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The African Economic Outlook 2018 states that about 130-170 billion US dollars of this will be needed for infrastructures every year.
In order to meet these challenging situations, the African Bank for Reconstruction and Development has created the Africa Investment Forum, a forum for mobilising investment vehicles such as venture capitalists, SWFs and the business community to support infrastructural initiatives capable of transforming the African Continent. Gauteng Province Prime Minister, Africa's 7th biggest economist, David Makhura, approved the Forum as a crucial step in funding Africa's infrastructural developments at the opening of the African Investment Forum in Johannesburg.
We have an immaculate track-record of organising continent-wide and globally significant meetings of the size and importance that the Africa Investment Forum represents," Makhura said at the official opening of the Forum.
On Tuesday, the Bank and the Government of Gauteng Province of South Africa agreed to hold the first Africa Investments Forum from 7 to 9 November 2018 in Johannesburg, South Africa. Although Africa is the next line of line for investments, there is an imperative need to close the gulf between available funds and eligible banking ventures, said Akinwumi Adesina, President of the African Development Bank, stating that the Africa Investments Forum will help make Africa a place where its young learners want to flourish and be.
"In fact, the general investment shortfall for Africa to reach macroeconomic performance is much higher, ranging from $200 billion to $1.2 trillion per year. Obstacles to banking eligibility must be removed to generate win-wins for government, financing agencies and other key interest groups. If Africa wants others to do this, it must reinvest in its own development," he said.
Mr Adesina noted that funding Africa's external and developmental needs is and has been a joint and collaborative effort that requires wide-ranging partnership with the wider business world. Leading figures in the business have confirmed the Forum as a one-of-a-kind occasion for the business community to engage in transformational investment in all major African strategically important industries.
Pule Molebeledi, Investor Relations and Communication Executive at Harith General Partner, described the AIF's capital protection element as a real change. Together with other multilateral donors, as well as other multilateral donors, venture capitalists, SWFs, insurers, the public purse and interest groups, the Bank is working to make sure that the Africa Investment Forum becomes Africa's main stepping stone for investing in Africa and addressing the continent's huge infrastructural and developing needs.
It is the first occasion that several MDBs have come together on a common basis to complete a large portfolio of eligible banking activities.