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Africa Investment Forum showcases $1.5 billion Projects at AfDB 2023 Annual Meetings

Africa Investment Forum Showcases $1.5 billion Projects at AfDB 2023 Annual Meetings

Renewable energy and sustainability projects from Africa headlined Africa Investment Forum during Africa Development Bank’s (AfDB) 2023 Annual Meetings.

In a statement on May 25, Africa Investment Forum (AIF) announced the four innovations have an estimated value of $1.5 billion. 

According to the investment marketplace, organizers selected the four projects from the forum’s pipeline to reflect the urgency to accelerate climate action by closing the existing financial gaps. 

Four high-value projects at Africa Investment Forum

1. North Africa’s Ammonia Project 

It is a hybrid hydrogen feedstock and ammonia project seeking to generate 1,000 tons a day of green ammonia via electrolysis. 

Currently, the project requires $27 million to realize its goals.

Furthermore, the initiative will source 400 MW of renewable energy to produce 183 tons of hydrogen feedstock daily, without carbon emission. 

2. Hydropower Project in West Africa 

Also among the four projects was a 27 MW hydropower project that targets to service 700,000 households with power. 

    Moreover, the project has undergone feasibility assessments and attracted funding from international entities and multilateral development agencies. 

    Upon completion, the project will create 600 direct and indirect jobs as well as reduce CO2 emissions by 81,000 tons every year. 

    3. Plastic Recycling Project

    In addition, the investment roundtable featured an opportunity to invest in a $73 million plastic recycling and sustainability company’s expansion drive into seven African countries across West, Central and Southern Africa. 

      Also, the project aims to divert 214,000 metric tons of plastic waste to finished products. 

      The project, according to the statement, resonated with the investors present at the roundtable. 

      “The transaction incorporates important technological features, including cutting-edge processing lines and app-based collection and payment options. 

      These features were viewed as enhancing the project’s scalability across Africa  and the project resonated positively with growth capital investors that attended the roundtable,” the statement read. 

      4. Hydropower Project in Southern Africa worth $440M

      This is an independent power producer that will generate 544,000 MWh/year of energy. 

      According to AIF, the project will also feature a water distribution and flood prevention plan and creation of over 3,000 construction jobs. 

        Speaking during the roundtable, AIF Senior Director Chinelo affirmed the role of the platform in promoting start-ups in the continent. 

        “There is a need for the Africa Investment Forum on the continent. We can’t overemphasize both the convening power and the strength of the platform,” she stated.   

        AIF is a subsidiary of the AfDB with the backing of Africa50, Africa Finance Corporation, Afreximbank, and the Development Bank of Southern Africa. 

         During the meetings, AfDB President Akinwumi Adesina challenged the private sector to support Africa’s green infrastructure development