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The President of the African Development Bank, Akinwumi Adesina, said it was time to address the decline in US investment in Africa.
Speaking at a high-level dialogue in Washington DC on the sidelines of the World Bank-IMF Spring Meetings, he said that as the world's leading private sector, the United States has a unique role to play in increasing investment in Africa and expanding business opportunities. American private sector.
Recognizing the United States' continued support for Africa, Mr. Adesina said: "It is time to strengthen and exploit the opportunities that other global players are already investing in."
Karen Bbad, Chair of the House of Commons Subcommittee on Foreign Relations, Human Rights in the World and International Organizations; Thomas R. Hardy, Acting Director of the US Trade and Development Agency; the Center for Global Development; representatives of the Presidential Advisory Council Doing Business in Africa (PAC-DBIA); the American Jewish Institute of International Relations; pension funds, private equity firms and African ambbadadors.
Debating the Role of the African Development Bank in Financing the Development Needs of the Continent, Ms. Bbad, Member of Congress, m said"Africa is becoming the continent of the future." She reiterated the commitment and support of the United States to the work of the African Development Bank.
"This discussion comes at a critical time for Africa's future. It is widely accepted that Africa is an investment center. Personally, many of my colleagues and I will continue to advocate for full funding or increased funding from the Bank, "Congresswoman Bbad told attendees.
Sharing his vision of the leading role of the African Development Bank, Adesina urged US companies need to engage more on the continent by saying, "I strongly encourage you to consider Africa from the point of view of investment and not development. Africa is a continent of enormous untapped opportunities in energy, infrastructure, informatics and agriculture, which many other global players are already beginning to realize. "
Responding to questions about the Bank's innovative Africa Investment Forum, Adesina m said"This first gathering of world-clbad investors exceeded all expectations with projects worth more than US $ 38.7 billion guaranteeing investment interest in just 72 hours."
The Africa Investment Forum was convened by the African Development Bank in Johannesburg, South Africa, in November 2018, in partnership with several development finance institutions to help the country bridge the growing infrastructure deficit.
Adesina has also asked for support for Affirmative Affiliation Funding for Women in Africa (AFAWA), as a way to change the funding balance because "women are leading Africa."
AFAWA is a $ 300 million risk-sharing mechanism designed to unlock $ 3 billion in credit for African-owned businesses and businesses. The African Development Bank intends to put in place a ranking mechanism to evaluate financial institutions according to the share and quality of their loans to women and their socio-economic impact.
The April 9 meeting was convened by Orrick, an international law firm with more than 25 offices around the world. Orrick's work focuses on finance, energy, infrastructure and technology, key sectors to help accelerate Africa's economic development agenda.
In her concluding remarks, MP Karen Bbad acknowledged that Africa needs investments in major infrastructure projects, including roads, railways, ports and transnational highways, "to achieve both structural transformation and market integration ".
She added that the US Congress was constantly studying the best ways to stimulate investment, particularly on the continent, and that its office was considering legislation to facilitate investment in infrastructure projects.
According to Congresswomen Bbad, the five key priorities of the African Development Bank – Enlighten and fuel Africa, feed Africa, industrialize Africa, integrate Africa and improve the quality of the African people's lives align with the political priorities on which the US Congress has focused.
"So, I leave you with the understanding that members of the US Congress are your allies on this front," Bbad concluded.
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