From Aid to Investment: Africa Investment Forum Builds $225B Momentum in Making Continent Bankable
Buoyed by last year’s successful Africa Investment Forum’s Market Days that generated $29.2 billion of investment interest, its nine founding partners are bracing for an even bigger and better event later this year.
The 2024 Africa Investment Forum Market Days attracted more than 2,300 investors and participants from 83 countries around the world, more than 40 boardrooms, and 15 sponsors, including investment banks, insurers, and export credit agencies. Many more sponsors are lining up for the 2025 edition.
Meeting on Monday evening in Washington, DC, on the sidelines of the World Bank and IMF Spring Meetings, the partners reflected on the Forum’s remarkable seven-year journey, which has mobilized more than $225 billion in investment interest and established itself as a global investment movement for Africa.
The partners include the African Development Bank, Afreximbank, Africa50, Africa Finance Corporation, Development Bank of Southern Africa, Islamic Development, European Investment Bank, Trade and Development Bank, and newcomer, the Arab Bank for Economic Development in Africa (BADEA).
The President of the African Development Bank Group and Chairman of the Africa Investment Forum, Dr. Akinwumi Adesina said, “We have elevated Africa. We have showcased Africa. We have changed perceptions on Africa,” adding, “We have shown our belief in Africa, which has demonstrated to the world that indeed Africa is a bankable destination.”
“Africa will not be developed by aid. It will be developed by investment,” Adesina said, a vision that has guided the Forum since its launch in 2018.
The meeting outlined how the Forum has transformed perceptions about investing in Africa while delivering high-quality deal pipelines. To date, 22 deals have closed, with 41% of the financing provided by founding partners alongside other institutional investors.
Partners also discussed the Africa Investment Forum Partnership Framework to guarantee the Forum’s sustainability, The long-term governance and sustainability framework is expected to be formally signed at the May African Development Bank Annual Meetings in Abidjan, Côte d’Ivoire.
As Adesina prepares to conclude his tenure as president of the African Development Bank in September, he expressed profound gratitude to the partners for their support and commitment to the Forum.
At Monday’s meeting, the partners unanimously committed to the Africa Investment Forum because of its convening power to mobilize critical investments for transformative projects across the continent.
The CEO of Africa 50, Alain Ebobise spoke about the Forum’s uniqueness because “it focuses not on speeches but on people transacting in boardrooms,” adding, “We are ready to bring on board more sponsors.”
The President and CEO of Africa Finance Corporation, Samaila Zubairu said, “As Africans we have to take ownership of our development. The Africa Investment Forum is an initiative that demonstrates that.”
Boitumelo Mosako, the CEO of the Development Bank of Southern Africa, reiterated this, saying, ” The only way to be certain about the future is by creating it.”
Praising last year’s Market Days event as “fantastic,” the President of the Trade and Development Bank, Admassu Tadesse, pointed to the forum’s strength as a strong global brand promoting synergies among its founding partners.
Representing BADEA, the Director of Private Sector, Diab Karrar said that even though BADEA joined the Africa Investment Forum last year, they had always supported the initiative because “we believe in it.”
The Executive Vice President of Global Trade Bank, Afreximbank, Haytham El Maayergi, expressed a strong commitment to supporting the Africa Investment Forum.
Andrew McDowell, Director General of the European Investment Bank Global, spoke about the importance of institutional collaboration, which helps institutions like his make informed decisions about investment in Africa.
“It has been my greatest honor to develop and advance the Africa Investment Forum with you all. “Let us continue to fast-track Africa’s development together, now and in the future!” declared Adesina
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Photos: https://apo-opa.co/4jm3U2y
Media contact:
Emeka Anuforo,
Communication and External Relations Department,
media@afdb.org
About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org
