THE three-day 2024 Africa Investment Forum (AIF) Market Days closed in Rabat, Morocco, on Friday, with 37 investment projects presented attracting US$29,2 billion in investment, it has been revealed.
The AIF is a multi-stakeholder, multi-disciplinary platform that advances projects to bankable stages, raises capital, and accelerates deals to financial closure. Its vision is to channel capital towards critical sectors to achieve the Sustainable Development Goals, the African Development Bank’s (AfDB) High 5s and the African Union’s Agenda 2063.
The AfDB hosts the forum as part of a collective initiative that includes the African Export–Import Bank, Africa50, Africa Finance Corporation, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank, and Trade and Development Bank.
This year’s forum convened to drive investments, accelerate growth, move forward successful projects with continuity, and to forge new alliances for stability and resilience of African economies.
Speaking during the closing ceremony, AfDB President and AIF chairperson, Akinwumi Adesina said had 2 300 participants and saw an increase of 60% over the attendance compared to last year’s event.
“The waves of the Africa Investment Forum are cascading investment ripples from Africa to all parts of the world. You see that at this year’s forum, with investors and participants from 83 countries from around the world. The Moroccan proverb says, ‘One hand alone, cannot clap’. We need each other to succeed: project developers, investors, governments and financial institutions. We must all clap together,” he said.
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“Across 41 investment boardrooms, investors, project developers, government leaders and financial institutions gathered, to review, discuss and engage on 37 investment projects. I must say that the level of rigor for projects has increased, in terms of project readiness, with greater focus on investment-ready projects, an enhancement from the previous editions of the forum."
He said the projects varied from transport, power, energy, agribusiness, industry, mining, pharmaceuticals, private equity, tourism, urban infrastructure, water management, and water and sanitation.
“I am delighted to announce to you, that thanks to you, we have attracted a total of US$29.2 billion of investment interest across projects! And several additional investors expressed their willingness to continue their engagement and work further on the transactions alongside with the Africa Investment Forum partners,” Adesina added.
The AfDB boss said the AIF was a continuum and as the Africa Investment Forum Founding Partners.
He pledged to work closely with all investors to support the AIF projects throughout to bring them to financial close.
The theme of this year’s edition of the forum was ‘Leveraging Innovative Partnerships for Scale’.