South Africa says country ready to host 2018 Africa Investment Forum

Nigeria, others require $1.2tn annual investment, says AfDB

SOUTH Africa has expressed readiness to host the 2018 Africa Investment Forum, lauded as a world-class initiative uniquely positioned to transform the continent's development landscape.

The forum is "very unique", Adesina said in an interview in Johannesburg on Monday. "What the Africa Investment Forum is going to do, is to install a well-prepared runway for this investment to land in Africa and to stay in Africa".

The African Development Bank is committed is working with other multi-lateral development partners, private equity funds, sovereign wealth funds, insurance funds, private sector and stakeholders to ensure that the Africa Investment Forum becomes Africa's key springboard for African investment and for meeting the continent's massive infrastructure and development needs.

Makhura said, "The Africa Investment Forum is one of the best platforms ever to be offered on our home continent".

Also speaking at the launch, Gauteng Premier David Makhura said that the province was pleased to have won the bid to host the forum.

"When investors come to Africa to invest, I think sometimes it's like landing their plane in the middle of a bush - you land it first time and you survive and the second time you land it you survive and then you say you're not landing it again", Adesina said. Gauteng-based investment companies have already invested more than $30 billion in different regions of Africa.

"We thank you for allowing South Africa to host the inaugural event", Nene told the AfDB delegation.

Financing Africa's development needs will require an estimated United States $600-700 billion per annum. "To make this happen, we need investments in infrastructure", Adesina said. Africa is not a poor continent. "This will primarily be about transactions and investment deals for Africa's economic development and not a talk shop".

According to the Premier of Gauteng, South Africa will need U.S. $100 billion over the next 10 years for infrastructure development.

Adesina highlighted that the forum would focus on five key aspects including pipeline development, project preparation, policy environment, project bankability and investment promotion. Africa has potential. The Bank's High 5 development priorities resonate with our national economic plans. "The AIF will provide an open platform to organise efforts among multilateral institutions, governments and the private sector to improve a pipeline of projects capable of transforming the continent", he added.

"This is the essential reason for the new approach of the Africa Investment Forum, a multi-stakeholder, multi-disciplinary platform that will incentivize collaboration for the economic and social development of Africa".

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