More than 2,300 project sponsors, financiers, business leaders, government officials and other key stakeholders, have gathered in Rabat, capital city of Morocco, to discuss and close investment deals, aimed at transforming Africa’s economy.
This is through the 2024 edition of the Africa Investment Forum, a brainchild of the African Development Bank (AfDB) and seven other founding partners, with the Arab Bank for Economic Development in Africa (BADEA) as a new partner.
The other partners are – Afreximbank, Africa Finance Corporation, Africa50, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank and Trade and Development Bank.
The three-day event, on the theme: “Leveraging Innovative Partnerships to Scale-Up,” demonstrates the commitment of partners to drive transformative investments across Africa through strategic collaborations.
Already, some US$180 billion investment interests have been registered since the start of the AIF in 2018 in critical sectors like energy, infrastructure, health, and agriculture.
Speaking at the opening ceremony, Dr Akinwumi Ayodeji Adesina, President, AfDB, said, the accelerated development of Africa required greater mobilisation of private capital, the driving force of the forum.
He noted that one out of four people in the world would be an African by 2050, housing investment opportunity would reach US$1.4 trillion, while the size of the continent’s food and agriculture market would rise to US$1 trillion by 2030.
The continent’s investment opportunity in energy, transport, digital infrastructure, water and sanitation demand for infrastructure is worth at least US$170 billion a year, coupled with a high need for consumer goods and services.
Speaking to those data, Dr Adesina said, they presented a unique investment opportunity in Africa, which could not be ignored, and urged investors to put their money in the continent, saying, “Africa is not as risky. Perception is not reality.”
Africa needs investors in supporting its ambition to become a green energy power hub for the world… together, we are on a journey to transform Africa with private capital.”
He said the AIF would match investors with opportunities, mobilise capital, and accelerate financial closure for projects, while helping investors take informed investment decisions.
Madam Nadia Fettah Alaoui, Minister of Economy and Finance, Kingdom of Morocco, called on development partners to strengthen their collaboration and work more as a system for more impact in the growing of African countries.
The challenges included high debt risks, high levels of unemployment, particularly among young people, access to energy and food security, climate change and health concerns.
Addressing these challenges, especially in a dynamic global environment, she said required an urgency in placing partnerships with Multilateral Development Banks (MDBs) in Africa and beyond at the heart of policies.
“We must recognise that we still have a long way to go. Until the private sector can play its full role in reducing the financing gap of the Sustainable Development Goals (SDGs) of our continent,” she said.
“Development partners are therefore, called upon to intensify their support of structural reform taken at the national level by the African governments with the view to promoting private initiatives and strengthening learning and preparation of well-designed and financially viable projects,” said, Madam Alaoui.
She lauded the AfDB for taking a bold step in forming strong alliance with various financial and key partners, which was essential to stimulate the mobilisation of additional resources and accelerate the continent’s development.
