Africa Investment Forum seals deals worth $32bn

The inaugural African Investment Forum (AIF) has culminated in 45 deals worth US$32 billion in investment.

The deals cover sectors such as energy, infrastructure, transport, utilities, education, health, water, sanitation, agriculture and housing, organisers told media at the

end of the summit.

These investments are a significant 80 percent of the target set out at the start of the summit,African Development Bank President Akinwumi Adesina said recently.

At the start of the summit, the bank indicated that there would be about 28 boardroom sessions structured to deliberate on 61 bankable projects worth US$40 billion across the continent.

Of the US$32 billion, US$6.8 billion are investments in South African projects, Gauteng Premier David Makhura said.

The deals that South Africa sealed include the Gautrain expansion project worth US$3.9 billion, US$240 million in investment for a public–private partnership towards the building of schools, as well as an investment of US$492 million towards the renovation of government buildings.

Premier Makhura said the province is excited to be part of the investments.

“There was a stampede of investors wanting to finance the Gautrain. We want to increase the level of investment in the Gauteng and South African economy. Intra-Africa investment is very critical for the advancement of the African continent,” he added.

Despite the impressive agreements, Adesina said an equally important achievement of the forum was the positive narrative that had emerged about the continent.

The forum, Adesina said, has sent a bold statement to the rest of the world that Africa is ready for investment, that Africa absorbs investments and that leading African financial institutions are putting their full financial weight behind the continent.