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Sunday, October 6, 2024

US congressional delegation acknowledges Africa as best place to invest

United States Congressman, Gregory Meeks, has warned that the United States will only be part of the future if it invests in Africa now.

The congressman from New York and Chairman of the US House Foreign Affairs Committee was speaking during a visit to the African Development Bank Group on Saturday, as he and a team of congressional colleagues concluded a tour of three West African countries.

African Development Bank Group President Dr. Akinwumi A. Adesina and several senior bank officials welcomed the group to the Bankā€™s headquarters in Abidjan.

ā€œIf the United States is not investing in Africa today ā€“ especially when we look at the size of Africaā€™s youth population, which is larger than Americaā€™s entire populationā€“ then we are not going to be a part of the future,ā€ Meeks said.

ā€œMy singular focus had been to make sure Africa moves ā€œfrom the back to the front. Thereā€™s a lot of work to do. Governments canā€™t do it alone. The African Development Bank will play a big role. When Prosper AfricaĀ needs guidance, I will point them to the African Development Bank,ā€ he added.

Adesina thanked the United States for its continued support, including support for the Bankā€™s general capital increase in 2019, which saw its capital base rise from $93 billion to $208 billion. Adesina said the United States, the second-largest shareholder of the Bank, was ā€œworking with the right institution.ā€

ā€œWe are African, we understand the needs of Africa, and we are driving change in Africa,ā€ he said.

Deepened relations

Adesina and the visiting members of Congress agreed on the need for closer cooperation between the African Development Bank and US investors. Adesina said the Bank would open an office in Washington, D.C., once Board approval was secured.

He explained that the office would provide guidance about how to structure substantive US private sector investment in Africa. ā€œWeā€™d like to see a lot more US direct investment in infrastructure,ā€ Adesina said. ā€œWe look forward to working with the United States Trade and Development Agency and others on this.ā€

Adesina said African economies were rebounding, but the continent faced mounting commercial debt, the adverse impacts of climate change, lack of opportunities for youth, and poor access to Covid-19 vaccines.

Adesina asked for the United Statesā€™ support in tackling climate change. He explained that the Bank was investing heavily in climate adaptation and was working closely with US Special Presidential Envoy for Climate John Kerry and US Treasury Secretary Janet Yellen on climate finance.

Africa Investment Forum

Joining virtually were the Bankā€™s Vice President for Private Sector, Infrastructure, and Industrialization Solomon Quaynor, and Senior Director of the Africa Investment Forum, Chinelo Anohu.

The Africa Investment Forum, Africaā€™s premier investment platform, has played a key role recently in driving closer ties between the Bank and the US investment community as well as with certain business-related arms of the US government like the United States Trade and Development Agency.

In late 2021, the Africa Investment Forum signed a memorandum of understanding with the US Trade and Development Agency to support high-quality infrastructure solutions for Sub-Saharan Africa

Meeks was accompanied by Congressman Ami Bera of California, Congresswoman Ilhan Omar of Minnesota, Congresswoman Joyce Beatty of Ohio, Congressman G.K. Butterfield of North Carolina, Congresswoman Brenda Lawrence of Michigan, and Congressman Troy Carter of Louisiana.

The group had visited Sierra Leone and Liberia before their arrival in CĆ“te dā€™Ivoire. Members said they were inspired by the immense opportunities the African continent offers American investors.

Discussions also covered the role of the African diaspora and the need to stem the brain drain of African professionals from the continent.

Accompanying the African Development Bank president at the meeting were several senior officials of the institution, notably Senior Vice President Swazi Bajabulile Tshabalala, Vice President for Power, Energy, Climate Change and Green Growth Kevin Kariuki, Vice President for Agriculture, Human and Social Development Beth Dunford, Acting Chief Economist and Vice President for Economic Governance and Knowledge Management Kevin Urama. Others were Acting Vice President for Regional Development, Integration and Business Delivery Yacine Fal, Acting Vice President for Finance and Chief Financial Officer Hassatou Nā€™Sele, and Acting Director-General, Office of the Bank President Alex Mubiru.

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