By 2050, just 32 short years from now, Africa’s growing population will tip the scales at a whopping 2 billion, with a youth of 840 million. In the process, the continent will overtake the populations of China and India combined.
Financing Africa’s development needs will require an estimated USD 600-700 billion per annum. According to the African Development Bank’s African Economic Outlook 2018, of this, about USD 130-170 billion a year in infrastructure will be needed.
To address these challenges, the African Development Bank has launched the Africa Investment Forum, a platform to mobilize private equity funds, sovereign wealth funds and the private sector to facilitate infrastructure projects with the capacity to transform the continent.
The Premier of Gauteng Province, Africa’s seventh largest economy, David Makhura, endorsed the Forum as a game changer for financing Africa’s infrastructure development at the launch of the African Investment Forum in Johannesburg.
“It’s an honour to receive a vote of confidence from one of the most influential, respected and credible institutions of our continent. I want to assure the African Development Bank, and members of the African and global investor community that we are ready to host a highly successful Africa Investment Forum in November. We have an impeccable track record of hosting continental and global events of the magnitude and significance represented by the Africa Investment Forum,” Makhura said at the formal launch of the Forum.
The Bank and the Government of Gauteng Province on Tuesday signed a memorandum of agreement to host the inaugural edition of the Africa Investment Forum from November 7 to 9, 2018 in Johannesburg, South Africa.