AfDB president, Akinwumi Adesina
AfDB president, Akinwumi Adesina

The President of the African Development Bank, Akinwumi Adesina, has urged Chinese business leaders to attend the Africa Investment Forum scheduled to take place in Johannesburg, South Africa, from 7-9 November 2018.

Adesina made the call while addressing delegates at the 6th Conference of Chinese and African Entrepreneurs, which took place on the sidelines of the 2018 Beijing Summit, attended by leaders from 53 African countries and China.

“I am sure you all know Africa is the place to be. African economies are growing well and the GDP growth rate is projected to average 4.1% this year,” he said.

Akinwumi had lively exchanges with high-level officials and business leaders from China, led by Vice-Premier Liu He, Governor Yi Gang of the People’s Bank of China, and the President of China Development Bank, Zheng Zhijie.

Responding to questions by China Economic News (CEN) on how China could be unique to Africa, Adesina said, “China doesn’t just promise, China delivers.”

In another interview, with China Daily, he noted: “There’s a perfect alignment between the Belt and Road Initiative and the ‘High 5s of the African Development Bank Group.” The Bank is already discussing with China Development Bank about formulating large-scale projects, which can fit in the both of the frameworks.”

The Bank President also described the relationship between China and Africa as a mutually reinforced partnership, noting that there are 10,000 Chinese companies and 1.3 million Chinese people throughout Africa.

Adesina cited significant trade imbalance as a challenge to be tackled. While nearly 90% of China’s exports to African countries are high-value-added products such as machinery and equipment, 75% of Africa’s exports are raw materials. He therefore called on Chinese companies to invest, and not just contract or provide loans to Africa’s public sector.

Highlighting energy and the agriculture and food sectors as opening vast opportunities and potential to China and the world, Adesina expressed hopes for a strong representation by Chinese businesses at the upcoming African Investment Forum in South Africa.

“This is not a talk-show, it is all about transactions. US$92 billion portfolios are already set on this platform,” Adesina said.

The Africa Investment Forum will convene project sponsors, borrowers, lenders and investors, necessary for accelerating investments in Africa. The three-day event will unite global pension funds, sovereign wealth funds, and other financial sector investors.

The Forum will also bring together a network of financial institutions with instruments to de-risk selected investment opportunities.

During his keynote speech at the opening ceremony of the 2018 China-Africa Cooperation Forum (FOCAC), President Xi Jinping referred to the Africa Investment Forum as a concrete step for “building a shared future.”

Jinping pledged to extend a US$60 billion financing package and US$10 billion investment in Africa over the next three years.

China-Africa trade amounted to US$174 billion in 2017, a huge increase from just over US$10 billion in 2000. Chinese foreign direct investments in Africa have risen from US$10 billion in 2010 to over US$60 billion in 2017.

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12 COMMENTS

  1. I think title if referring to AfDB and not ADB. the latter is Asia Development Bank and the former is African Development Bank.

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    • Wrong speech by the so ADB president. We should promoting Africa to our own and not Chinese. Since when do Chinese promote China to Africans and how many African countries are benefiting from resources in China.

      The future of our children is more important than money. These Chinese are after our resources and we need to protect them and not expitede the process to finish our resources

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    • @2 Black Rhino.Which sell out?? I hope you are not calling the AfDB President a sell out! The guy is promoting Africa to Chinese investors! While WE NEED TO BE CAREFUL WITH CHINESE, WE KNOW ALREADY WHAT THE WEST HAS BEEN UP TO WHEN DEALING WITH AFRICA;EXPLOITING AND TREATING AFRICA AS THEIR BACKYARD FOR GETTING RESOURCES FROM WITHOUT INVESTING IN INFRASTRUCTURE TO MOVE THE CONTINENT FORWARD,fueling wars and spreading malice about Africans to the rest of the world to suit their scheme of ever keeping Africa backwards!! YES, THE CHINESE COME WITH THEIR OWN PROBLEMS TO AFRICA,BUT AS ZAMBIA WE CAN REMEMBER EVEN IN THE OLD DAYS HOW THEY HELPED US AGAINST RACIST COLONIALISTS!!

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  2. Birds of the same further frocks together.

    Human rights are the last thing on their mind.

    If the African government cared about their people, I don’t think will be having this Conversation.

    Just after independence, The Chinese looked to Zambia, what went wrong leadership, by Gag the masses.

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  3. Africa is a place to be for Africans with our resources fully protected for our future generations. We need to learn to do things on our own. I am surprised a continent development bank can even be doing what its doing.

    Please Mr. ABD president or whatever they call you. Stop wasting time promoting the abuse of our resources by China instead focus on mobilzing money within reason to help us become self sustaining as a continent.

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  4. Africans we like to be colonised too much. Chinese come here to open car wash. Sell fack products and any other illegal businesses .exproite workers and all sorts of useless things.

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