African finance ministers and other officials are heading to Lisbon for the African Development Bank’s annual meeting next Thursday and Friday, with investors, bankers and government officials networking and going to fringe meetings. It’s the first AfDB gathering to take place in Europe for 10 years, and comes at a time when several European countries, including the meeting’s hosts, have themselves gone to bodies like the International Monetary Fund for a bail-out.
The world’s poorest continent was showing strong growth before the financial crisis and its economic reforms and mineral resources have attracted investment from across the globe.
But the financial crisis saw a withdrawal of hot money from Africa, and just as markets were getting back on their feet, conflict and/or regime change in Egypt, Tunisia, Libya and Ivory Coast, among others, have reminded investors of political risk.
The AfDB says it will discuss the lessons to be learned from the North African unrest at the meeting.