African Development Bank Group President Dr. Akinwumi Adesina asserted at the 50th anniversary celebration of the Arab Bank for Economic Development in Africa (BADEA) in Riyadh that Africa stands as the most promising investment destination globally, citing its rich human, land, and mineral resources, as well as its burgeoning cross-border trade. Adesina outlined five compelling reasons supporting Africa's allure as an investment frontier: its sizable and youthful population, renewable energy potential, extensive arable land, and the African Continental Free Trade Area (AfCFTA), characterized as the largest free-trade zone globally. Despite facing challenges like climate change and geopolitical tensions, Adesina emphasized the resilience of African economies, with over half of the continent's countries achieving higher real GDP growth rates in 2023 compared to the previous year. He commended BADEA's commitment to African development, highlighting the fruitful collaboration between BADEA and the African Development Bank, which has mobilized substantial investments totaling $835 million for projects spanning nine African nations, including endeavors in agriculture, infrastructure, and renewable energy. Adesina stressed the organic nature of the partnership, rooted in longstanding cooperation between the two institutions. The event, attended by dignitaries from various nations and multilateral development finance institutions, showcased the tangible impacts of this strategic collaboration, with significant strides made across multiple sectors, from energy to agriculture, illustrating the transformative potential of African development initiatives.
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https://www.afdb.org/en/news-and-events/press-releases/african-development-banks-adesina-highlights-africa-worlds-best-investment-destination-badeas-50th-anniversary-70873
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