African countries reap big from U.S-Africa Business Summit

As the U.S-Africa Business Summit came to a close, African countries had a lot to gain from the forum that centered around discussions on enhancing Africa's value in Global Value Chains. CNBC Africa had the opportunity to interview Nuzhat Anwar, Senior Country Officer at International Finance Center, who shed light on the key takeaways from the summit. One of the main topics of discussion at the summit was the management of risk perceptions in Africa. Anwar highlighted the importance of learning from the risk management strategies employed in Asia and incorporating them into the African business landscape. She stressed the need for a more diversified source of funding across different sectors to meet the continent's varying needs. While progress has been made, Anwar acknowledged that there are still lingering perceptions of high risk associated with doing business in Africa. She emphasized the importance of showcasing success stories and attracting more investors to experience the potential of the African market firsthand. Anwar pointed out that creating tangible results and executing projects efficiently are key to changing the narrative around investing in Africa. In terms of sector interests and investment focus, Anwar mentioned that climate adaptation and mitigation, agricultural value chains, MSME financing, and digital infrastructure were key areas of emphasis. With a growing youth workforce projected for Africa by 2050, the focus is on job creation and sustainable development. Anwar highlighted the significance of digital infrastructure in enabling progress and mentioned initiatives by the International Finance Center to support digital education, skills development, and funding for startups. When asked about the ease of investing in African projects, Anwar noted that IFC has invested significantly in the continent over the past six decades, with a growing commitment to expanding investment opportunities. As the dialogue shifted to Botswana, the host country of the summit, Anwar shared insights into the efforts to strengthen the private sector, particularly in renewable energy, tourism, and other industries to drive economic growth and job creation. The summit served as a platform for African countries to showcase their potential and attract strategic investments that contribute to sustainable development and economic growth in the region.