We Want UAE To Become Significant Investor In Africa – Adesina

Posted by Eric Ojo Business News, Latest Headlines Wednesday, March 30th, 2022

(AFRICAN EXAMINER) – President of African Development Bank (AfDB), Dr. Akinwumi Adesina has expressed the desire of the Bank to collaborate more with United Arab Emirates (UAE) and see the country become a significant investor in Africa.

Dr. Adesina disclosed this in a statement announcing his arrival in Dubai today to kick-start his three-day official visit to the UAE.

“We are keen to see the United Arab Emirates become a valued partner and a significant investor in Africa. There is a lot that the AfDB and the UAE can do together”, he said.

During his visit, according to the statement, he is expected to meet with His Highness Sheikh Maktoum Bin Mohammed Al Maktoum, Minister of Finance of the UAE.

The statement further disclosed that much of the visit’s focus will be on strengthening ties and building closer collaboration between the AfDB and UAE.

“Adesina will also have bilateral meetings with other senior members of government and heads of parastatal companies. They include discussions with Minister of State for International Cooperation, Her Excellency Reem Al Hashimy, who is also Managing Director of Expo 2020 Dubai and the Minister of State for African Affairs, His Excellency Sheikh Shakhbout bin Nahyan bin Mubarak Al Nahyan.

Given the AfDB’s strong push on financing infrastructure on the continent—among its other equally important priority areas—Adesina will meet with the Dubai Ports World CEO, His Excellency Sultan Bin Sulayem. Dubai Ports World is the biggest port operator, operating in 78 marine and inland terminals in more than 60 countries. The African Development Bank has been active in financing port infrastructure projects in Africa”, the statement added.

It further noted that renewable energy is expected to be a potential area of joint investment interest, adding that the UAE has made significant advances in green growth and renewable energy.

The statement also disclosed that the Bank is a major co-financer of the Desert to Power initiative in Africa’s Sahel, a project that will connect 250 million people to electricity, drawing on the region’s abundant solar resources.

The Bank chief will also visit the Abu Dhabi Fund for Development. “With Expo 2020 Dubai concluding this week and drawing visitors from around the world, Adesina will tour the expo and visit the pavilions of the United Arab Emirates, the African Union, and Nigeria”, it further explained.