The Africa Investment Forum (AIF) 2024 concluded its Market Days in Rabat, Morocco, with a staggering $29.2 billion in investor interests, reaffirming the platform’s critical role in mobilising capital for transformative projects across Africa. The three-day event, hosted by the African Development Bank Group and its partners, witnessed a remarkable 60% rise in attendance, drawing 2,300 delegates from 83 countries.
The Forum’s chair, Dr Akinwumi A. Adesina, hailed the event’s success, describing the results as “truly outstanding.” He emphasised that the actual figure could surpass the announced total as several projects remain under negotiation. The event featured 41 investment boardrooms where investors deliberated on 37 projects spanning transport, energy, agribusiness, mining, pharmaceuticals, private equity, and urban infrastructure.
Among the standout projects was Nigeria’s Special Agro-Processing Zone, which aimed to attract $975 million but garnered $4.8 billion in investor interest. Morocco and the Democratic Republic of the Congo similarly outpaced initial investment targets. Dr Adesina attributed these outcomes to robust collaboration among the Forum’s founding partners, including Africa50, Afreximbank, the Development Bank of Southern Africa, and the Africa Finance Corporation, among others.
Morocco’s Minister of Economy and Finance, Nadia Fettah Alaoui, lauded the Forum’s role in positioning Africa as an attractive investment destination. She urged the African diaspora to seize opportunities on the continent, proclaiming: “In Africa, the future is happening.”
Adesina, who was named “African of the Decade” during the event, expressed his commitment to championing investments in Africa even after his tenure at the African Development Bank concludes next year. Reflecting on his decade-long leadership, he noted, “It has been the greatest honour of my life serving Africa.”
The Forum also revealed plans for the future, including partnerships with 15 new sponsors and the introduction of innovative mechanisms to address perceived market risks. While the Forum’s success underscores Africa’s immense economic potential, it also highlights persistent challenges such as project bankability, market risks, and the cost of capital.
As the curtains closed, the AIF reinforced its reputation as a cornerstone for catalysing transformative investments, leveraging the continent’s dynamism to appeal to global investors.
