Head, Investment Banking, Middle East and Africa, Citigroup, Mr. Miguel Azevedo has advocated a $100b fund for businesses in Africa to get the economies going and create jobs.
Speaking, yesterday, at a webinar hosted by Africa CEO Forum, Azevedo, who led the discussion, said with the impact of COVID-19 to bring businesses back in Africa in a sustainable manner, would require a functioning global economy, as de-globalisation is not good for the continent.
The forum, the second in the series of six webinars dedicated to business leaders operating in Africa was entitled, ‘Closing deals and impact of the COVID-19: What can we foresee in the pipeline.”
The webinar was attended by Partner, at MMC Asafo, Esther Omulele; the Managing Director, Centum Capital, Fred Murimi; Director, Asafo & Lawtons, Riette Engels-van Zyl; Partner, Development Partners International, Sofiane Lahmar; Group Chief Executive Officer, Emerging Africa Capital Group, Toyin Sanni and moderated by BBC journalist, Anne-Marie Dias Borges.
Azevedo called for a $100b fund for over five years in Africa, to be supported by the United States of America, Europe, and China to get the economies going and create jobs.
He also said the debt situation in Africa has to be sustainable with some elements of re-profiling and debts restructuring, which is not easy but necessary.
According to him, African countries need to implement solid economic and industrial policies that favour investments and capital expenditure.