A delegation from the African Development Bank, led by Vice President Solomon Quaynor, has successfully completed a four-day official visit to India aimed at identifying investment and trade opportunities, as well as fostering partnerships between Africa and India in the sectors of pharmaceuticals, agriculture, and technology.
Throughout the visit, which included stops in New Delhi, Gurgaon, and Faridabad, Quaynor, who serves as the Bank’s Vice President for Private Sector, Infrastructure, and Industrialisation, emphasized the Bank's role as a potential collaborator with India's private sector in project financing and risk mitigation initiatives. He also highlighted the Africa Investment Forum as a key platform for accessing significant investment opportunities across the continent.
The delegation engaged in a roundtable discussion with 15 Indian companies specializing in pharmaceuticals and healthcare infrastructure, co-hosted by the Bank and India Exim Bank. The conversations focused on the opportunities and challenges associated with enhancing local production and developing strong infrastructure within Africa’s pharmaceutical markets, which are projected to face a $111 billion investment shortfall by 2030.
The African Development Bank has formulated a strategy for pharmaceutical and vaccine manufacturing and intends to invest up to $3.1 billion by 2030 to facilitate its execution.
Quaynor remarked, “We have collaborated with the India Exim Bank to encourage Indian private sector involvement in Africa’s development narrative. This encompasses the participation of India’s private sector in government projects financed by the African Development Bank, utilizing India Exim export credit financing. A notable example is the Noor Ouarzazate solar power plant in Morocco, which received funding through an AfDB loan to the Moroccan government, with two Indian firms, Sterling & Wilson and Shapoorji Pallonji, involved in the EPC.”
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| Solomon Quaynor, Vice President of African Development Bank |
In a recent meeting with Ms. Manisha Sinha, Additional Secretary of the Indian Ministry of Finance and the Bank's Group’s Alternate Governor, Vice President Quaynor expressed appreciation for India's enduring support of the Bank Group. He also identified promising avenues for collaboration, particularly in youth training, digital financial inclusion, and the digitization of health infrastructure.
Additionally, Quaynor took part in the 19th India-Africa Business Conclave, an annual gathering organized by the Confederation of Indian Industry (CII) in collaboration with the Indian Ministries of Commerce and Industry, as well as External Affairs. He underscored that Africa is the second-fastest growing region in the world, with an anticipated average real GDP growth of 4.3 percent by 2025, an increase from 3.7 percent in 2024. The African Development Bank's forecasts indicate that seventeen African nations are expected to experience growth exceeding 5 percent in 2024.
During a panel discussion focused on critical minerals, Quaynor highlighted the interest of African nations in partnering with entities that can assist them in advancing within the electric vehicle and battery supply chains, as part of their industrialization efforts. He noted that the African Development Bank plays a vital role in financing projects by providing long-term debt, guarantees, and indirect equity through investments in private equity and venture capital funds.
Furthermore, the Bank’s team visited the Indian Agricultural Research Institute (IARI) to explore potential collaborations on extension models, public seed systems, and training initiatives. The IARI has been instrumental in facilitating India’s green revolution, which transformed the country’s agricultural landscape into a modern industrial system through the adoption of high-yield variety seeds, mechanization, irrigation, and other essential inputs.
India has recently pledged $6 million to establish a new trust fund that will be overseen by the Bank, as part of a bilateral Technical Cooperation Agreement signed in March 2024. Additionally, the Indian government has allocated $2 million to the Africa Digital Financial Inclusion Facility (ADFI), which is managed by the African Development Bank.
"Looking ahead, there are significant growth sectors where Indian companies can gain a competitive edge over other global markets, thus enhancing south-south cooperation," stated Quaynor. "This necessitates industrialization in Africa, which involves advancing up the production value chain to leverage the AfCFTA, a unified continental market comprising 1.4 billion people and a GDP exceeding $3.4 trillion."
The Vice President was accompanied 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 Mobilization and Partnerships Officer. This mission occurred from August 20 to 23.