Africa most appealing for investment –AfDB

Africa is now the most appealing region to many investors, thanks to a discovery of new resources and improvement in political leadership, a high official from the African Development Bank (AfDB) said yesterday.While addressing journalists via video conference, the Secretary General of AfDB, Cecilia Akintomide, told journalists that although Africa was for long considered the least attractive, it now offers dynamic markets and unique business platforms.“As of 2012, Africa’s economy was projected to grow decently at 6 percent; political will at the helm of improved political reforms and a growing middle class are changing the socio-economic dynamics and exerting changes on the business landscape of the continent,” Akintomide said.“As Africa rises, we must think about its future. We must push towards development which is sustainable, not just about raising infrastructure but impacting the people of Africa”.AfDB will hold its 47th annual meeting in Arusha-Tanzania on 30th May, which is expected to attract several Heads of State and large investors to discuss the continent’s emerging global position, its challenges and opportunities.“The focus for last year was on resource mobilization; we have been successful in this and our share capital has been tripled. This annual meeting will be about operations and development because those resources were mobilized for one reason- the development of the continent,” she said.In an interview with Orison Mawumenyo, AfDB’s Program Officer to Rwanda, he said: “The biggest brains in African will be given a platform to discuss various issues affecting Africa, such as why many companies die young, how to graduate from aid and youth employability, among others.”“We are looking forward to what is going to be special about the Africa of the future, how we can realize a development dream,” he added.AfDB finances development projects in Rwanda with over US$160 million in a three-year cycle and has already dispersed 60 percent of the amount in two years.