AfDB records $34.8bn in investment interests at Africa Investment Forum

Onome Amuge

The 2023 Africa Investment Forum ‘Market Days’, which ended in Marrakech, Morocco over the weekend, generated a total of $34.82 billion in investment interest,  Akinwumi Adesina, president of the African Development Bank (AfDB), said at the close of the event.

The amount represented a significant increase from the previous year, when the AIF generated an estimated $31 billion in investment interests.

Adesina said the increase reflects the growing interest of investors in Africa’s economic potential, as well as the bank’s efforts to promote investment in the continent.

A multilateral initiative set up by the AfDB alongside seven other development partners, the African Investment Forum brings together various stakeholders to drive projects to bankable stages, raise capital, and accelerate deals to financial closure. The forum, which was established in 2018, has become a key platform for promoting investment in Africa.

With its focus on advancing projects to bankable stages, raising capital, and accelerating deals to financial closure, the AIF plays a vital role in supporting Africa’s economic growth and transformation.

In his closing remarks in Marrakech, Adesina said that the $34.82 billion in investment interests was a significant increase from the $31 billion secured in the previous year, and it was all achieved in just 72 hours.

Adesina thanked the partners who responded to his call for increased investment in Africa and acknowledged the significant contributions of all the stakeholders involved.

“We cannot do this alone, and we will only succeed by working together,” Adesina said, adding that the Africa Investment Forum is a shining example of what can be achieved through partnership, collaboration, and a shared vision for a prosperous and sustainable Africa.

According to the AfDB president, the investments will have a transformative impact on the lives of people in Africa. He stated further that the true measure of success for the AIF is its ability to improve the lives of Africans.

Adesina highlighted the role of the bank’s partners, including the United Kingdom Export Finance, Multilateral Investment Guarantee Agency (MIGA), International Finance Corporation, Saudi Arabia Ministry of Investments, United States Trade and Development Agency, and the European Bank for Reconstruction and Development, in making the AIF a success.

He emphasised the importance of collaboration and partnership in driving investment and building a financial powerhouse around investments in Africa.