JOHANNESBURG, (Xinhua) --
Financial institutions are in support of Africa
as the continent is attempting to attract investment and deal
with existing infrastructure backlogs, said Akinwumi Adesina,
President of the African Development Bank (AfDB) on Wednesday.
Speaking at the
start of Africa Investment Forum in Johannesburg, the AfDB
president said that despite the problems the continent is
grappling with, it has so much to offer to investors.
“Africa has huge
amounts of resources, mineral resources, oil and agriculture. We
want to unlock Africa’ potential. We as financial institutions
are backing Africa as an investable destination,” he said.
Five of the 10
fastest growing economies in the world are in Africa, Adesina
“Invest in Africa.
We are going to be a huge market. We need to get the necessary
infrastructure in place. We need to fast track Africa’s
development,” he said.
Adesina said that
reforms including regulatory frame work and policy changes
implemented in a number of African countries over the years will
make doing business in Africa more conducive.
belief that the ongoing investment forum will be used to
establish long-term investment projects that will improve
and deals worth billions of dollars are expected to be announced
at the event.
“This forum is to
create a platform that will allow the development of bankable
projects and that will allow prospective investors to be able to
reduce the costs of transactions,” he said. “What we are trying
to do is to get stable and long term bankable and profitable
investments in Africa.”
investment forum, which is attended by several African heads of
state, will end on Friday.