AfDB urges U.S. to invest more in Africa

African Development Bank (AfDB) president, Akinwunmi Adesina, has urged the United States of America to increase its investment in Africa.Speaking at a high-level dialogue in Washington D.C. on the sidelines of the World Bank/International Monetary Fund (IMF) Spring meetings, Adesina said: “It is time to turn around the declining investments of the U.S. in Africa.”

In a statement by Nafissatou Diouf of its Communication and External Relations Department made available to The Guardian, AfDB noted that as the world’s private sector leader, “the U.S. has a unique role to play in increasing investments in Africa and expanding opportunities for the U.S. private sector.”

Acknowledging continued U.S. support for Africa, Adesina said: “Now is the time to scale up and take advantage of opportunities that other global players are already investing in.”In attendance at the dialogue was U.S. Congresswoman, Karen Bass, who is also chairwoman of the House Foreign Relations Subcommittee on Africa, Global Human Rights and International Organisations; and acting director of U.S. Trade and Development Agency, Thomas Hardy.

Discussing the role of the bank in financing the continent’s development needs, Bass said: “Africa is fast becoming the continent of the future.”She reiterated the U.S. commitment to and support for the work of the AfDB.

“This discussion comes at a critical juncture for the future of Africa. It is widely accepted that Africa is an investment hub. I personally, and many of my colleagues will continue to, advocate full funding or increased funding to the bank,” Bass told attendees.