The African Development Bank (AfDB) has said there is a tremendous opportunity for Indian companies to collaborate with it in sectors such as power generation and transmission, energy, agricultural transformation, healthcare and pharmaceuticals, technology, transportation, and industrialization.
Acting Senior Vice President and Chief Financial Officer at the AfDB, Bajabulile Swazi Tshabalala, stated this during a recent virtual conference hosted by the Confederation of Indian Industry (CII) and its partners.
Highlighting business potential in Africa, she noted that the continent had great prospects for investors, with a growing consumer market that Indian firms cannot afford to miss.
“The positive outlook for Africa is reinforced by the establishment of the African Continental Free Trade Area (AfCFTA), which seeks to deepen regional integration across the continent and allow the free movement of people and trade across borders,” Tshabalala said.
The bank is seeking to expand the number of bankable projects in Africa and has set aside $100 million for project preparation activities in low-income countries. It is also keen mobilize greater private sector participation in these projects from all countries, she added.
Also speaking at the event, Chief Financing Analyst from the AfDB’s syndications, co-financing and client solutions department, Nana Spio- Garbrah, highlighted the bank’s capacity to mitigate risk for foreign investors, especially during this era of COVID-19. Spio-Garbrah also talked about the AfDB’s Partial Risk Guarantee (PRG) and Partial Credit Guarantee (PCG), which has been upgraded to meet client needs better.
She cited the Bank’s syndication services, particularly the A/B loan product, which allows B-lenders to benefit from the bank’s Preferred Creditor Status. She also mentioned the Co- Guarantee Platform – a new cooperative of four risk mitigation providers and the African Union, which collectively pools their capacities to de-risk African projects.
Similarly, Head of the AfDB’s Asia External Representation Office, Takashi Hanajiri, spoke on the partnership between India and the bank, and the bank’s COVID-19 Response Facility. Hanajiri pointed out the huge potential of the Africa Investment Forum and encouraged Indian partners to participate to find investment opportunities in Africa