The African Development Bank has held a workshop to convey the continent’s investment and partnership opportunities to Asian business leaders, particularly as the continent seems poised to return to economic growth in 2021 following the impact of the COVID-19 pandemic.
The two-hour virtual event, held in English, Korean, and Chinese, offered participants an opportunity to learn more about AfDB and its operations.
The webinar came on the heels of the recently launched African Economic Outlook 2020 -Asia Supplement, which revised growth projections and outlook for Africa for 2020 and 2021.
“I take this opportunity to strongly encourage Asian private sector entities gathered here today, to partner with the bank to take advantage of the multiple investment opportunities that exist on the continent,” said Samuel Higenyi Mugoya, the AfDB’s Director for Syndication, Co-financing and Client Solutions Department, which co-organised the event, together with the AfDB’s Asia External Representation Office.
In introducing the bank, Takashi Hanajiri, Head of the Asia External Representation Office, provided an overview of the AfDB and its history and components before providing a summary of its flagship Africa Investment Forum initiative and the opportunities it offers.
Referring to the AIF event held in Johannesburg in 2019, he said, “So far the largest deal was a LNG project in Mozambique with a total cost of $24.6bn,” adding, “many Asian institutions, both public and private, are sponsoring the project.”
Following a discussion of the bank’s responses to the COVID-19 pandemic, Hanajiri concluded on a positive note, noting, “Africa’s growth will rebound to three per cent in 2021 from -3.4 per cent in 2020.”
Director Mugoya praised Asian countries’ ongoing support for the bank and Africa’s development, stating, “There are four Asian member countries in the Bank, namely China, India, Japan, and Korea, that have been long-standing and strategic partners for almost 40 years. The Asian member countries have consistently contributed to the Bank’s capital requirements and supported the African Development Fund’s successive replenishments.”
The African Development Fund is the bank’s concessional window.
The webinar, which drew around 300 participants, closed with a question and answer session. Queries addressed such issues as the bank’s representation in India, trade financing offerings and access to financing for women.
Participating corporations and institutions included Industrial and Commercial Bank of China, China Export & Credit Insurance Corporation, Export-Import Bank of India, JICA, Korea Eximbank, Korea Trade-Investment Promotion Agency, and Korea Overseas Infrastructure & Urban Development Corporation.
