By Francis Ntow
Rabat, Morocco, Dec 4, GNA – The Founding Partners of the Africa Investment Forum (AIF) market days are deepening collaborations to scale up investments to meet the continent’s development aspirations.
At a welcome cocktail for the 2024 AIF in Rabat, Morocco, hosted by Africa50, the founding partners highlighted the Continent’s US$402 billion investment need by 2030, acknowledging the power of partnerships to closing the gap.
The African Development Bank (AfDB) Group leads seven other founding partners -Afreximbank, Africa Finance Corporation, Africa50, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank and Trade and Development Bank for the AIF.
The convening of project sponsors, financiers, governments and other key stakeholders is aimed at closing deals to finance transformative projects across the continent.
Speaking at the event, Dr Akinwumi Adesina, Chairman, Board of AIF, and AfDB, called for capitalising the countless investment opportunities in the continent for transformational development.
Dr Adesina told investors that they would not regret putting their money in various projects in Africa, particularly in areas such as mining, food and agriculture, manufacturing and pharmaceuticals.
He said the governments were developing bankable projects with financial institutions and creating the enabling environment for investments not to only land and grow, but to thrive in Africa.
“Almost like planting seed: when you plant maize, you put fertilizer, you put water, it grows. But after growing, you’re going to be able to take your harvest out. It’s the same in Africa, you’re going to be able to take your proceeds out,” he told investors.
“Africa has come of age, and you are the partners that will help us to do even better things more for this continent. let us choose our collective gathering here to set a new milestone for committing and accelerating investments in Africa,” Dr Adesina said.
Mr Alain Ebobissé, the Chief Executive Officer (CEO), Africa50, stated that no one institution could close the investment gap of the continent, hence, the need to leverage partnerships for scale.
Mr Ebobissé stated that over the years, partnerships from the AIF market days had paved the way for deals to be closed, symbolising what could be achieved when bold ideas meet capital investment to meet the aspirations of Africans.
He stated that since the launch of the AIF in 2018, an aggregate project value of more than US$8 billion have been funded, pledging the partners’ commitment to doing.
“Now, we know that this is not enough because the infrastructure needs in Africa are still huge and urgent… Together, we can transform this into reality,” the CEO of Africa50, said.
Madam Nadia Fettah Alaoui, Minister of Economy and Finance, Kingdom of Morocco, urged investors to tap into Africa’s enormous opportunities for mutual benefits.
“Our appetite is great, our ambition is important, and you will see in the coming three days. I’m talking to the investors in particular that if you want to be the champion of the new country, region or the continent, please do so,” she said.
Underscoring the need for partnerships, Minister Alaoui encouraged participants of the AIF market days to share experiences, noting that the successes thereof would make Africa stronger and provide a brighter future for the youth.
The 2024 AIF, being attended by more than 2,300 participants offers a robust pipeline of investment-ready projects across various sectors, making it the go-to platform for investors seeking risk-adjusted return opportunities in Africa.
GNA