Africa’s outlook positive - AfDB
AFRICA’S outlook remains positive despite the impact of the Covid-19, says African Development Bank (AfDB) Acting Senior Vice President, Bajabulile Swazi Tshabalala.
Ms Tshabalala said the positive outlook for Africa was reinforced by the establishment of the African Continental Free Trade Area (AfCFTA).
She explained that the AfCFTA seeks to deepen regional integration across the continent and allow the free movement of people and trade across borders.
During a recent virtual conference hosted by the Confederation of Indian Industry (CII) and its partners.
“There is a tremendous opportunity for Indian industry to work together with the Bank in sectors such as power generation and transmission, energy, agricultural transformation, healthcare and pharmaceuticals, technology, transportation, and industrialization,” Ms Tshabalala said.
She highlighted business potential in Africa, noting that the continent had great prospects for investors, with a growing consumer market that Indian firms could not afford to miss.
“AfDB is seeking to expand the number of bankable projects in Africa and has set aside US$100 million for project preparation activities in low-income countries. It is also keen to mobilise greater private sector participation in these projects from all countries,” Ms Tshabalala said.
David Rasquinha, Managing Director of the Export-Import Bank of India, underscored the need to expand Indian financial inflows to Africa by expanding the Indian banking network.
He said India and Africa could work together in areas such as healthcare and pharmaceuticals, the financial sector and infrastructure development.
Akhilesh Mishra, India’s Additional Secretary in the Ministry of External Affairs, urged the private sector to consider investing in youth and start-ups because those sectors have enormous potential for employment generation.
He noted that aside from the long- term funding traditionally provided as official development assistance, African countries would require more targeted short-term financing.
AfDB and India have a long- standing strategic partnership dating back almost 40 years to 1982