African Development Bank President makes strong case for increased U.S. investment in Africa

Acknowledgingcontinued U.S. support for Africa, Adesina said“ Nowis the time to scale up and take advantage of opportunities that other global players are already investing in".

In attendance wasU.S.Congresswoman Karen Bass, Chairwoman of the House Foreign Relations Subcommittee on Africa, Global Human Rights, and International Organizations;Thomas R. Hardy, Acting Director of US Trade and Development Agency;the Center for Global Development;representativesof the PresidentialAdvisory Council on Doing Business in Africa(PAC-DBIA);the American Jewish International Relations Institute; pension funds, private equity firms and African ambassadors.

Discussingthe role of theAfrican DevelopmentBank in financing the continent’s development needs,Congresswoman Bass,said “Africais fast becomingthe continent of the future.”ShereiteratedU.S.commitment to andsupportforthe work of the African Development Bank.

“This discussion comes at a critical juncture for the future of Africa. It is widely accepted that Africa is an investment hub.I personally and many of my colleagues will continue to advocate for full funding or increased funding to the Bank,” Congresswoman Bass toldattendees.

Sharing his vision on the leading role of the African Development Bank, Adesina urged American businesses to engage more with the continent, saying“I strongly encourage you to look at Africa from an investment lensandnot a development lens.Africaisa continent of hugeuntapped opportunities in power, infrastructure, IT and agriculture, which many other global players are already beginning to realize.”

Answering questionsabouttheBank’s innovative Africa Investment Forum,Adesinasaid“thisfirst-ever gathering of world-class investors exceeded all expectations with projects worth over US$38.7billion securing investment interest in just 72 hours.”

The Africa Investment Forum was convened by theAfrican DevelopmentBank in Johannesburg, South Africa in November 2018, in partnership withseveralAfricandevelopmentfinanceinstitutions,tohelpbridge the continent’s growing infrastructure investment gap.

Adesinaalsoaskedfor supportforthe Affirmative Finance Action for Women in Africa(AFAWA),as a means of changing the balance of financingbecause “women run Africa.”

AFAWA is aUSD$300 million risk sharingfacilitydesigned tounlockUSD$3 billion in credit for women-owned businesses and enterprises in Africa.The African Development Bank intends to introduce aranking mechanism to evaluate financial institutions based on the share and quality of their lending to women and subsequent socio-economic impact.

TheApril 9meeting was convened by Orrick, an international law firm with more than 25 offices across the globe. Orrick’s work focuses on finance, energy, infrastructure and technology, key sectors to help accelerate Africa’s economic development agenda.

In herconcludingremarks, CongresswomanKarenBass acknowledged thatAfrica needsinvestment in large infrastructure projects, including roads, railroads, ports,andtransnational highways,“to achieve both structural transformation and market integration.”

She added that the U.S. Congress was continually considering the best ways to spur investments especially on the continent and that her officeisexploring legislationtohelpfacilitate investment in infrastructure projects.

According toCongresswomenBass,theAfrican DevelopmentBank’s High 5s – Light up and Power Africa, Feed Africa, Industrialise Africa, Integrate Africa and Improve the Quality of Life for the People of Africaalignwith policy priorities thatthe United StatesCongress has been focusing on.

“So,I leave youwith the understanding thatmembers ofthe U.S.Congress are your allies on thisfront,” Bass concluded.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media Contact: Nafissatou Diouf Communication and External Relations Department, African Development Bank email: n.diouf@afdb.org

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