
Following three days of boardroom talks in Rabat, Morocco, the Africa Investment Forum 2024 Market Days has recorded $29.2 billion in new investor interest.
Dr. Akinwumi Adesina, President of the African Development Bank and Chair of the Africa Investment Forum, called this latest total “truly outstanding” and said it could be even higher than the 37 deals that were already ready. In the meantime, additional investments continued to be discussed and developed.
Adesina continued that, 2,300 delegates and investors attended this year’s Market Days, an increase of 60% over last year who 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.”
In 41 investment boardrooms, investors and project developers convened to examine, debate, and work on 37 investment projects.
The Africa Investment Forum 2024 Market Days were a rich experience, according to Dr. Adesina. He said that in addition to those who have indicated interest in becoming new partners, the Forum has secured 15 new sponsors for the upcoming year, including banks, insurers, and export credit agencies.
Africa50, the Afreximbank, the Development Bank of Southern Africa, the Africa Finance Corporation, the Islamic Development Bank, the European Investment Bank, the Trade and Development Bank, and the Arab Bank for Economic Development in Africa are the eight additional founding partners of the Africa Investment Forum, for which Adesina expressed gratitude.
Additionally, he conveyed his sincere appreciation to King Mohammed VI and the Moroccan people for hosting the event for the second consecutive year.
Nadia Fettah Alaoui, Morocco’s Minister of Economy and Finance, commended the Forum’s accomplishments, stating:
“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.”
In addition to urging the African diaspora to invest in Morocco, Nadia Fettah Alaoui, Morocco’s Minister of Economy and Finance, made the following appeal:
“In Africa, the future is happening. We have good projects, we have energy and enthusiasm and we have the money to finance your projects.”
Prior to revealing this year’s investment interest figures, the All Africa Business Leaders Award, which is run by the ABN Group in collaboration with CNBC Africa, named Adesina the “African of the Decade” for his “exceptional leadership and commitment to Africa.”
As his ten-year term as the leader of the leading pan-African institution draws to a close next year, Adesina reflected on his legacy,
“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.’”
The African Development Bank Group President further reiterated his optimism about the future of Africa, “the place to be” for investors.
“My heart is in Africa; my soul and my mind is in Africa. Whatever I do will be in Africa”, he said.
In the meantime, $4.8 billion was raised from the boardroom sessions.
At the final press conference, representatives of the Forum’s founding partners reiterated their dedication to strengthening cooperation and boosting the platform’s ability to bring people together to raise vital funds for Africa. As the event expands, it firmly establishes itself as a vital component for igniting revolutionary investments throughout the continent.
Up until now, investors and partners have observed partnerships becoming stronger. They anticipate more Africa Investment Forum Market Days in the future and are excited about the innovations that have been emerging.
Along with discussing the Forum’s major achievements and difficulties over the previous five years, the partners also discussed perceived market risks, cost of capital, and the challenge of creating bankable projects.