Bekele-Thomas: Africa remains bankable

The CEO of the African Union Development Agency-New Partnership for Africa's Development, Nardos Bekele-Thomas, emphasized the bankability of Africa in an interview with CNBC Africa. Bekele-Thomas highlighted the continent's abundance of investable projects and assets, making it an attractive destination for private capital. She mentioned that Africa's human capital, with the projection that by 2050, one out of four of the global population will be African, is a significant advantage. Additionally, Africa is rich in natural resources crucial for global green transition, such as platinum group metals, chromium, cobalt, and graphite. Bekele-Thomas underscored that Africa is now focused on making all its development projects investable and open for private capital flow, marking a significant shift. The continent is taking ownership of its development processes, as demonstrated by the alignment of plans and strategies at national, regional, and continental levels. Bekele-Thomas discussed the importance of collaboration to drive investment, trade, and development on the continent, emphasizing the need to fast-track deals to achieve financial closure. To ensure successful investments, Bekele-Thomas highlighted the importance of creating conducive environments for businesses. This involves not only preparing feasibility studies but also aligning support institutions, universities, research centers, and innovation hubs with the vision of development. She emphasized the need for intellectual property rights offices, standards bureaus, and a robust market for innovation and technology. Bekele-Thomas stressed the significance of partnerships beyond finance to create a harmonious mix of elements that drive transformation and development. Bekele-Thomas shared insights into the African Union's participation in promoting corridor projects under the Programme for Infrastructure Development in Africa (PIDA). The agency is focused on preparatory work for these projects, ensuring they progress from pre-feasibility to feasibility studies. The feedback for PIDA projects has been positive, with a broader scope now encompassing not only traditional infrastructure but also special economic zones, job creation, MSME development, and innovation hubs. This holistic approach aims to create a dynamic ecosystem for sustainable growth and development in Africa. In conclusion, Bekele-Thomas's remarks shed light on Africa's bankable future and the continent's proactive approach to attracting private capital for development projects. By embracing partnerships, fostering conducive environments, and expanding the scope of infrastructure projects, Africa is poised to drive sustainable growth and economic prosperity.