Ropeways, AfDB reap gains at Africa Investment Summit

President of the African Development Bank, Dr Akinwumi Adesina has said that transactions worth $40.1 billion were secured at the second edition of the Africa Investment Forum, according to the Punch.

The Details: Adesina stated that the number of transactions initiated by the bank and its partners in this year’s event surpassed last year’s record which stood at $38.7 billion. This year, 56 deals worth $67.6 billion went into boardroom sessions, a 44% increase from last year.

Meanwhile, the promoters of the Lagos Cable Car Project, Ropeways Transport noted that it was still in need of $50 million to make up funds already secured to execute the project. Despite the difficulty of securing land that would serve as stations for the transport system, Dapo Olumide, Chief Executive Officer of the Cable Car Project, explained that the company could only get $230 million for the kickoff of the project.

Olumide said the company made a presentation at a closed-door session for the $50 million additional funding that would be required to see the project come to life within a period of two years.

Similarly, Nigerian governors were not exempted from the event. They, like other fund seekers, met with potential investors in closed-door meetings. Abia State Governor, Dr Okezie Ikpeazu, and the Ekiti State Governor, Dr Kayode Fayemi, were at the event to solicit financing for some projects although Nigerian transactions were yet to be announced as sealed.

Nairametrics gathered that the Abia State Government made a presentation on a project called “Enyimba City” which has already secured no less than $10 million in funds from the bank for a feasibility study on the project. The stage of discussion reached is, however, unclear.

Speaking at the close of the event, Adesina, while expressing joy at the progress made in terms of the sealed and proposed transactions, said “It’s been a phenomenal three days of intense engagements. You can feel the energy in the hallways, the marketplace, restaurants, over meal, as all you hear is all about deals and deals. We have had an incredible event.” 

What you should know: A record 2,221 participants from 109 countries — 48 countries from Africa and 61 from outside of Africa reportedly participated in the event.

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