By Eric Enosesiase
President of the African Export-Import Bank, (Afreximbank), Prof. Benedict Oramah, has expressed concern over the fragmentation of 55 markets on the African continent.
Speaking at the on-going Africa Investment Forum in Johannesburg, South Africa, Prof Oramah, said until Africa forms a common platform for an economic and integrated continent, some countries will not survive.
“All around the world continents are working together. Multilateralism is becoming a challenge and unless the continent comes together we cannot negotiate with bigger economies,” he said.
Other international financiers who spoke at the event harped on the need for African countries to work together in order to speed up the continent’s international appeal as a lucrative investment destination.
The Africa Investment Forum is an innovative, multi-stakeholder transactional marketplace conceived by the African Development Bank, aimed at raising capital, advancing projects to the bankable stage, and accelerating financial closure of deals.
The Forum is making phenomenal progress in attracting interest from all over the world since it was launched in South Africa last year.
Moreover, the value of boardroom transactions which will be negotiated this year will be considerably higher compared to $43 billion in 2018.
Meanwhile, 109 countries are represented at this year’s conference, 61 of which are not African, indicating growing international interest in the annual gathering looking for opportunities in Africa.
The event, according to a statement distributed on behalf by APO Group on behalf of African Development Bank Group (AfDB), has 29 countries that are participating in deals on the table.
Last year, the AfDB invested $18 billion in low-income countries and fragile states which many developed economies regard as too risky. The AfDB President Akinwumi Adesina, said the bank is not scared of going into those countries.
“It is my neighbourhood and my neighbourhood cannot be risky. That’s why the Bank has a facility that is called the private sector enhancement facility, which allows us to go into risky investments.
“We invest in places where people think we can never go and we don’t lose money there. We are going to make sure that investment continues to go into low-income and fragile states.” he added.