Wednesday , June 23 2021

WATCH IT: Africa discovers new ways to attract investments, financing

Africa is in the largest financing and investment in the Africa Investment Forum in South Africa was the first step to go beyond talking and begin doing something, according to Akinwumi Adesina, the head of the African Development Bank.

Foreign aid alone, Adesina argued during the three-day forum in Johannesburg, would not develop Africa, but business and investments as well as clear goals and policies will.

At least seven heads of state and government joined about a thousand other Africans to discuss how Africa can attract financing needed to develop its infrastructure and re-position its economy.

Africa is in need of between $ 130 billion and $ 170 billion annually to develop its infrastructure at the same time over $ 131 billion in investitive looking for where to invest, Adesina said at the opening of the forum.

The problem is not money, but litany of challenges that prevent many from investing in Africa, including rampant corruption, legal bottlenecks and contractual agreements that can be defended in court.

The Africa Investment Forum was aimed at finding solutions not just lamenting the well known problems Africa has been grappling with for decades.

Simon Ateba

Simon Ateba is a renowned international journalist and the founder and publisher of Today News Africa. He's based in Washington, D.C.

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