of gender diversity in driving economic growth and development. The event brings together government leaders, ministers, CEOs, project sponsors, investors, and various stakeholders to facilitate deal-making and drive investment in Africa. As Akinwumi Adesina aptly expressed, 'When women win, Africa wins.' The Africa Investment Forum continues to serve as a vital platform for fostering partnerships, advancing projects, and unlocking the continent's vast investment potential. With a focus on connecting project sponsors, investors, and financiers, the forum is set to catalyze impactful investments that will contribute to Africa's sustainable development and economic growth.