Sunday, 22 December 2024
African Development Bank partners with African countries to transform investment
The African Development Bank will on July 10, 2018 embark on a roadshow in Abuja, Nigeria, to mobilize key stakeholders towards putting together a pipeline of bankable projects ahead of the Africa Investment Forum (AIF). AIF−Africa's own investment marketplace for accelerated economic transformation – is scheduled for November 7-9 in Johannesburg, South Africa.
Working with multilateral institutions, the private sector, and Governments, the Bank is helping Nigeria and other African countries to develop investment-ready projects for investors, fund managers and others managing substantial assets.
The Abuja roadshow will include a briefing session, interaction with key industry players, and presentations from Nigeria’s senior Presidency and Finance Ministry officials on the country’s development priorities and project pipeline that could benefit from the AIF partnership.
Through the Africa Investment Forum, the Bank, and its partners will screen and enhance bankable projects, attract co-investors, and facilitate transactions to close Africa’s investment gaps, estimated at US $200 billion to US$ 1.2 trillion a year.
Infrastructure financing needs alone are estimated at US $130 to $170 billion a year. Today, total commitments stand at just US$63 billion in 2016. This represents a financing gap of approximately US$ 67 to US$107 billion a year, in just infrastructure.
Nigeria’s National Infrastructure Master Plan (NIIMP) 2014-2044 estimates that the country needs about US$ 3 trillion over the next 30 years to bridge its infrastructure financing gap. It is clear that traditional fund providers at different levels of government do not have the required resources. External funding sources are therefore inevitable over the long-term. The roadshow is in line with the Bank’s continued efforts to support Nigeria and other African countries to accelerate the development of infrastructure.
The build-up to AIF kicked off with an official launch in South Africa on May 8. Speaking at the event, the Premier of the Gauteng Province, the host province of the inaugural AIF, David Makhura, endorsed the Forum as a world-class initiative that is uniquely positioned to transform the continent’s development landscape.
Re-disseminated by The Asian Banker
