African Businesses Urged to Explore Huge Business Opportunities in the Continent
Business men and women across Africa have been urged to refocus their search for business opportunities, openings and networks to the continent instead of looking out. According to Mr. Ibrahim Sagna, Director of the Advisory and Capital Markets Department at the African Export-Import Bank (Afreximbank), there are available openings across the continent yet to be explored by African business people and African based businesses. He noted that there are even available funds aimed at helping investment in the continent which are not being fully explored due to certain bottlenecks despite the significant trade and investment cooperation which Africa had witnessed over the past two years.
It could be recalled that the African Investment Fund was set up in response to complaints by many African businesses on ways to overcome bottlenecks usually associated with sourcing such funds for investment and projects execution. It is in reaction to this that the AIF was established specifically to help overcome those bottlenecks preventing greater uptake of the opportunities.
Afreximbank’s role was to help address those challenges and to create investment opportunities in Africa, added Mr. Sagna. “Afreximbank believes that Africa is the place for investors to come and seize the numerous opportunities provided by the huge population, growing economies, and fast-paced dynamic setting.”
Speaking on same issue, the Egyptian Minister of Investment and International Cooperation, Dr. Sahar Nasr, called on African businesses to explore opportunities in his country saying that Egypt presents investment opportunities related to the renewable energy, infrastructure and transport sectors at the AIF in line with its development plan.
African Development Bank is collaborating with Afreximbank to organise a Roadshow to bring further awareness to the existence of the Africa Investment Fund so that many African based businesses can explore the opportunities therein. The 2019 Roadshow is billed to take place from 11 to 13 November 2019 in Johannesburg, South Africa.
The AIF which is an investment market place through which the Bank and other partners can structure deals, screen and enhance projects, attract co-investors, and facilitate transactions to close Africa’s investment gaps. It is expected to reduce intermediation costs, improve the quality of project information and documentation, and increase active and productive engagements between African governments and the private sector.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.