The first-ever Africa Investment Forum was a resounding success with some fascinating math: 49 projects worth $38.7 billion over three days, all for the continent.
ON A BREEZY WEDNESDAY morning in November in Johannesburg, there is a feverish bustle at the Sandton Convention Centre, one of South Africa’s most prestigious destinations for conferences. Known for regularly hosting world-class exhibitions and events, today, it is playing host to one of the most important events of the year.
The second floor of the convention center is pulsating with action and excitement as hundreds of businessmen and power women in sharp suits and African attire greet each other. At each corner of the grand room are huge posters with quotes that say, “People don’t eat potential! It’s time to turn potential into real deals,” and, “We believe that the growth of Africa’s economy represents opportunities for its neighbors.”
The word on everyone’s lips is transactions. The inaugural edition of the Africa Investment Forum (AIF), organized by the African Development Bank (AfDB), is officially opened by South African President Cyril Ramaphosa.
The bigwigs of corporate Africa and political power brokers are all here, including Africa’s richest man, Aliko Dangote, along with Nigerian Vice President Yemi Osinbajo, Ghanaian President Nana Akufo-Addo and Ethiopia’s first female president SahleWork Zewde.
The AfDB describes the forum as a collaborative platform for the economic and social development of the continent. The goal is to bring together project sponsors, borrowers, lenders and public and private sector investments to unlock billions of dollars that will accelerate investment.
The rationale is simple. Six of the 10 fastest-growing economies are in Africa, yet Africa has a mammoth infrastructure funding gap of $130-$170 billion a year.
This story is from the December 2018 - February 2019 edition of Forbes Woman Africa.
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This story is from the December 2018 - February 2019 edition of Forbes Woman Africa.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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