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The Africa Investment Forum 2024 Markets Days has recorded a total of $29.2 billion in new investor interests after three days of boardroom discussions in Rabat, Morocco.
The Chair of the Africa Investment Forum, President of the African Development Bank, Dr Akinwumi A Adesina, described this latest total as “truly outstanding” and added that this could be even higher as in addition to the 37 deals that were ready, there were still more investments that were being discussed and worked on.
Adesina added that 2,300 investors and delegates had participated in this year’s Market Days, an increase of 60% over last year. They came from 83 countries:
“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.”
“Across 41 investment boardrooms, investors and project developers gathered to review, discuss and engage on 37 investment projects. The projects varied from transport, power, energy, agribusiness, industry, mining, pharmaceuticals, private equity, tourism, urban infrastructure, water management and water and sanitation.”
He described the Africa Investment Forum 2024 Market Days as a rich experience. He announced that the Forum has lined up 15 new sponsors, including banks, insurers and export credit agencies for next year, along with others who’ve expressed interest in joining as new partners:
“We are becoming a global investment movement for Africa.”
Adesina thanked the nine founding partners of the Forum of the Africa Investment Forum--Africa50, the Afreximbank, the Development Bank of Southern Africa, the Islamic Development Bank, the European Investment Bank, the Trade and Development Bank, and the Arab Bank for Economic Development in Africa. He also expressed his deep gratitude to King Mohammed VI and the people of Morocco for hosting the event for the second year in succession.
Morocco’s Minister of Economy and Finance, Nadia Fettah Alaoui, praised the Forum’s achievements:
We have seen a growing strength in partnerships, we have seen innovations coming through and we really looking forward to more Africa Investment Forum Market Days in the future
“It is a major catalyst and a successful and unique platform for investment and for accelerating the transformation of Africa. Investors came to Rabat to prospect, identify and invest in bankable projects, and say that Africa is open to business.”
She appealed to the African diaspora: “In Africa, the future is happening. We have good projects, we have energy and enthusiasm and we have the money to finance your projects.”
Before announcing this year’s investment interest numbers, Adesina was named “African of the Decade” by the All Africa Business Leaders Award (https://apo-opa.co/4gqzhr9), an initiative of the ABN Group in partnership with CNBC Africa, for his “exceptional leadership and commitment to Africa.”
Reflecting on his legacy as his 10-year tenure as head of the premier pan-African institution comes to an end next year, Adesina said, “I’m proud of what we’ve achieved. It has been the greatest honor of my life serving Africa! I will keep ‘cheering and pitching for investments in Africa.’”
He reiterated his optimism about the future of Africa, saying he would continue advocate for the continent after his tenure. “My heart is in Africa; my soul and my mind is in Africa. Whatever I do will be in Africa.
Addressing journalists on the outcomes of the Market Days, Dr. Adesina revealed that many of the projects presented in the boardrooms received investor interest higher than estimated.
For example, he said, state representatives sought to mobilize $975 million for Nigeria's Special Agro-Processing Zone, but the boardroom sessions garnered $4.8 billion. Similarly, projects initiated by Morocco and the Democratic Republic of the Congo drew investor interest higher than initially targeted.
During the closing press conference, representatives of the Forum’s founding partners reaffirmed their commitment to deepening collaboration and enhancing the platform’s convening power to mobilize critical investments for Africa. As the event grows, it solidifies its role as a cornerstone for catalyzing transformative investments across the continent.
Development Bank of Southern Africa’s CEO Boitumelo Mosako attributed the success of this year’s Market Days to the strong collaboration among the founding partners, as well as the quality and size of investors that participated in the boardrooms. “We have seen a growing strength in partnerships, we have seen innovations coming through and we really looking forward to more Africa Investment Forum Market Days in the future,” she said.
The partners also spoke about the key successes and challenges of the Forum over the past five years, ranging from the task of developing bankable projects to perceived market risks and cost of capital, among others.
“It’s a very structured process that the Africa Investment Forum represents. It is not just the Market Days. It’s a lot of preparation that builds up to the Market Days,” said Admassu Tadesse, Trade and Development Bank Group President and Managing Director.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
