A proposal for the African Development Bank Group (AfDB) to launch a meeting place for investors interested in Africa has been approved by the Group’s Board, Footprint to Africa reports.
Dubbed the Africa Investment Forum (AIF), the platform will showcase bankable projects; attract financing; and provide platforms for investing across multiple countries.
AIF will also be a forum for international business and social impact investors seeking to transact and deploy funds on the continent.
AfDB President Akinwumi Adesina, Chairman of the Board said, “I commend the immense support and encouragement by Board members. The new structures are well thought out and will enable the Bank to achieve its transformation objectives. The African Investment Forum is a transformational instrument that will make it possible to crowd-in investments to garner the huge financing required in critical areas, with the private sector playing a crucial role.”
Also approved by the AfDB Board is the creation of a Water, Human and Social Development Department; an Infrastructure, Cities and Urban Development Department; and a Syndication, Financial and Technical Services Department.
According to Dr. Frannie Leautier, Senior Vice President, AfDB the AIF will coordinate with other Africa investment fora in its work and support AfDB regional member countries and potential investors by providing rigorous, authoritative and robust business intelligence and analytical work on Africa’s competitiveness.
The AfDB’s new structure will be rolled out in phases over the 2016-2018 period.