AfDB: Africa remains a prime investment location

By Georgia Wilson
Latest report made by the African Development Bank (AfDB) highlights Africa as a prime investment location despite the impact of COVID-19...

At a recent webinar held by the African Development Bank (AfDB) to Asian audiences, the company revealed key highlights from its African Economic Outlook Supplement

The report has been identified as a critical report for a post COVID-19 Africa. In the report, the bank details the revised growth projections and outlook for Africa for 2020 and 2021, with key insights into the impact of COVID-19 on the socio-economic landscape. 

In addition the report recommends safe policy responses for the reopening of economies, in order to accelerate growth. 

“Despite the COVID-19 pandemic, investment opportunities still abound in Africa,” said Tetsushi Sonobe, the Dean of the Asian Development Bank Institute (ADBI). “Global markets are shifting to South Asia and Africa. In a sense, Africa is not very far for Asian investors who might be interested in the investment opportunities on the continent.”

Co-hosted by the Asia External Representation Office of the African Development Bank, the webinar was attended virtually by 350 government officials, representatives from the African diplomatic corps in Asia, development professionals, civil society representatives, academics, think tanks, students, journalists and the general public. 

At the webinar, Khaled Sherif, the African Development Bank’s Vice President for Regional Development, Integration and Business Delivery, highlighted that, while the pandemic has affected African economies, its impact will vary from country to country depending on the initial conditions of the countries.

“This urges us to avoid the one-size-fits-all solution to address the effects of COVID-19 in Africa. For that, the AEO Supplement notes that the continent will need the support and expertise of all. This is an opportunity to enrich the debate on what appropriate measures are needed to support African countries to recover from the pandemic, drawing particularly from Asian experience,” Sherif said.

“Policymakers must seize the new and real opportunities for participation in global value chains, particularly with Asia and within Africa and build the infrastructure needed to encourage large-scale teleworking, e-health, and distance learning architectures for a rapid, resilient, and sustainable recovery in a post-COVID-19 digital world,” commented Chuku Chuku, Officer in Charge of the Bank’s Macroeconomic Policy, Debt Sustainability and Forecasting Division.

“The pandemic notwithstanding, Africa is open to business and we look forward to working with our Asian partners.”

Click here to read the full report.

For more information on business topics in Europe, Middle East and Africa please take a look at the latest edition of Business Chief EMEA.

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