Africa Investment Forum 2024 Garners $29.2 Billion in Deals, Signaling Continent’s Growing Economic Potential
The Africa Investment Forum’s Market Day 2024 recorded new investor interest totaling $29.2 billion following three days of board discussions in Rabat, Morocco.
Dr Akinwumi A Adesina, Chairman of the African Investment Forum and President of the African Development Bank, described the latest total as “truly outstanding”, adding that the number could be higher as in addition to the 37 deals that have been prepared, There are many more investments being discussed and implemented.
Adesina added that 2,300 investors and representatives attended this year’s market day, a 60% increase from last year. They come from 83 countries:
“The Africa Investment Forum wave is creating cascading investment ripples from Africa to around the world…I am proud of what we have achieved for Africa.”
“In 41 investment boards, investors and project developers came together to review, discuss and participate in 37 investment projects. These projects were in transportation, power, energy, agribusiness, industry, mining, pharmaceuticals, private equity, Tourism, urban infrastructure, water management and water and sanitation.”
He described the Africa Investment Forum Market Day 2024 as an enriching experience. He announced that the forum has identified 15 new sponsors, including banks, insurance companies and export credit agencies for next year, as well as others who have expressed interest in joining as new partners:
“We are becoming a global investment movement in Africa.”
Adesina thanked the nine founding partners of the African Investment Forum – Africa50, African Export-Import Bank, Development Bank of Southern Africa, Islamic Development Bank, European Investment Bank, Trade and Development Bank and 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 consecutive year.
Nadia Fettah Alaoui, Morocco’s Minister of Economy and Finance, praised the forum’s achievements:
“It is a major catalyst and a successful and unique platform to invest in and accelerate Africa’s transformation. Investors come to Rabat to find, identify and invest in bankable projects and say that Africa is open for business.”
She appealed to the African diaspora: “In Africa, the future is happening. We have good projects, we have the energy and enthusiasm, and we have the money to fund your projects.”
Announcing this year’s investment interest figures, Adesina was named Africa’s Best Business of the Decade by the All-Africa Business Leadership Awards (https://apo-opa.co/4gqzhr9), an initiative launched by ABN Group in partnership with CNBC Africa in recognition of his “excellent leadership and commitment to Africa”.
Reflecting on his legacy, Adesina’s 10-year tenure as head of the main pan-African institution ends next year, he said: “I am proud of what we have achieved. Service to Africa has been my life’s work The greatest honor! I will continue to ‘celebrate and advocate for investment in Africa’.”
He reiterated his optimism about Africa’s future and said he would continue to advocate for the continent beyond his term. “My heart is in Africa; my soul and my mind are in Africa. Whatever I do, I do it in Africa.
Dr. Adesina, while briefing journalists on the results of the market day, disclosed that many of the projects floated at the board received higher than expected investor interest.
For example, he said state representatives tried to raise $975 million for the Nigeria Agro-Processing Zone, but the board meeting raised $4.8 billion. Likewise, projects launched in Morocco and the Democratic Republic of Congo attracted investor interest above initial targets.
At the closing press conference, representatives of the forum’s founding partners reiterated their commitment to deepening cooperation 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 promoting transformative investment across the continent.
Boitumelo Mosako, CEO of the Development Bank of Southern Africa, attributed the success of this year’s Market Day to the close collaboration between the founding partners and the quality and scale of investors participating on the board. “We see partnerships growing, we see innovation emerging and we very much look forward to hosting more Africa Investment Forum Market Days in the future,” she said.
Partners also spoke about the forum’s key successes and challenges over the past five years, ranging from the mandate to develop bankable projects to perceived market risks and capital costs.
“The Africa Investment Forum represents a very structured process. It’s not just market day. A lot of preparation goes into market day,” said Admassu Tadeh, Group President and Managing Director of the Trade and Development Bank Said Admassu Tadesse.
Distributed by APO Group on behalf of the African Development Bank Group (AfDB).
touch:
Peter Iron
Department of Communications and External Relations
media@afdb.org
About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It consists of three different entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). With offices in 41 African countries and an external office in Japan, the bank contributes to the economic development and social progress of its 54 regional member countries. For more information: African Development Bank website
