The President of the African Development Bank (AfDB) took part, Thursday, June 30, 2022, at 7th Africa-Ireland Economic Forum in Dublin. An opportunity for him to urge businessmen to invest more in Africa.
“If you don’t invest in Africa, you’re not in business. Ireland’s foreign direct investment in Africa stood at $572 million at the end of 2020 and represented only 0.05 per cent of Ireland’s net foreign direct investment. This is too little. Ireland needs to invest much more in Africa. Let us set the target of increasing the share of Irish investment in Africa to 15%. » This is what Akinwumi Adesina, President of the African Development Bank, said at the7th Africa-Ireland Economic Forum in Dublin. Drawing on Africa’s current economic environment, the continent’s challenges and its diverse strengths, the role of the African Development Bank Group as a “solution bank”, a privileged partner for its regional member countries, international development partners and the international business community, Akinwumi Adesina reassured investors that they will find the AFDB a secure business partner: “You can count on the African Development Bank as a partner,” the AfDB President reassured. This forum is based on the good business relations that Ireland envisages with Africa, for which it is showing a growing interest in strengthening its economic ties. At the 7thAfrica-Ireland Economic Forum, the President of the AfDB Group, Akinwumi Adesina, acknowledged and welcomed this initiative and Irish commitment to Africa before urging Irish investors to choose Africa. Indeed, since joining the African Development Bank Group as the81st shareholder in 2020, Ireland has taken many initiatives to benefit the continent. During his stay, the President of the AFDB was received by the Irish Head of State with whom he exchanged and left satisfied. « President Higgins welcomed me very warmly. Africa is close to his heart and passion. He told me: ‘‘You are doing an extraordinary job for Africa with your leadership at the helm of the African Development Bank. Your vision inspires me, ’’ said the President of the AFDB as he emerged from this hearing. The Irish President Michael D. Higgins congratulated Mr. Adesina on his personal investment in the recently implemented African Pharmaceutical Technology Foundation project. « Nothing is more important than this, » said the Irish Head of State, who spoke of his long-standing interest in Africa and his optimism for its economic advancement. Focusing on the Bank’s news, he welcomed measures to ensure food security in the face of the Russian-Ukrainian crisis. In his address, the President of the AFDB elaborated on the five main strategic priorities known as « High 5 » that the bank has defined under his leadership and how the bank is working to support the transformation of the African economy and achieve the United Nations Sustainable Development Goals. Finally, he invited officials and private sector operators to the next edition of the Africa Investment Forum to be held in November 2022 in Abidjan, the Ivorian capital. Ireland, it should be notified, joined the AFDB and became the 81st shareholder in 2020. The country and the banking institution have a dynamic relationship. Ireland’s foreign direct investment (FDI) in Africa, amounted to $572 million at the end of 2020
Adapted and Translated from French into English by:
Albéric Djomaki,
CEO at LMS (www.lmsgroupafrica.com)
American Translators Association (ATA) Associate Member
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