The board of directors of the African Development Bank (AfDB) have passed the institution’s proposal to launch an Africa Investment Forum (AIF) as part of moves to attract project financing.
The AIF is expected not to only be a meeting place for investors interested in Africa, but also a destination of showcasing bankable projects, attracting financing, and providing platforms for investing across multiple countries.
The Bank also stated the Forum will also serve as a unique platform for international business and social impact investors looking to transact and deploy funds in Africa.
The financial institution further mentioned that the AIF will act as an avenue for connecting investors with both public and private sector projects throughout the continent.
Chairman of the board, President Akinwumi Adesina, said: “I commend the immense support and encouragement by [the] board members. The new structures are well thought out and will enable the Bank to achieve its transformation objectives”
“The African Investment Forum is a transformational instrument that will make it possible to crowd in investments to garner the huge financing required in critical areas, with the private sector playing a crucial role,” Adesina added.
In a speech, AfDB’s senior vice president, Dr Frannie Leautier, said: “The AIF will coordinate with other Africa investment fora and work to strengthen collaborative efforts to crowd-in necessary investment, and attract social impact financing to Africa”.
“It will support AfDB regional member countries and potential investors through the provision of rigorous, authoritative and robust, business intelligence and analytical work on African’s competitiveness.”
The AIF was approved by the Bank’s board of directors on 7 October 2016, along with the creation of a Water, Human and Social Development Department; an Infrastructure, Cities, and Urban Development Department; as well as a Syndication, Financial and Technical Services Department.
These are improvements to the institution’s new Development and Business Delivery Model (DBDM), which was approved by the AfDB board of directors on 22 April 2016.