President of the African Development Bank Akinwumi Adesina says the time has come for Africa to transition from aid to development and from poverty to prosperity.
He says no country has developed by aid, but countries develop by the discipline of their investment.
‘We are not going to be the museum of poverty in the world. We will be a destination of investment” he said after opening the three day Africa Investment Forum in Johannesburg South Africa.
The Forum will enable invited Heads of State and Governments to engage with the investor community and explore potential investments and financing.
Recent research by the African Development Bank (AfDB) reveals that Africa’s infrastructure requirements amount to US $130-$170 billion a year.
To address these challenges, the African Development Bank is championing the Africa Investment Forum as a platform to actively engage the private sector and to facilitate projects that have the capacity to transform the continent.
The forum is expected to enhance private-sector cooperation and drive investment in sectors of strategic interest within Africa.
Key global companies, financial players, and public officials have been invited to source funding for bankable projects, broker infrastructure deals, provide innovative financial solutions, and collectively address the continent’s critical infrastructure investment needs.