The 2023 Market Days of the Africa Investment Forum successfully generated $34.82 billion in investment interest across various sectors such as infrastructure, agriculture, health, and the creative industry. The three-day global event, themed “Unlocking African Value Chains,” concluded in Marrakech, Morocco, attracting over 1,000 delegates from more than 60 countries.
Dr. Akinwumi Adesina, President of the African Development Bank and Chairperson of the African Development Bank, emphasised the forum’s commitment to building a robust investment ecosystem in Africa that brings about transformative improvements in people’s lives.
The attendees at the event included various African heads of state and government, such as President Azali Assoumani of Comoros, who is also the current chair of the African Union; President Samia Saluhu Hassan of Tanzania; President Julius Maada Bio of Sierra Leone; and Rwanda’s Prime Minister, Eduoard Ngirente. Additionally, Prime Minister Mia Mottley of Barbados was also present.
The Africa Investment Forum serves as a collaborative platform for stakeholders involved in continental dealmaking and project facilitation, bringing together project sponsors, policymakers, and investors. Since its inception in 2018, the Forum has garnered nearly $180 billion in investment interest.
Younes Sekkouri, Morocco’s Minister of Economic Inclusion, Small Business, Employment, and Skills, highlighted the significant emphasis on South-South collaborations and the pivotal issue of financing infrastructure during the Forum. He emphasised that Africa is a prominent and promising market globally, and the Africa Investment Forum has played a crucial role in exploring opportunities, addressing challenges, finding solutions, and strengthening the partnerships necessary for achieving shared aspirations.
The agreements reached during the event spanned various sectors, including projects like the Mtwara-Mbamba Bay Standard Gauge railway line in Tanzania and the Mangapwani II Integrated Port in Zanzibar. Additionally, deals were made in areas such as agri-business, renewable energy, creative industries, and healthcare.
Adesina expressed gratitude to King Mohammed VI of Morocco for placing the event under his high patronage.
“Choosing Morocco was the right decision, and we have experienced exceptional hospitality. Holding the 2023 Market Days in Marrakech, just two months after the devastating earthquake in September, reflects the commendable support and resilience of the Kingdom and the Moroccan government.”
The Africa Investment Forum featured various significant side events, including discussions on regional transport corridors, a roundtable with a Japanese business delegation, and a Mayor’s Forum focusing on harnessing the growth and development potential of cities and municipalities. The mayoral event included participation from leaders of cities like Lagos, Nairobi, Addis Ababa, Abidjan, as well as ministerial representation from Rwanda.
During the launch of the Alliance for Special Agro-Industrial Processing Zones, the African Development Bank, the Africa Export-Import Bank, and the United Nations Industrial Development Organization jointly pledged $3 billion to support the alliance.
Representing the President of the Islamic Development Bank, Dr. Muhammed Sulaiman Al Jasser, the Chief Executive Officer of the Islamic Trade Finance Corporation, Eng. Hani Salem Sonbol, highlighted Africa’s immense potential as a dynamic engine of growth. As a founding partner of the Alliance for Special Agro-Industrial Processing Zones, the Islamic Development Bank committed $300 million to drive agro-industrial growth in Africa. Eng. Hani Salem Sonbol expressed the willingness of the Islamic Development Bank to collaborate with investors, businesses, and development partners to unlock the continent’s full potential.
Samaila Zubairu, President and CEO of the Africa Finance Corporation, emphasized the crucial role of Africa’s diverse and abundant value chains in unlocking the continent’s vast potential. He reiterated the organization’s unwavering commitment to adding value across the economic spectrum, particularly in generating employment for the youth through innovation and growth. Zubairu highlighted the significance of strategic collaborations, such as the Africa Investment Forum, in harnessing these value chains for a more sustainable and promising future.
Africa50 CEO Alain Ebobissé noted that the Africa Investment Forum once again showcased the dedication of founding partners in initiating projects that leverage Africa’s rich potential across various sectors.
Additionally, the African Development Bank signed a Letter of Intent with Morocco’s sovereign wealth fund, the Mohammed VI Investment Fund, aimed at supporting the private sector, with a particular focus on small and medium-sized enterprises and infrastructure development in Morocco.
The inception of the Africa Investment Forum in 2018 aimed to harness the combined resources of its co-founders and address the infrastructure investment shortfall in the continent.
The founding partners of the Africa Investment Forum include the African Development Bank Group, Africa50, Afreximbank, the Africa Finance Corporation, the Development Bank of Southern Africa, the European Investment Bank, the Islamic Development Bank, and the Trade and Development Bank.
Source: Africa Development Bank Group