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The African Development Bank and its East and North African Governors have stressed the need for urgent measures to match the continent’s growing population and youth unemployment, which they likened to a “ticking time bomb.”
The meeting described the continent’s growing young population as a potential growth engine for the world. “The good news is that the solution is within our reach and will require investments,” said Akinwumi Adesina, President of the African Development Bank.
At the end of a two-day consultation at the headquarters of the Bank in Abidjan, CÕte d’Ivoire, the Bank and the Governors discussed strategizes for closing Africa’s $170 billion infrastructure investment gap.
To bridge the investment gap, ensure inclusive growth, and create employment for the continent’s population, the meeting endorsed the African Development Bank-led African Investment Forum and described it as a timely opportunity to catalyze investments into projects and attract social impact financing to Africa.
Tanzania’s Minister for Finance and Planning, Isdor Mpango, called for closer involvement of the private sector in financing development on the continent.
“The African Development Bank is well positioned to advise and assist Governments and the private sector to come up with bankable projects,” Mpango said, calling for direct resources to provide budget support and investment opportunities.”
Through the African Investment Forum, scheduled for November 7-9, 2018 in Johannesburg, South Africa, the Bank and its partners intend to showcase bankable projects, attract financing, and provide platforms for investing across Africa. The forum will bring together the African Development Bank and other global multilateral financial institutions to de-risk investments at scale.