Fortune News | Aug 01,2020
Six heads of state and high level delegates from 109 countries, of whom 48 are from Africa, were on hand when the second edition of the African Investment Forum opened today in the Sandton Convention Centre, Johannesburg.
Unlike last year when President Sahle-work Zewde took centre stage, Ethiopia is underrepresented this year. Not even its ambassador to South Africa, Shiferaw Teklemariam (PhD), is in attendance. The government sent a diplomat in his stead to a Forum where 59 investment deals estimated to be worth 67 billion dollars are slated to take place over three days.
President of the host country, Cyril Ramaphosa, had invited Prime Minister Abiy Ahmed (PhD) to attend the Forum. In fact, since he came to office, he has been invited to South Africa four times, according to people knowledgeable of the bilateral relationship between the two countries. He has yet to take up the offer.
Perhaps busy putting the final touches on the merger of the ruling EPRDF at home, Abiy tried to send his deputy, Demeke Mekonnen, at the last minute. Despite his confirmation of participation, and last minute preparation for his arrival here in Johannesburg, he too decided to cancel in order to attend the Executive Committee meeting of the EPRDF, called for Wednesday.
It will be the most consequential meeting of the incumbent party. Senior leaders of the EPRDF will vote on the single agenda on the menu, the merger of the ruling party and whether to send their decision to its council, according to sources close to the process. Party functionaries have already completed the by-laws and programme of the party that is expected to evolve, though vehement objections exist from the senior partner in the coalition, the TPLF.
Such pressing and delicate domestic affairs might have kept Ethiopia’s leaders busy at home, while representatives from many countries in the continent are scrambling to get a slice of capital flowing to Africa. Organisers say the forum is more than a talking shop and heavy on real transactions. Last year, 32 billion dollars worth of deals were made, where Ethiopia had received 100 million dollars in loans to expand its national electrification programme.
”The Forum has a very simple agenda,” said Victor Oladokun, director of communications and external relations at the Africa Development Bank (AfDB), the main organiser of the forum. "It's tilting the flow of capital into Africa at a much greater level than we have experienced up to now.”
The largest chunk of this capital, 37 billion dollars, is expected to go to Southern Africa. The second largest, 14 billion dollars, is taken by Central Africa, while the lowest, 1.5 billion dollars could end up in East Africa. Much of this capital is to be invested in energy, infrastructure, agro-processing and the healthcare industry.
“We’re not scared of investing in Africa,” said Akinwumi A. Adesina, president of the AfDB. “We can’t be scared of our neighborhood.”
The issue this year is about “scaling up and speeding up” investment to Africa, according to Admassu Tadesse, president and chief executive officer of the Trade & Development Bank (TDA). Indeed, the Forum this year has seen 30pc larger pledges for investment than the 47 billion dollars chasing viable projects in Africa during the last Forum.
PUBLISHED ON
Nov 11,2019 [ VOL
20 , NO
1020]
Fortune News | Aug 01,2020
My Opinion | Mar 20,2021
Radar | May 20,2023
Radar | Aug 03,2019
Fortune News | May 18,2019
Fortune News | Dec 27,2018
My Opinion | Oct 10,2020
Radar | Aug 28,2021
Fortune News | May 09,2020
Fortune News | May 14,2022
Dec 22 , 2024 . By TIZITA SHEWAFERAW
Charged with transforming colossal state-owned enterprises into modern and competitiv...
Aug 18 , 2024 . By AKSAH ITALO
Although predictable Yonas Zerihun's job in the ride-hailing service is not immune to...
Jul 28 , 2024 . By TIZITA SHEWAFERAW
Unhabitual, perhaps too many, Samuel Gebreyohannes, 38, used to occasionally enjoy a couple of beers at breakfast. However, he recently swit...
Jul 13 , 2024 . By AKSAH ITALO
Investors who rely on tractors, trucks, and field vehicles for commuting, transporting commodities, and f...
Aug 14 , 2026
Aschalew Fetene, known as “Ardi” and admired for his poetic depth, has built a ti...
Aug 8 , 2026
The World Bank asks readers to picture a mother in rural Ethiopia who has never held...
Jul 31 , 2026
Weldu Yiheysh has not read the Pacific temperature charts. He does not need to. In Shibta District of Enderta Wereda, in...
Jul 25 , 2026
Ideally, citizens who have paid income tax all year should not have to reach for thei...