<!-- wp:paragraph -->

<p><strong>By:</strong> <strong>African Development Bank Group</strong></p>

<!-- /wp:paragraph -->

<!-- wp:paragraph -->

<p><span style="font-weight: 400;">UK companies must leap at the chance to deepen economic ties with Africa, a continent with unmatched investment opportunities, several African leaders said at a high-level panel.</span></p>

<!-- /wp:paragraph -->

<!-- wp:paragraph -->

<p><span style="font-weight: 400;">At an oversubscribed opening ceremony for the 2020 UK-Africa Investment Summit, Monday, attended by dignitaries and delegates from 16 African leaders, including President El Sisi of Egypt, British Prime Minister Boris Johnson made the case for bigger investments in Africa and called for increased and renewed partnership between the UK and Africa. </span></p>

<!-- /wp:paragraph -->

<!-- wp:paragraph -->

<p><span style="font-weight: 400;">Referring to Africa as a booming continent with </span><span style="font-weight: 400;">“</span><span style="font-weight: 400;">staggering levels of growth,</span><span style="font-weight: 400;">”</span><span style="font-weight: 400;"> Prime Minister Johnson said:  </span><span style="font-weight: 400;">“Look around the world today and you will swiftly see that the UK is not only the obvious partner of choice, we’re also very much the partner of today, of tomorrow and decades to come,” he said in his opening address.</span></p>

<!-- /wp:paragraph -->

<!-- wp:paragraph -->

<p><span style="font-weight: 400;">The UK-Africa Investment Summit, the first of its kind hosted by the UK Government, was attended by </span><span style="font-weight: 400;">foreign secretary, Dominic Raab, the international development secretary, Alok Sharma, and Prince Harry.</span></p>

<!-- /wp:paragraph -->

<!-- wp:paragraph -->

<p><span style="font-weight: 400;">The President of Ghana, Nana Akufo Addo, of Kenya, Uhuru Kenyatta, of Mauritania, Mohamed Ould Cheikh el Ghazouani,  African Development Bank President Akinwumi Adesina, and Secretary of State for International Development, MP Alok Sharma, addressed a plenary panel discussion on </span><i><span style="font-weight: 400;">‘Sustainable Finance and Infrastructure – Unlocking the City of London and UK financial services for growth in Africa.’</span></i></p>

<!-- /wp:paragraph -->

<!-- wp:paragraph -->

<p><span style="font-weight: 400;">President Kenyatta who rang the opening bell at the London Stock Exchange (LSE) marking </span><span style="font-weight: 400;">the launch of Kenya’s first green bond at the LSE, made the case for innovative and sustainable investments in energy infrastructure. “We all must think out of the box in terms of energy…to ensure we produce more green energy. This first-ever sovereign green bond of $41.45 million will be used to build environmentally-friendly student accommodation in Kenya.”</span></p>

<!-- /wp:paragraph -->

<!-- wp:paragraph -->

<p><span style="font-weight: 400;">Responding to a question about UK-Ghana partnerships, President Nana Akufo-Addo said in a world where Africa’s wealth is undisputed, “the City of London can play a significant role in bridging Africa’s huge infrastructure gap… and LSE can be a pivot in the new relationship with the continent. Indeed, 1 in 4 consumers will live in Africa by 2030,” Akufo-Addo said. </span></p>

<!-- /wp:paragraph -->

<!-- wp:paragraph -->

<p><span style="font-weight: 400;">African Development Bank President Akinwumi Adesina announced a new $80 million Bank-DFID infrastructure financing partnership. </span></p>

<!-- /wp:paragraph -->

<!-- wp:paragraph -->

<p><span style="font-weight: 400;">According to Adesina, the continent’s $68-$108 billion infrastructure investment gap per year is massive, but it depends on how you look at it. “Either the cup is half empty or half empty. To us, that is a $68-$108 billion opportunity.”</span></p>

<!-- /wp:paragraph -->

<!-- wp:paragraph -->

<p><span style="font-weight: 400;">Adesina added, “The issue of risk in Africa is exaggerated. The risk of loss is lower than Latin America. Yet, funds are not being channeled into Africa. “There are $8 trillion of assets under management in London, but only 1 percent is invested in Africa.” </span></p>

<!-- /wp:paragraph -->

<!-- wp:paragraph -->

<p><span style="font-weight: 400;">The Bank president urged investors to look to Africa and recalled the achievements of the Africa Investment Forum - a game-changing initiative led by the African Development Bank and key partners, to accelerate investment in the continent. The unique multi-sector platform is designed to advance bankable deals to financial closure. Deals valued at $40.1 billion secured investment interest in 2019 during the three-day event, which took place in Johannesburg, South Africa.  </span></p>

<!-- /wp:paragraph -->

<!-- wp:paragraph -->

<p><span style="font-weight: 400;">President Mohamed Ould Cheikh el Ghazouani of the Islamic Republic of Mauritania, shared</span> <span style="font-weight: 400;">opportunities offered by the blue ocean economy and substantial reforms currently under way to attract foreign investors.</span></p>

<!-- /wp:paragraph -->

<!-- wp:paragraph -->

<p><span style="font-weight: 400;">“We have reinforced security along our coasts. Other measures include the establishment of a Council on Investment. These huge efforts are showing tremendous results and it is giving comfort to investors,” he noted.</span></p>

<!-- /wp:paragraph -->

<!-- wp:paragraph -->

<p><span style="font-weight: 400;">The African continent is home to eight of the 15 fastest-growing economies in the world. By 2020, 42% of the world youth will be African and by 2030, will constitute an incredible workforce and potential consumers.</span></p>

<!-- /wp:paragraph -->

<!-- wp:paragraph -->

<p><span style="font-weight: 400;">In his concluding remarks, UK Secretary of State of for International Development, MP Alok Sharma expressed confidence in the continent. “Africa has a fabulous future.” Sharma announced five partnerships to mobilise private sector investment in quality infrastructure on the continent. “The City of London can play a role in mobilizing resources for Africa,” Sharma said.</span></p>

<!-- /wp:paragraph -->

<!-- wp:paragraph -->

<p><span style="font-weight: 400;">Speaking earlier, Prime Minister Boris Johnson made a major announcement on the UK’s policy on climate change.</span></p>

<!-- /wp:paragraph -->

<!-- wp:paragraph -->

<p><span style="font-weight: 400;">“From today, the British government will no longer provide any new direct development assistance for thermal coal mining or coal power plants overseas,” Johnson said. </span></p>

<!-- /wp:paragraph -->

<!-- wp:paragraph -->

<p><span style="font-weight: 400;">The declaration aligns with the African Development Bank’s green agenda aimed at increasing investment in renewable energy. President Adesina announced last year at the UN General Assembly that the Bank was moving away from investing in coal.</span></p>

<!-- /wp:paragraph -->