Increased and decisive investment will be the channel for Africa’s economic recovery post COVID-19, partners of the Africa Investment Forum have said, expressing confidence in the continent’s potential to rebound from the ongoing health and economic crises.
“Africa will come out of this pandemic, tough as it is, and will build better and stronger economies. As partners of the Africa Investment Forum, the premier investment platform for Africa, our gaze must be clear; help Africa reboot its economy,” said African Development Bank President Dr. Akinwumi Adesina, during a two-day virtual meeting for Africa Investment Forum founding, institutional and knowledge partners.
The Africa Investment Forum convened over 190 participants including current and prospective partners, investors and project sponsors.
During the meeting, the Africa Investment Forum revealed 15 projects identified across five sectors for priority funding consideration under its Unified COVID-19 Response.
The sectors include Agriculture & Agro-Processing, Energy, Health, ICT & Telecoms and Industrial & Trade. Collectively, these 15 deals which are from the Forum’s current portfolio, amount to $3.79 billion and will help increase the continent’s self-sufficiency and resilience against future shocks.
Four projects sponsors were invited to pitch their deals to over 100 investors present at the meeting.
These include a Dairy processing project in Angola, a vaccine manufacturing plant in Kenya, a cotton manufacturing project in Mozambique and a proprietary telemedicine platform in Nigeria.
Following the meeting, the Africa Investment Forum’s deal tracker mechanism was immediately deployed to capture investment interest and ensure effective investor-project matchmaking.
The meeting took place as the Africa Investment Forum continues to build on the successes of its first two years in bringing to market deals with transformative potential for Africa’s development.
Chinelo Anohu, Head and Senior Director of the Africa Investment Forum “We are concentrating not just on the health sector, but also on other sectors that will help jumpstart recovery across the continent,” she said, adding that deals “more responsive” to the pandemic are being curated, in order to provide much-needed support to the private sector.
the Africa Investment Forum continues to support project sponsors through its Deal Tracker mechanism which monitors the conversion of investment interests to financing commitments and facilitates the progress of deals towards financial close. So far, the forum has facilitated the closure of 8 deals valued at $2.18 billion from the 2018 portfolio.