By Nse Anthony-Uko,
ABUJA, (Sundiata Post) – The Board of the African Development Bank (AfDB) has approved the institution’s proposal to launch an ‘Africa Investment Forum (AIF)’—a meeting place for investors interested in Africa.
The AIF will showcase bankable projects, attract financing, and provide platforms for investing across multiple countries, the bank said in a statement seen by Sundiata Post on Tuesday.
According to the bank, the forum will also serve as a unique forum for international business and social impact investors looking to transact and deploy funds in Africa and act as an avenue for connecting investors with both public and private sector projects throughout the continent.
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 creation of 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 refinements to the institution’s new Development and Business Delivery Model (DBDM), which was approved by the AfDB Board of Directors on April 22, 2016. The DBDM aims to streamline business processes to improve efficiency, enhance financial performance; increase development impact, and move the Bank’s operations much closer to its clients so as to improve delivery. The refinements were proposed by the Bank’s Management, which is making great strides in implementing the DBDM.
On approval of the proposed amendments, President Akinwumi Adesina, Chairman of the Board said, “I commend the immense support and encouragement by 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,” he underscored.
The AfDB also said it is on track with the implementation of its new structure, which will be rolled out in phases over the 2016-2018 period. The structure is designed to ensure the successful implementation of the Bank’s Ten Year Strategy and its five scaled-up core development priorities for the continent, namely the High 5s – Light up and power Africa, Feed Africa, Industrialise Africa, Integrate Africa and Improve the Quality of life of the People of Africa.