AfDB Makes Case for Strategic Partnership Towards Transformational Agro-industrialisation Projects - At Nordic-African Business Association Meeting

African Development Bank (AfDB) has made case for agro-industrialidation projects by seeking support from Nordic country partners towards adding value to the competitive production of commodities such as cocoa, livestock and cotton in order to leverage the African Continental Free Trade Agreement (AfCFTA).

Speaking at a webinar held on Thursday by Nordic-African Business Association (NABA), Vice President for Private Sector, Infrastructure and Industrialisation at African Development Bank, Solomon Quaynor, called for a strategic investment opportunities in Africa.

He explained

that this singular gesture would allow “African production to participate more in these value chains and also to increase jobs and increase incomes to private sector and also the African economy.”

One good example of this is Africa Finance Corporation (AFC) and AP Moller Capital’s Arise Group of Companies, in partnership with Olam of Singapore.

The digital webcast, jointly organised by NABA, Norwegian Ministry of Foreign Affairs, Scatec Solar and AFC, was part of a day-long event aimed at reconnecting Nordic businesses with the continent.

Nordic-African Business Summit has been hosted for nine consecutive years in Oslo – with more than 3,000 guests and 300 speakers from over 40 countries taking part so far.

The panel entertained various questions, such as that of bankability which includes market and profitability/cashflow risk, lack of a conducive enabling environment, properly conducted Environmental and Social Impact Assessment (ESIA), and challenges of integrity of sponsors and contractors.