Adesina: $34.8bn investment deals secured at AIF 2023

The African Development Bank has successfully secured a staggering $34.82 billion in investment deals at the close of this year's African Investment Forum. The President of the African Development Bank, Akinwumi Adesina, shared the exciting news in an exclusive interview with CNBC Africa. Adesina highlighted the diverse range of projects that attracted investment during the forum, spanning various sectors across the continent. One of the standout projects is a significant investment in the transport sector, including a substantial sum allocated for a deep seaport in Nauru West, Morocco, totaling approximately $4.5 billion. Additionally, a substantial rail project in East Africa, specifically in Tanzania, garnered investor interest. The forum also saw attention directed towards a rice project in Sierra Leone aimed at achieving self-sufficiency in rice production. Moreover, there were projects focused on transforming green metals into precursor materials like lithium-ion, as well as initiatives centered around digital technologies. Adesina emphasized Africa's appeal as a lucrative investment destination, underscoring the continent's potential for robust economic growth and development. He reiterated the commitment of the African Development Bank to leveraging various instruments to de-risk investments and bolster confidence among investors. During the interview, Adesina addressed concerns from institutional investors seeking diversified portfolios of projects rather than single investments. He highlighted the bank's provision of risk guarantee facilities to enhance investor confidence and mitigate project risks. Adesina pointed out the deployment of partial credit guarantees and partial risk guarantees as effective strategies employed by the bank to support infrastructure investments. Specific examples included facilitating a transaction for Benin worth over 400 million euros, ongoing transactions for Senegal, Rwanda, and Cote d'Ivoire. Adesina's remarks underscored the critical role played by the African Development Bank in catalyzing investment across the continent, fostering economic development, and creating valuable opportunities for both local and international investors. The success of the African Investment Forum 2023 further solidifies Africa's position as a prime investment destination ripe with potential and growth prospects.