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 12



[ INSCRIVEZ-VOUS ]

Newsletter, Alertes




VICE PRESIDENT QUAYNOR LEADS AFRICAN DEVELOPMENT BANK MISSION TO INDIA TO
STRENGTHEN BUSINESS TIES



Écrit par Antoine Lawson | 17 Septembre 2024

LIBREVILLE,  September 17 (Infosplusgabon) - An African Development Bank 
delegation led by Vice President Solomon Quaynor has concluded a four-day
official visit to India to explore investment and trade opportunities and
partnerships between Africa and India in pharmaceuticals, agriculture, and
technology. During the mission, which took in the cities of New Delhi, Gurgaon
and Faridabad, Quaynor, the Bank’s Vice President for Private Sector,
Infrastructure, and Industrialisation positioned the Bank as a potential partner
to India’s private sector in the areas of project financing and de-risking
initiatives, among others. He also promoted the Africa Investment Forum as a
platform offering access to unparalleled investments across the continent.

 

The delegation participated in a roundtable with 15 Indian pharmaceutical and
healthcare infrastructure companies, co-hosted by the Bank and India Exim Bank.
Discussions centred on the opportunities and challenges presented by developing
local production and robust infrastructure in Africa’s pharmaceutical markets,
which face an estimated $111 billion investment gap through 2030.

The African Development Bank has developed a pharmaceutical and vaccine
manufacturing strategy  and plans to invest up to $3.1 billion through 2030 to
support its implementation.

Quaynor said, “We have partnered with the India Exim Bank to support Indian
private sector participation in Africa’s growth story. This includes India’s
private sector participating in government projects that the African Development
Bank finances with India Exim export credit financing. An example is the Noor
Ouarzazate solar power plant in Morocco, which was funded by an AfDB loan to the
Moroccan government; the EPC involved two Indian companies Sterling & Wilson and
Shapoorji Pallonji.”

During a meeting with Ms. Manisha Sinha, Additional Secretary of the Indian
Ministry of Finance and the Bank's Group’s Alternate Governor, Vice President
Quaynor commended India's long-standing support to the Bank Group, and
highlighted potential areas of collaboration in youth training, digital
financial inclusion, and the digitisation of health infrastructure.

Quaynor also participated in the 19th India-Africa Business Conclave, an annual
event organized by the Confederation of Indian Industry (CII), in partnership
with Indian Ministries of Commerce and Industry, and External Affairs. The Vice
President stressed that Africa remains the second-fastest growing region
globally, with average real GDP growth expected to reach 4.3 percent in 2025, up
from 3.7 percent in 2024. According to African Development Bank forecasts,
seventeen African economies are projected to grow by more than 5 percent in
2024.

During a panel session on critical minerals, Quaynor emphasised that African
countries are seeking partners that can help them move up EV and battery supply
chains, as Africa pursues industrialisation. He added that the African
Development Bank helps finance projects by offering long-term debt and
guarantees, as well as indirect equity through private equity and venture
capital fund investments.

The Bank’s team also visited the premises of the Indian Agricultural Research
Institute (IARI) to discuss potential collaboration on extension models, public
seed systems, and training. The IARI played a key role in driving India’s green
revolution, during which the country’s agriculture underwent transformation into
a modern industrial system through adoption of high yielding variety seeds,
mechanisation, irrigation and other inputs.

India recently contributed $6 million towards a new trust fund to be managed by
the Bank, under a bilateral Technical Cooperation Agreement signed in March
2024. The Indian government has also provided $2 million to the Africa Digital
Financial Inclusion Facility (ADFI), managed by the African Development Bank.

"As we look forward, there are key sectors of growth that Indian companies could
have a competitive advantage over other global markets, thereby facilitating
south-south cooperation,” Quaynor said. “This requires industrialisation in
Africa – so moving up the production value chain in Africa to take advantage of
the AfCFTA, which is a single continental market of 1.4 billion people and a GDP
of over $3.4 trillion."

The Vice president was joined by Mr. Osamu Kawanishi, Director of the Asia
External Representation Office, Ms. Yuna Choi, Chief External Relations and
Communications Officer and Mr. O’Neil Rane, Principal Resource Mobilisation and
Partnerships Officer. The mission took place from August 20-23.

The African Development Bank Group (AfDB) is Africa’s premier development
finance institution. It comprises three distinct entities: the African
Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria
Trust Fund (NTF). On the ground in 34 African countries with an external office
in Japan, the AfDB contributes to the economic development and the social
progress of its fifty-four regional member states. (SOURCE : African Development
Bank Group (AfDB)).

FIN/INFOSPLUSGABON/AER/GABON2024

 

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