UK companies must leap at the chance to deepen economic ties with Africa, a continent with unmatched investment opportunities, several African leaders said at a high-level panel.
At an oversubscribed opening ceremony for the 2020 UK-Africa Investment Summit, attended by dignitaries and delegates from 16 African countries, including President El Sisi of Egypt, British Prime Minister Boris Johnson made the case for bigger investments in Africa and called for increased and renewed partnership between the UK and Africa.
Referring to Africa as a booming continent with “staggering levels of growth,” Prime Minister Johnson said: “Look around the world today and you will swiftly see that the UK is not only the obvious partner of choice, we’re also very much the partner of today, of tomorrow and decades to come,” he said in his opening address.
The President of Ghana, Nana Akufo Addo, of Kenya, Uhuru Kenyatta, of Mauritania, Mohamed Ould Cheikh el Ghazouani, African Development Bank President Akinwumi Adesina, and Secretary of State for International Development, MP Alok Sharma, addressed a plenary panel discussion on ‘Sustainable Finance and Infrastructure – Unlocking the City of London and UK financial services for growth in Africa.’
African Development Bank President Akinwumi Adesina announced a new $80 million Bank-DFID infrastructure financing partnership.
According to Adesina, the continent’s $68-$108 billion infrastructure investment gap per year is massive, but it depends on how you look at it. “Either the cup is half full or half empty. To us, that is a $68-$108 billion opportunity.”
Adesina added, “The issue of risk in Africa is exaggerated. The risk of loss is lower than in Latin America. Yet, funds are not being channeled into Africa. There are $8 trillion of assets under management in London, but only 1 percent is invested in Africa.”
The Bank president urged investors to look to Africa and recalled the achievements of the Africa Investment Forum – a game-changing initiative led by the African Development Bank and key partners, to accelerate investment in the continent. The unique multi-sector platform is designed to advance bankable deals to financial closure. At the 2019 Forum, which took place in Johannesburg, South Africa, deals valued at $40.1 billion secured investment interest.
The African continent is home to eight of the 15 fastest-growing economies in the world. By 2030, 42% of the world’s youth will be African and will constitute an incredible workforce and potential consumers.
Original source: AfDB
Published on 20 January 2019
