Africa registers $29.2 billion investment interests in three days

About $29.2bn in investment interests have been registered in three days for various projects in Africa as the continent turns its needs into bankable and beneficial opportunities for investors.

The investment interests were realised from 37 projects in 41 boardroom meetings in three days at the just ended 2024 Africa Investment Forum (AIF) market days in Rabat, Morocco.

It covers projects in the areas of transport, power and energy, food and agribusiness, mining, pharmaceuticals, water and sanitation, urban infrastructure, and tourism, across various countries in Africa.

At the Forum, some 15 new sponsors and partners, including banks, insurers and export credit in Africa and around the world, registered their interest in boosting investment on the continent.

Dr Akinwumi Ayodeji Adesina, Chair of AIF and President of the African Development Bank (AfDB), said the development showed that the forum was becoming a global investment movement for Africa.

He spoke at the closing press conference of the Africa Investment Forum.

He stated that the over 2,300 investors and delegates from 83 countries, marking a 60 per cent increase in the number of participants from last year’s was “truly outstanding.” 

He highlighted US$4.8bn garnered for Nigeria’s Special Agro-Processing Zone, and other projects initiated by Morocco and the Democratic Republic of the Congo as examples of projects that drew investor interest higher than initially targeted.

“The waves of the Africa Investment Forum are cascading investment ripples from Africa to all parts of the world,” Dr Adesina said, adding that Africa’s needs were no more challenges, but investment opportunities to all investors.

The Chair of the Africa Investment Forum acknowledged the development of bankable projects, market risk, and cost of capital as some of the challenges associated with investments in Africa.

However, he indicated that a strong partnership had been formed among various continental multilateral development financial institutions and governments to address them.

Representatives of the Forum’s founding partners reaffirmed their commitment to deepening collaboration and enhancing the platform’s convening power to mobilise critical investments for Africa.

“The highlights you know of success is when people are joining the form as partners… and we’re building on more transactions for Africa’s sustainable economic growth and development,” Madam Boitumelo Mosako Chief Executive Officer (CEO), Development Bank of Southern Africa (DBSA), said.

At the closing ceremony of the AIF, Mad Nadia Fettah Alaoui, Morocco’s Minister of Economy and Finance, praised the Forum’s achievements, saying, “it’s a major catalyst and a successful and unique platform for investment and for accelerating the transformation of Africa.”

She encouraged the African diaspora to contribute more the development goals of the continent, saying, “In Africa, the future is happening. We have good projects, we have energy and enthusiasm and we have the money to finance your projects.”

Speaking exclusively with the Ghana News Agency, Mr Roger Stuart, the Head of Regional Hub for West and Central Africa, European Investment Bank, urged the partners to accelerate the closure of various deals and see to their full implementation.

“For all the deals to close, you need all the metrics to line up to so that everyone has done the risk allocation and financiers are comfortable that they that they’re it’s a solid investment,” he said.