Encouraged by last year’s successful Africa Investment Forum’s (AIF’s) Market Days that generated $29.2 billion of investment interest, the nine founding partners of the Forum are bracing up 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 even as many more sponsors are warming up for the 2025 edition.
A news report from the African Press Organisation (APO) Group circulated on behalf of the African Development Bank (AfDB) on Thursday indicated that during their 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.
According to the news report, the partners include the African Development Bank, Afreximbank, Africa50, Africa Finance Corporation, Development Bank of Southern Africa, Islamic Development Bank, European Investment Bank, Trade and Development Bank, and newcomer, the Arab Bank for Economic Development in Africa (BADEA).
Reflecting on the achievements of the AIF so far, AfDB’s President 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. We have shown our belief in Africa, which has demonstrated to the world that indeed Africa is a bankable destination.
Motivated by the vision that has guided the Forum since its launch in 2018, the development finance banker stressed that “Africa will not be developed by aid. It will be developed by investment.”
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, even as the long-term governance and sustainability framework is expected to be formally signed at the May AfDB’s Annual Meetings in Abidjan, Côte d’Ivoire.
As Adesina prepares to conclude his tenure as president of the bank in September, he thanked the partners for their support and commitment to the Forum.
At Monday’s meeting, the partners unanimously committed to the AIF because of its convening power to mobilize critical investments for transformative projects across the continent.
In his remarks, 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 that the partners “are ready to bring on board more sponsors.”
The President and CEO of Africa Finance Corporation (AFC), Samaila Zubairu said: “As Africans we have to take ownership of our development. The Africa Investment Forum is an initiative that demonstrates that.”
This is even as the CEO of the Development Bank of Southern Africa, Boitumelo Mosako, re-echoed the AFC boss’ stance, saying that “the only way to be certain about the future is by creating it.”
Describing last year’s AIF 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.
Similarly, the Director General of the European Investment Bank Global, Andrew McDowell, harped on the importance of institutional collaboration, which helps institutions like his make informed decisions about investment in Africa.
In his concluding remarks, the AfDB President advised: “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!”
