AfDB Urges US Businesses to "Take Advantage of Opportunities" in Africa

Washington April 11/2019 African Development Bank President Adesina said it is time that the United States “scale up and take advantage of opportunities that other global players are already investing in.”

Speaking at a high-level dialogue in Washington D.C., Akinwumi Adesina noted that “it is time to turn around the declining investments of the U.S. in Africa. As the world’s private sector leader, the United States has a unique role to play in increasing investments in Africa and expanding opportunities for the U.S. private sector.”

Acknowledging continued U.S. support for Africa, the president urged American businesses to engage more with Africa.

“I strongly encourage you to look at Africa from an investment lens and not a development lens. Africa is a continent of huge untapped opportunities in power, infrastructure, IT and agriculture, which many other global players are already beginning to realize,” Adesina stressed.

Furthermore, he added “Africa is fast becoming the continent of the future.”

Mentioning that the discussion came at a critical juncture for the future of Africa, Congresswoman Karen Bass said “it is widely accepted that Africa is an investment hub. I personally and many of my colleagues will continue to advocate for full funding or increased funding to the bank.”

Africa needs investment in large infrastructure projects, including roads, railroads, ports, and transnational highways in order to achieve both structural transformation and market integration, she added.

According to Congresswomen Bass, the African Development Bank’s High 5s – Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa and Improve the Quality of Life for the People of Africa align with policy priorities that the United States Congress has been focusing on.

“So, I leave you with the understanding that members of the U.S. Congress are your allies on this front,” Bass concluded.