Dr. Benedict O. Oramah, President of the African Export Import Bank, and Mahesh Kotecha, President of Structured Credit InternationalRemarks at the Plenary Discussion on"Unlocking Capital to Deliver Prosperity for Africans" at the Annual General Meeting of the Afreximbank in Accra
1. First, there are investors who think the issue is not funding but a lack well-structured and bankable projects. Their concern is with weak project development and documentation. So one way forward is to unlock their capital by deploying the skills of Afreximbank and other development banks to propose bankable projects for private investment in Africa.
A recent example of this is Nigeria where promising steps have been taken within weeks of inauguration by President Bola Tinubu. In rapid succession, he has removed petroleum subsidies, unified the exchange rate and is poised to appoint a new Governor of the central bank to reform a weak monetary and bank regulatory regime. The rating agencies and the markets have noticed.