African Development Bank (AfDB) has said it is worried with the lowest rates of the country’s total investment percentage among sub-Saharan African countries.
It is estimated that Malawi’s total investment in sub-Saharan Africa in terms of Gross Domestic Product (GDP) is at 12.9 percent due to low rate of private sector investments.
AfDB Country Manager, Eyerusalem Fasika, spoke to The Daily Times about Malawi’s low investment during a road show held ahead of the launch of the first-ever African Investment Forum (AIF) scheduled for Johannesburg, South Africa.
Fasika said the forum offers Malawi an opportunity to showcase bankable investment projects which AfDB can facilitate funding on.
“The Malawi economy has, over the years, featured low levels of industrialization with the industry only contributing 14.35 percent to GDP in 2017 compared to 32 percent of the same in 1990,” Fasika said.
She said it was for this reason that the bank is launching the forum which is aimed at helping sub- Saharan African countries, including Malawi, to support industrializationthrou
AIF would help attract investors for project proposals to close investment gaps among African countries including Malawi.
Malawi Investment Trade Centre Executive Director, Clement Kumbambe, said the forum could help Malawi and other African countries showcase investments projects.
“I, therefore, call upon all Malawian investors to make sure that they have well-structured investment projects which will enable them attract funding,” Kumbambe said.
Recently, AfDB President, Akinwumi Adesina, said the forum is among initiatives designed to accelerate economic development in Africa.