During the Africa Investment Forum’s Market Days 2024, investors committed USD29.2 billion to various projects across the continent, underscoring Africa’s increasing appeal as a destination for global capital.
The three-day event, hosted in Rabat Morocco this month, attracted 2,300 participants from 83 countries, marking a 60% increase in attendance compared to the previous year.
One standout moment came from Nigeria’s Special Agro-Processing Zone project.
Initially seeking USD975 million, it garnered USD4.8 billion in interest, a reflection of the growing appetite for transformative investments in Africa.
Similarly, projects from Morocco and the Democratic Republic of the Congo exceeded their funding targets, highlighting the forum’s ability to mobilize large-scale investment.
Chair of the Africa Investment Forum and President of the African Development Bank Dr. Akinwumi Adesina was a central figure throughout the event. According to some reports, the Forum has established itself as a leading platform for accelerating investment on the continent under his leadership.
Recognized as “African of the Decade” by the All Africa Business Leaders Award, Adesina reflected on the Forum’s achievements and his upcoming transition as he nears the end of his tenure at the African Development Bank.
According to Adesina, Africa has built a global investment movement, pointing to the Forum’s ability to convene investors and project developers across multiple sectors, including transport, energy, agribusiness, urban infrastructure, and water management.
He added that more partnerships are on the horizon, with 15 new sponsors already lined up for next year.
The Forum’s structure, which includes 41 boardroom sessions dedicated to reviewing 37 investment projects, continues to draw interest from new stakeholders, including banks, insurers, and export credit agencies.
CEO of the Development Bank of Southern Africa, Boitumelo Mosako credited the success to strong collaboration among founding partners and the quality of participating investors.
“The Africa Investment Forum’s structured approach ensures that projects presented are bankable and impactful,” says Mosako.
Trade and Development Bank Group President Admassu Tadesse also highlighted the rigorous preparation that precedes the Market Days. He emphasized that addressing challenges such as market risks and the cost of capital is integral to sustaining the momentum of investment flows.
“Investors came to Rabat to identify and commit to projects that show Africa is open for business”, says H.E Fettah.
She also encouraged the African diaspora to engage more actively, pointing to the region’s growing energy, enthusiasm, and financial resources.
Morocco’s role as host was significant affirming the Forum’s importance in shaping Africa’s economic future.
The Africa Investment Forum, founded by nine organizations, including Africa50, Afreximbank, and the Islamic Development Bank, continues to deepen its role as a catalyst for growth.
Over the past five years, it has addressed barriers to investment, fostered innovation, and created a structured process to connect investors with opportunities across the continent.
As the event concludes, the focus shifts to the next phase: ensuring that the commitments translate into tangible outcomes.
Dr Adesina’s optimism about the continent’s future remains unwavering.
“Africa’s potential is unmatched. The investments secured here will drive progress and transform lives. The Forum sets the stage for transformative projects that will define Africa’s economic trajectory in the years to come,” says Dr Adesina.
