AfDB raises $32.8bn in investment commitments for projects in Africa

The African Development Bank has announced that its virtual boardroom successfully raised $32.8 billion in investment commitments for various projects across Africa. The three-day Africa Investment Forum saw the largest deal secured being a staggering $15.6 billion for the construction of the Lagos-Abidjan mega highway, which will connect two major cities in West Africa - Nigeria and Ivory Coast. President of the African Development Bank, Akinwumi Adesina, expressed his enthusiasm for the project and its potential impact on the region. 'The biggest deal for the boardroom is the $15.6 billion deal for the Lagos-Abidjan highway corridor,' Adesina stated during the forum, highlighting the significance of the project. The planned four to six-lane highway corridor will link Lagos, Cotonou, Lome, Accra, and Abidjan, supporting 75 percent of trade in West Africa and benefiting over 500 million people. Additionally, the project aims to reduce transport costs by 48 percent, increase intra-regional trade volume by 15 to 25 percent, and connect landlocked countries to major port cities. The collaboration with the Economic Commission for West African States (ECOWAS) underscores the forum's mission of fostering partnerships and driving investments in the region. Adesina emphasized that the Africa Investment Forum serves as a platform for connecting project sponsors, investors, financiers, and facilitating collaboration between the public and private sectors. The renewed interest and increasing investments in Africa signal positive prospects for the continent's development, despite the challenges posed by the COVID-19 pandemic. Adesina expressed his optimism, stating that 'COVID-19 slowed us down but it never did deter our determination. We turned the crisis into an opportunity,' showcasing resilience and innovation in the face of adversity.