AfDB draws $31bn worth of investment to Africa

The African Development Bank has drawn $31 billion in investment interest from African and global investors.

AfDB President, Dr Akinwumi Adesina, made the disclosure at the 2022 Africa Investment Forum Market Days, which ended at the weekend.

A statement issued by the Communication and External Relations unit of the AfDB quoted Adesina as saying: “Despite the challenges, we are not afraid, and neither have we despaired nor lost hope.”

In addition to the $32.8 billion from the rescheduled 2021 Africa Investment Forum Market days—which took place as virtual boardrooms in March this year—the forum has also mobilised a total of $63.8 billion of investment interest this year.

The three-day event, held in the Ivorian commercial capital, Abidjan, had in attendance, several African heads of state and government who chaired boardrooms and led transactions with potential investors.

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

“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.

This year’s Market Days event—the third since 2018 had the theme: ‘Building Economic Resilience through Sustainable Investments.’

Since its inception in 2018, the Africa Investment Forum platform has mobilised over $100 billion in investment interests.

AfDB/Hauwa Abu