(Ecofin Agency) - The UK-Africa Investment Summit opens today in London with the aim of establishing and strengthening ties between the UK and African countries, as the kingdom leaves the EU on 31 January.

British PM Boris Johnson (pictured) says he wants to make sure Brexit will not harm the relations his country has with the Black continent. Several billion dollars worth of deals are expected to be signed during the event.

The process of building UK-Africa links after Brexit was initiated by former British Prime Minister Teresa May. During a tour of Africa in 2018, May announced her intention to make the United Kingdom the largest G7 investor in Africa by 2022, an ambition that her successor is upholding.

For African countries that have been highly eyed in recent years by the major world powers (China, USA, Japan, Germany), particularly for the size of their market and their growth potential, this meeting offers new prospects for financing the many development projects announced by governments. Moreover, studies have shown that Africa could benefit from Brexit in several areas. According to an UNCTAD report, a “hard Brexit” situation (leaving the EU without an agreement) could, for example, bring in up to $3.24 billion for the countries of the continent.

Moutiou Adjibi Nourou