Financing Africa’s development needs will require an estimated US $600-700 billion per annum.
To address these challenges, the African Development Bank has launched the Africa Investment Forum a platform to mobilize private equity funds, sovereign wealth funds and the private sector to facilitate infrastructure projects with the capacity to transform the continent.
David Makhura, the Premier of Gauteng Province, Africa’s seventh largest economy, endorsed the Forum as a game changer for financing Africa’s infrastructure development at the launch of the African Investment Forum in Johannesburg.
“It’s an honour to receive a vote of confidence from one of the most influential, respected and credible institutions of our continent. I want to assure the African Development Bank, and members of the African and global investor community that we are ready to host a highly successful Africa Investment Forum in November. We have an impeccable track record of hosting continental and global events of the magnitude and significance represented by the Africa Investment Forum,” Makhura said at the formal launch of the Forum.
The Bank and the Government of Gauteng Province on Tuesday May 8 signed a memorandum of agreement to host the inaugural edition of the Africa Investment Forum from November 7 to 9, 2018 in Johannesburg, South Africa.
Makhura referred to the Africa Investment Forum as more than a Davos of Africa, stating that “we as the Gauteng Provincial Government are very pleased to have won the bid to host this biggest and unparalleled investment platform on the African continent. It’s a great platform that will translate Africa’s professed potentials into real opportunities and progress.”
Akinwumi Adesina, African Development Bank President said:
“While Africa is the next investment frontier, there is an urgent need to bridge the gap between available capital and bankable projects.”
Adding that: the Africa Investment Forum will help make Africa a place where its young people want to live and thrive in.