$15.5 billion in AIF 2022 is secured by the Abidjan-Lagos highway corridor—Adesina

$15.5 billion in AIF 2022 is secured by the Abidjan-Lagos highway corridor—Adesina
On January 30, 2020, in Abidjan, Ivory Coast, Akinwumi Ayodeji Adesina, President of the African Development Bank Group, attends a meeting regarding the 2020 African Economic Outlook report. JOURNAL/Luc Gnago

The African Development Bank (AfDB) President, Dr. Akinwumi Adesina, said that a 15.5 billion dollar investment interest has been acquired for the Abidjan-Lagos highway route.

Adesina made this statement on Wednesday while extending a warm welcome to attendees of the 2023 Africa Investment Forum (AIF) Market Days in Marrakech, Morocco.

According to the News Agency of Nigeria (NAN), "Unlocking Africa's Value Chains" is the topic of the event.

According to Adesina, the corridor will expedite trade, sustainable economic development, and regional integration while completely revolutionizing the West African region.

Investment interests totaling 3.6 billion dollars were obtained in 2022 for the East Africa Railway Corridor, which connects Tanzania, Burundi, and the Democratic Republic of the Congo.

"We are happy to report that the AIF has closed 11 billion dollars' worth of deal investment gaps thus far.

These included housing, transportation, agribusiness, industrial manufacturing, renewable energy, liquefied natural gas, and the creative economy.

"It's time to take investment action once more; let's do it now," Adesina declared.

The head of the AfDB claims that investment prospects in African economies are among the best in the world.

"As investors, place your money where the future is," he remarked. Africa is the continent of the future, and investors should see the continent based on the facts rather than what they are told.

Africa has the lowest default rate in the world, according to Moody's Analytics, at 2.1%, while Eastern Europe and Asia have default rates significantly higher at 10% and 8%, respectively.

"Africa is not as dangerous as you think." Africa saw a year-over-year surge in venture and private equity investments to $7.70 billion.

91 percent more deals were made in 2022 than there were in 2018 (211 vs 404).

"A 66% increase in transaction value occurred from 4.65 billion dollars in 2018 to 7.70 billion dollars in 2022. Adesina stated, "Invest in Africa and get strong risk-adjusted returns.

His Majesty King Mohammed VI of Morocco had earlier said that the country's goal of achieving cross-border community development and regional economic integration included the Morroco-Nigeria Gas Pipeline Project.

All of the nations along the pipeline's path will be able to obtain dependable energy supply thanks to this initiative.

I appreciate that both bilateral and multilateral partners—particularly regional and international financial institutions—have shown interest in our project.

"To effectively support this strategic project's implementation," he continued.

According to NAN, investors meet with heads of state and government in investment board rooms at AIF, where bankable projects in Africa are presented to investors.

Additionally, it is where investments are reassured, risks are controlled, and transactions are finalized.

Established in 2018, AIF is a multi-stakeholder platform that has grown to be the leading investment platform on the continent. It is the Islamic Development Bank's (AfDB) main project.

Its founding partners include Africa 50, the European Development Bank, Afreximbank, Trade and Development Bank, Development Bank of Southern Africa, and Africa Finance Cooperation.

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