This year's Africa Investment Forum (AIF) is focused on regional integration and accelerating investment accordingly, says African Development Bank (AfDB) president Akinwumi Adesina.

Speaking on the first day of the forum, which is being held in Sandton, he noted that a lack of infrastructure, including power, roads, housing, water and sanitation and information and communication technology infrastructure, was the biggest concern for most African countries wanting to grow their economies.

Adesina pointed out that the AIF had attracted its biggest number of delegates ever, with 2 086 people from 109 countries, including 48 African countries, attending this year's event.

He said the current value of the 59 transactions that involve the AfDB being discussed at the AIF was about $67-billion for the next year.

Of this amount, about $36-billion will go into Southern Africa, $14-billion will go to Central African countries, $10-billion is designated for West Africa, $2.6-billion for North Africa and $1.3-billion for East Africa.

Africa Export-Import Bank president Professor Benedict Oramah, meanwhile, told delegates that trade finance had become prevalent across the continent, especially with the expected implementation of the African Continental Free Trade Area on July 1, 2020.

“Some countries cannot thrive unless we have an integrated continent where we are able to form a common platform for economic investment and relationships. Continents that grow well are those with a high amount of trade within itself.

"Unless you have a continent that comes together, you cannot negotiate with bigger economies,” he stated.

EUROPEAN INVESTMENT
The European Investment Bank (EIB), meanwhile, also announced its share of investments into the African continent.

The EIB had invested a record €3.3-billion in Africa last year.

The transactions announced on Monday include a €3.5-million agreement towards ensuring access to finance for smallholder agriculture projects in Malawi, as well as a €7-million credit facility to this end.

“This will help to tackle barriers to financing in the country,” said EIB VP Ambroise Fayolle.

Malawi’s local bank, FDH Bank, would issue long-term loans to assist small-scale farmers and agricultural businesses. The loans would also include technical assistance to get businesses started.

Further, the EIB will provide funds for telecommunications infrastructure in Guinea, which will ensure energy efficiency in the country and lower carbon dioxide emissions, while ensuring network reliability in the country.

IPT PowerTech Group VP and COO Mohamed Al Habbal stated that, with EIB funding, the company would adapt 1 400 sites to run on solar power instead of fossil fuels.

This project will create 500 jobs and improve telecommunications service delivery for more than six-million people.

The EIB will also provide €50-million towards supporting trade insurance in 15 member States of the African Trade Insurance Agency.