THE Africa Investment Forum (AIF) 2024 has secured an impressive $29.2bn in investor interest following three days of intense boardroom discussions in Rabat, Morocco. Hosted by the African Development Bank (AfDB) and its partners, this landmark event drew 2,300 participants from 83 countries, a 60 percent increase over last year.
AfDB President and AIF Chair, Dr Akinwumi A. Adesina, heralded the outcome as ‘truly outstanding,’ with further discussions hinting at even greater investment potential. ‘The waves of the Africa Investment Forum are cascading investment ripples from Africa to all parts of the world. I am proud that we have achieved for Africa,’ Adesina said.
Transforming Africa’s investment landscape
Spread across 41 boardrooms, delegates explored 37 high-impact projects spanning sectors such as transport, energy, agribusiness, mining, urban infrastructure, and water management. A standout example was Nigeria’s Special Agro-Processing Zone project, which initially sought $975 million but attracted $4.8bn in investor interest during discussions.
Morocco and the Democratic Republic of the Congo (DRC) also exceeded initial targets, reflecting growing confidence in Africa’s investment potential. Morocco’s Minister of Economy and Finance, Nadia Fettah Alaoui, hailed the forum as a unique platform for accelerating the continent’s transformation. ‘Africa is open for business. We have the projects, energy, enthusiasm, and resources to drive success,’ she said.
Building a global investment movement
The Africa Investment Forum has increasingly become a rallying point for transformative deals and partnerships. Adesina announced 15 new sponsors for next year, including banks, insurers, and export credit agencies, underscoring the forum’s growing global appeal. ‘We are becoming a global investment movement for Africa,’ he declared.
The forum also celebrated its founding partners, including Africa50, Afreximbank, the Development Bank of Southern Africa, the Islamic Development Bank, and the European Investment Bank, whose collaborative efforts underpin the event’s success.
Recognising leadership
Adesina’s leadership and commitment to Africa’s development received a glowing tribute when he was named ‘African of the Decade’ by the All Africa Business Leaders Award. Reflecting on the honour, Adesina said, ‘It has been the greatest honour of my life serving Africa! My heart, soul, and mind are committed to the continent.’
As his tenure at the AfDB concludes next year, Adesina pledged to continue championing Africa’s cause, stating, ‘Africa remains the place to be for investors. I will keep pitching for investments in Africa.’
Challenges and opportunities
The forum highlighted both the progress and persistent challenges in mobilising investments for Africa. Founding partners acknowledged the difficulties in developing bankable projects, managing perceived market risks, and addressing high capital costs. However, they celebrated significant achievements, such as the increasing quality and size of participating investors and innovations in structuring deals.
Boitumelo Mosako, CEO of the Development Bank of Southern Africa, praised the forum’s collaborative approach, saying, ‘We have seen growing strength in partnerships and innovations. This year’s success sets the stage for even greater impact in the future.’
Admassu Tadesse, President of the Trade and Development Bank Group, emphasised the meticulous preparation behind the event: ‘It’s a very structured process that the Africa Investment Forum represents. It’s not just the Market Days; it’s the build-up and collaboration that make the difference.’
Paving the way for Africa’s future
As the curtains closed on the Africa Investment Forum 2024 Market Days, it was clear that the event had solidified its role as a cornerstone for catalysing investments across the continent. The $29.2bn in secured interest is a testament to Africa’s immense potential, driven by visionary leadership, innovative partnerships, and a commitment to building a prosperous future.
The forum’s ripple effect will continue to resonate, with its focus on fostering a sustainable and inclusive investment ecosystem that places Africa at the heart of the global economic map.
