The African Development Bank (AfDB) on Wednesday announced the postponement of the 2020 Africa Investment Forum to 2021, due to the ongoing COVID-19 pandemic.

The Forum, a three-day event, was scheduled to take place this month in South Africa's largest city Johannesburg.

"The decision follows a careful evaluation of the impact and evolution of the COVID-19 global pandemic, the attendant risk of a possible second wave, and its associated effects on global travel, investments, as well as social distancing rules," a statement on the AfDB website read in part.

"The Forum will continue to curate new deals, track investments and advance the financial closure of transactions and existing deals through its innovative digital platforms."

The AfDB did not give any prospective date for when the rescheduled event is likely to be held.

During last year's event, 57 deals valued at $67.7 billion were tabled for discussions and 52 deals worth $40.1 billion secured investment interest, according to the AfDB.

(With input from African Development Bank)