At midday Friday, of 61 transactions valued at US$40.4 billion tabled for discussions in boardroom sessions, 45 deals worth over US$32 billion secured investment interest. Final numbers will be disclosed in the coming days.
The curtain fell on a three-day marathon investment marketplace, on Friday, with transactions worth billions of dollars sealed. The Africa Investment Forum ended on a high note with the closing panel comprising heads of Development Finance Institutions (DFIs) unanimously lauding the unique initiative, calling it an exceptional gathering that “exceeded all expectations.”
President of the African Development Bank, Akinwumi Adesina told the more than 1,000 delegates, “The needle is shifting, pointing to the right direction, pointing to Africa. I am thankful for the investors, I am thankful for the confidence they have in Africa. Africa has grown up. Africa is not going to be developed by aid. It will be developed by investment and I think you are beginning to see it.¨
The forum will be taking place from November 7-9, 2018 with the aim of boosting investment in the continent and with a theme “All set for Africa's first investment marketplace”.
The forum will be attended by a number of Heads of States and Governments from across the African continent. It provides an open platform to multilateral institutions, governments and the private sector to improve the pipeline of projects that can transform the continent.
Ethiopia is represented by Her excellency Mrs. Sahlework Zewde, the president and His excellency Dr. Sileshi Bekele, Minister of ministry of water irrigation and electricity. What specific deals Ethiopia would make in the forum remains to be seen in the coming couple of days.
The World Bank’s Board of Executive Directors today approved $1.2 billion ($600 million grant and $600 million credit) from the International Development Association (IDA)* in support of the Government of Ethiopia’s policies designed to accelerate economic growth and achieve its vision of becoming a lower-middle-income country.
The Government of Ethiopia has embarked upon a path of political and economic transformation. In addition to measures that build peace with Eritrea, the Government has recently broadened the political space to include opposition parties, actively engaged in regional diplomacy, and announced a range of economic reforms designed to revitalize the economy by expanding the role of the private sector. This includes plans to gradually open up the economy and introduce competition to and liberalize sectors that have been dominated by key state-owned enterprises (SOEs). In light of these sweeping reforms, the Government has requested technical and financial support for the international community to implement its new pathway to growth. The World Bank’s new operation responds to that request.
The newly instituted Board of the Private and Public Partnership (PPP) has approved 17 major hydropower and highway projects, costing USD 6.5 billion for private sector involvement under the newly drafted PPP framework. Teshome Tafesse (PhD), director general of the Office of Public Private Partnership (PPP) with the Ministry of Finance and Economic Cooperation (MoFEC), has briefed both The Reporter and Ethiopian News Agency (ENA) on Thursday that a total of 3000 megawatt generating hydro and solar power projects will be developed in partnership with foreign private companies at an estimated cost of USD 5.3 billion.
Following the approval of the Board, five major hydro power and eight solar power projects have been potentially identified as megaprojects. Genale Dawa 6, Genale Dawa 5, Chemoga-Yeda I&II, Halele Warabessa, Dabus hydro power projects with the generating capacity of 2071 megawatt of electricity at a cost of USD 4.093 billion are already underway, mostly to be developed and owned independently by private firms over a period of 20 to 25 years of concessions.